These figures reflect only public sector spending on public hospitals and polyclinics. A vibrant private healthcare system operates alongside the public one, with several entities publicly listed, including the two major private healthcare groups, IHH Healthcare and Raffles Medical Group. More healthcare companies are reportedly keen to list as well, such as Temasek-backed Foundation Healthcare. Another Temasek-backed group, Tamarind Health, which recently acquired listed entity TalkMed Group, indicated at the time of the offer that it plans to list on the Singapore Exchange (SGX).
Despite a wave of delistings a couple of years ago — the latest being attempted by Singapore Paincare Holdings — there are still numerous smaller listed private healthcare companies well-poised to capture their share of the structural growth opportunities ahead.
Alliance Healthcare
Listed on the SGX in 2019, Alliance Healthcare is a healthcare organisation that owns and manages a diversified range of medical brands, focusing on six main areas. These are employee care, primary care, specialist and aesthetics care, home care, digital care, and pharmaceutical care.
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According to its latest annual report, Dr Barry Thng Lip Mong, the executive chairman and CEO of Alliance Healthcare, is the single largest shareholder, holding a stake of 68.8%.
For FY2025 ended June 30, Alliance Healthcare’s revenue was up by 13.4% y-o-y to $77.1 million due to improvement seen across all key business segments, registering higher revenue compared to the previous year.
Profit after tax more than doubled to $1.5 million, compared with just $0.7 million a year earlier. The jump in the bottom line was attributed to a slower growth in expenses related to consumables and medical supplies.
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Looking ahead, the company will continue to monitor developments closely, refining its strategies to mitigate risks and capitalise on opportunities in an evolving healthcare landscape. The company also noted that it is investing in new facilities and businesses, which are currently in the early stages and may impact overall financial performance in the near term.
HC Surgical Specialists
HC Surgical Specialists was first incorporated in 2015 and listed on the SGX in 2016. The company primarily engaged in endoscopic procedures, including gastroscopies and colonoscopies, as well as general surgery services with a focus on colorectal procedures, across a network of 18 clinics located throughout Singapore.
In the company’s latest annual report, Dr Heah Sieu Min, the executive director and CEO, is the largest shareholder with a 41.7% stake in HC Surgical. He is followed by the executive director and medical director, Dr Chia Kok Hoong, who owns a 22.7% stake in the company.
For FY2025 ended May 31, HC Surgical saw a minor gain in revenue of 1.6% y-o-y to $19.1 million. The higher topline was due to increased revenue contribution from a new subsidiary acquired during the current financial year.
Profit to shareholders during the year soared by nearly 120% y-o-y to $8.4 million. The jump in the bottom line was attributed to non-operational items, including a fair value gain on derivative financial instruments and financial assets, as well as lower income tax expenses.
In terms of its outlook, the company stated that it will continue to focus on the local and regional healthcare markets. It will also remain vigilant, pursuing business growth while enhancing operational efficiency to manage costs.
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Livingstone Health
Listed on the SGX via a reverse takeover in 2021, Livingstone Health is a Singapore-based multidisciplinary healthcare group with core competencies in orthopaedic surgery, pain management and anaesthesiology, dermatology, aesthetics and wellness, family medicine and allied health.
The company operates 20 clinics with 22 medical specialists and practitioners, including a health screening centre, two medical aesthetics clinics and a podiatry clinic across the island.
According to Livingstone Health’s annual report, the company’s executive director and CEO, Wilson Tay, is the single largest shareholder with a stake of 49.9%. Other notable shareholders include non-executive and non-independent chairman, Teh Wing Kwan, who owns a 4.6% stake in Livingstone.
He specialises in corporate finance, corporate restructuring, and mergers and acquisitions and was involved in the latest reverse takeover of Sincap Group, which is now known as Skylink Holdings.
For FY2025 ended March 31, Livingstone’s revenue saw a modest gain of 9% y-o-y to $27.6 million, mainly attributable to higher revenue contribution across all business segments. With the streamlining efforts aimed at reducing overall operating costs and the increase in other operating income, Livingstone returned to profitability, reporting a net profit of $557,000, compared to a loss of $2.8 million a year earlier.
Regarding financial improvement, Tay pointed out that the company remained focused on retaining existing medical doctors and healthcare talent, which helped sustain Livingstone’s revenue.
“With the acquisition of the remaining 49% stake in Phoenix Medical Group (PMG) and the internal reorganisation for the primary care operations under PMG, this also helped to build a dedicated operational team for improving the efficiency of certain PMG clinics, which includes newly opened ones. These initiatives are accretive investments and consistent with our strategies to expand the primary healthcare segment under PMG’s established networks,” Tay adds.
Looking ahead, Livingstone aims to strengthen its operations by expanding patient outreach and improving cross-referral networks across medical disciplines. The company is also exploring new revenue streams to attract a broader international patient base for its Specialist Healthcare segment through strategic partnerships.
Q&M Dental
Listed in 2009, Q&M Dental is a leading private dental healthcare group in Asia. It owns the country’s largest network of private dental outlets, operating 108 clinics. The group also runs 37 dental clinics and a dental supplies and equipment distribution company in Malaysia.
Q&M Dental is also the substantial shareholder of Aoxin Q&M Dental Group, a dental group listed on the SGX in 2017 that operates dental clinics and hospitals primarily in the north-eastern region of China. Its single largest shareholder is Dr Ng Chin Siau, who owns a 52.4% stake in the dental group. Ng is also the CEO and non-independent executive director.
In their recent 1HFY2025 results, Q&M Dental’s revenue stood at $88.4 million, largely unchanged from the previous year. Excluding other gains/losses, profit after tax was $8.3 million, representing a 5% y-o-y increase.
Ng says that even with a challenging first half this year, its core dental business remained resilient, propelled by both organic growth and strategic acquisitions. For example, Q&M Dental plans to expand into Thailand via the acquisition of an equity stake in an unnamed Thai dental clinic chain. This will expand its footprint, which is now dominantly Singapore and Malaysia, to Thailand.
Q&M Dental says the target is one of Thailand’s largest chains, operating over 30 clinics, mostly in Bangkok and across other regional provinces. “The proposed acquisition supports the company’s long-term strategic objectives by enabling a measured and strategic entry into Thailand’s private dental market through an established local operator,” it adds.
Singapore Institute of Advanced Medicine
The Singapore Institute of Advanced Medicine (SAM) is a healthcare service provider that utilises advanced technology for early and accurate diagnosis, and offers appropriate treatments to achieve better outcomes and a higher quality of life for patients.
The company’s services cater to a wide spectrum of diseases and health conditions, including cancer, neurodegenerative and cardiovascular disease detection and treatment. The two key business segments for SAM are medical diagnostics and treatments, as well as radiation therapy and medical oncology services.
As indicated in its latest annual report, SAM’s largest shareholder is Malaysian tycoon Vincent Tan, who owns a 38% stake in the company. He is the founder and chairman of Berjaya Corporation, a diversified conglomerate listed on the Malaysian stock exchange. CEO Dr Djeng Shih Kien, who is a practising dentist, owns a 9.5% stake in the company.
For FY2025 ended June 30, SAM’s revenue declined by 6% y-o-y to $15.7 million. The decline in revenue was attributed to the lower revenue contribution from the medical diagnostics and treatment segment, resulting from intensified market competition.
SAM’s losses after tax decreased by 30% y-o-y to $26.2 million. The company recorded other gains of $1 million, compared to other losses of $5.2 million a year earlier. Also, the substantial decline in finance costs helped SAM to narrow the losses in FY2025.
SAM also highlighted that Singapore is strengthening its position as a regional hub for highly specialised treatments in oncology, cardiovascular and neurological care. While foreign patient inflows remain below pre-pandemic levels, demand has grown for complex and high-value therapies such as proton beam therapy (PBT).
Meanwhile, demand for medical tourism in Singapore is being driven by high-acuity specialities like oncology, along with the country’s strong reputation for clinical outcomes, regulatory transparency and digital health infrastructure.
Finally, SAM’s management remains confident of increasing patient flows, expanding research collaborations, and strengthening financial performance in future reporting periods.
