Singapore healthcare stocks: Top 10 companies to watch

Understanding healthcare stocks and what drives their prices

Healthcare stocks represent shares in companies that provide medical services, products or technologies. The healthcare sector makes up about 10% of global spending, making it a substantial market segment for traders¹.

In Singapore, healthcare spending is projected to reach S$30 billion by 2030, according to the Ministry of Health². This growing investment reflects the sector's increasing importance in the local economy, driven by an ageing population and emphasis on medical excellence.

Singapore has positioned itself as a medical hub in Southeast Asia, attracting patients from neighbouring countries seeking high-quality care. This regional prominence creates unique opportunities in the Singapore healthcare stock market³.

Types of healthcare stocks and price drivers

Singapore's healthcare sector encompasses several distinct categories, each influenced by different market factors:

• Hospital operators: Companies managing private hospitals and medical centres. Their prices are influenced by patient volumes, medical tourism trends, and operational efficiency.
• Specialist care providers: Firms focusing on specific medical areas such as women's health or aesthetic medicine. These stocks are sensitive to demographic trends and discretionary spending patterns.
• Healthcare REITs: Real Estate Investment Trusts that own healthcare properties. Their performance is tied to property values, interest rates, and the strength of their tenant relationships.
• Medical suppliers: Companies that manufacture medical equipment and consumables. Their stock prices often respond to global supply chain dynamics and healthcare facility spending.
• Health technology: Businesses developing healthcare software and innovative technologies. These stocks are driven by technological advancements and adoption rates by healthcare providers⁴.

Top 10 Singapore healthcare stocks to trade

These companies represent the most significant healthcare stocks in Singapore based on market capitalisation, growth potential and sector impact. All are available to trade on our platform. Financial highlights were accurate as of April 2025⁵.

IHH Healthcare Berhad (Stock symbol: SGX: Q0F)

What it does

IHH Healthcare is one of the largest private healthcare providers in Asia with a strong international presence. It operates more than 80 hospitals across Singapore, Malaysia, India, Turkey and other countries. Its key Singapore brands include Gleneagles and Mount Elizabeth hospitals⁶.

Financial highlights⁹

• Revenue: SGD 15.1 billion
• Net Profit: SGD 2.4 billion
• P/E Ratio: 20.1

Why traders watch it

IHH offers a combination of growth and stability with its diversified international presence making it resilient to regional risks. Its solid profit margins and consistent expansion plans provide potential for long-term value growth. The company's market leadership position and operational efficiency across multiple countries make it a cornerstone healthcare stock in Singapore.

Raffles Medical Group (Stock symbol: SGX: BSL)

What it does
Raffles Medical Group is one of Singapore's premier healthcare providers, offering integrated services through its flagship Raffles Hospital and network of clinics. The company has expanded its footprint to China, Cambodia and Vietnam, capitalising on rising healthcare demand across Asia⁸.

Financial highlights⁹

• Revenue: SGD 1.2 billion
• Net Profit: SGD 160 million
• P/E Ratio: 25.0

Why traders watch it
Raffles Medical shows consistent growth, particularly through international expansion. Its relatively high P/E ratio suggests investors expect continued growth, especially from its China operations. The stock exhibits moderate volatility, making it suitable for traders who can tolerate some price fluctuations while seeking growth potential.

Parkway Life REIT (Stock symbol: SGX: C2PU)

What it does

Parkway Life REIT specialises in healthcare real estate, with a portfolio of hospitals, medical centres and nursing homes across Singapore, Japan and Malaysia. Its tenant portfolio includes IHH Healthcare, creating a stable foundation for recurring income¹⁰.

Financial highlights¹¹        

• Revenue: SGD 200 million
• Net Profit: SGD 100 million
• Dividend Yield: 5.2%

Why traders watch it

Parkway Life REIT offers lower volatility than many healthcare stocks, making it attractive for those seeking stable returns. Its dividend yield provides consistent income, while long-term lease agreements create predictability. This stock balances income and modest growth potential, appealing to more conservative traders.

Thomson Medical Group (Stock symbol: SGX: A50)

What it does

Thomson Medical specialises in women's health, maternity care and fertility treatments. Operating Thomson Medical Centre in Singapore and expanding into Malaysia and China, the company is positioned to benefit from growing demand for specialised healthcare services across Southeast Asia¹².

Financial highlights¹³ 

• Revenue: SGD 550 million
• Net Profit: SGD 45 million
• P/E Ratio: 12.0

Why traders watch it

Thomson Medical benefits from increasing demand for fertility and women's health services throughout Southeast Asia. Its moderate P/E ratio suggests reasonable valuation relative to its earnings. The company's focused business model offers clear exposure to specific healthcare trends with growth potential in regional markets.

First REIT (Stock symbol: SGX: AW9U)

What it does

First REIT focuses on healthcare properties primarily in Singapore, Indonesia and Japan. Its portfolio includes hospitals, nursing homes and healthcare facilities leased to operators like Siloam Hospitals in Indonesia, generating stable rental income through long-term agreements¹⁴.

Financial highlights¹⁵

• Revenue: SGD 95 million
• Net Profit: SGD 60 million
• Dividend Yield: 7.0%

Why traders watch it

First REIT attracts attention for its high dividend yield and relatively low volatility. While it experienced challenges during the pandemic, its recovery and restructuring efforts have strengthened its position. The stock represents a higher-yield option within Singapore's healthcare sector for income-focused traders¹⁶.

Haw Par Corporation (Stock symbol: SGX: H02)

What it does

Haw Par is a diversified conglomerate best known for its flagship product, Tiger Balm. While not exclusively a healthcare company, its significant healthcare consumer product line and investments in healthcare-related businesses make it relevant to the sector. The company also holds substantial investments in United Overseas Bank¹⁷.

Financial highlights¹⁸

• Revenue: SGD 750 million
• Net Profit: SGD 225 million
• ROE (Return on Equity): 16.5%

Why traders watch it

Haw Par offers exposure to consumer healthcare products with strong brand recognition, particularly in Asia. Its impressive profit margins and return on equity metrics reflect efficient operations. The company's diversified nature provides some buffer against healthcare sector-specific risks.

UG Healthcare (Stock symbol: SGX: 8K7)

What it does

UG Healthcare is a major manufacturer of medical gloves and other personal protective equipment (PPE). The company supplies these essential medical products globally, with significant markets in Europe, North America and Asia¹⁹.

Financial highlights²⁰

• Revenue: SGD 900 million
• Net Profit: SGD 180 million
• P/E Ratio: 5.0

Why traders watch it

UG Healthcare displays higher volatility than many healthcare stocks, with performance heavily influenced by global demand for medical supplies. Its low P/E ratio may indicate undervaluation or market concerns about future earnings stability. The stock represents a more speculative healthcare play with potential for significant price movements²¹.

Johnson & Johnson (Stock symbol: NYSE: JNJ)

What it does

Johnson & Johnson is a diversified healthcare giant operating through two main segments: Innovative Medicine (pharmaceuticals) and MedTech (medical devices). The company engages in research and development, manufacture, and sale of various products in the healthcare field worldwide, offering products for immunology, infectious diseases, neuroscience, oncology, cardiovascular treatments, and medical devices including surgical technologies and contact lenses.

Financial highlights²²

• Revenue: USD 88.8 billion (2024) 
• Adjusted EPS: USD 9.98(2024)
• P/E Ratio: 15.8
• Dividend Yield: 3.2%

Why traders watch it

Singapore traders monitor J&J as a supplier to local hospitals and medical institutions - many of the medical devices used in Singapore's premier hospitals like SGH and NUH come from J&J's MedTech division. As Singapore's population ages rapidly (23% will be over 65 by 2030²³), demand for J&J's products increases locally.

UnitedHealth Group (Stock symbol: NYSE: UNH)

What it does

UnitedHealth Group is one of the largest private health insurers, providing medical benefits to about 51 million members globally. The company operates through UnitedHealthcare (insurance) and Optum franchises, creating a healthcare services colossus spanning everything from pharmaceutical benefits to medical care delivery.

Financial highlights²⁴

• Revenue: USD 400.3 billion (2024)
• Adjusted earnings: USD 34.4 billion (2024)
• P/E Ratio: 12.3
• Dividend Yield: 2.84% 

Why traders watch it

UNH serves as a healthcare insurance model that Singapore traders study as the government explores Medisave enhancements and private insurance growth. Traders also see UNH as exposure to healthcare inflation trends that eventually affect local healthcare pricing and insurance policies.

Pfizer (Stock symbol: NYSE: PFE)

What it does

Pfizer is a global pharmaceutical company and the second largest pharmaceutical company in the world after Roche Pfizer (PFE)^25. The company develops, manufactures, and commercialises medicines and vaccines across therapeutic areas including oncology, immunology, cardiovascular diseases and infectious diseases.

Financial highlights²⁶

• Revenue: USD 63.6 billion (2024)
• Adjusted EPS: USD 2.84 (2024)
• P/E Ratio: 9.8
• Dividend Yield: 6.1%

Why traders watch it

Pfizer is a major pharmaceutical supplier to Singapore's healthcare system - many medications used in local hospitals and clinics are Pfizer products. Singapore traders monitor Pfizer because drug pricing negotiations in major markets like the US directly impact pharmaceutical costs in Singapore's public healthcare system.

How to trade healthcare stocks with IG

With IG, you can gain exposure to healthcare companies through contracts for difference (CFDs).

CFDs allow you to:

• Trade on both rising and falling markets, taking advantage of various market conditions
• Access leverage, though this amplifies both profits and losses
• Avoid ownership costs while still gaining market exposure

Remember that all trading involves risk. It's important to implement a solid risk management strategy to protect your capital.

Steps to start trading Singapore healthcare stocks
 

1. Research the market: Understand the factors that affect healthcare stock prices in Singapore and identify potential opportunities
2. Choose your approach: Decide whether you want to take a long-term view or focus on short-term price movements
3. Open an account: Create a live trading account
4. Select your stocks: Choose which Singapore healthcare companies you want to trade based on your research
5. Place your first trade: Determine your position size and execute your trade
6. Monitor and adjust: Keep track of your positions and adjust as needed based on market movements

Footnotes:

¹ World Health Organization, "Global Spending on Health", 2023.
² Ministry of Health Singapore, "Healthcare 2030 Masterplan", 2025.
³ Singapore Tourism Board, "Medical Tourism in Singapore", 2025.
⁴ SGX Market Updates, "Singapore Healthcare Sector Report 2024".
⁵ SGX StockFacts, "Singapore Healthcare Companies", 2024.
⁶ IHH Healthcare, "Corporate Profile", 2025.
⁷ The Edge Malaysia, 2025.
⁸ Raffles Medical Group, "About Us", 2025.
⁹ Grow Beansprout, 2025.
¹⁰ Parkway Life REIT, "Portfolio Overview", 2025.
¹¹ MarketScreener, 2025.
¹² Thomson Medical Group, "Corporate Profile", 2025.
¹³ Barrons, 2025.
¹⁴ First REIT, "Property Portfolio", 2025.
¹⁵ Yahoo! Finance, 2025.
¹⁶ DBS Group Research, "Singapore REITs Sector Report 2024".
¹⁷ Haw Par Corporation, "Business Overview", 2025.
¹⁸ Haw Par, 2025. 
¹⁹ UG Healthcare, "About Us", 2025. 
²⁰ UG Healthcare, 2024.
²¹ CGS-CIMB Research, "Singapore Healthcare Sector Outlook 2024".
²² Johnson & Johnson, 2024.
²³ Population in Brief, 2023.
²⁴ Stock Titan, 2024. 
²⁵ Companies Market Cap, 2025.
²⁶ Companies Market Cap, 2025.