The share of out-of-pocket health expenditure in Singapore has been gradually decreasing over the years. From 2013 to 2023, the percentage has consistently declined, although at a relatively slow pace. As of 2023, the value stood at 93.6. The year-on-year variations have shown a steady rate of decline from -0.045% in 2016 to -0.039% in 2023. The compound annual growth rate (CAGR) has also indicated a slight reduction, averaging around -0.04% over the past five years.
Looking forward, the forecasted data from 2024 to 2028 suggests a continued but marginal decline in the share of out-of-pocket health expenditures. The 5-year CAGR is anticipated to be around -0.03%, indicating a slow but persistent downward trend.
Future trends to watch for:
- Potential policy changes that may alter the landscape of public and private health expenditures.
- Technological advancements in healthcare that could impact out-of-pocket expenses.
- Shifting demographics and their potential influence on the demand for healthcare services.
- Macroeconomic factors and their implications on household spending capacity.
