Longevity sits within this broader market, shifting the focus from extending lifespan to improving “healthspan”, the number of years a person remains healthy, active and independent.
Seveno Capital, which launched in April 2025 with a US$70 million commitment from Hong Kong-born, Singapore-based entrepreneur Allen Law, defines healthspan as “the period of life during which a person can expect to enjoy good health”.
That concept is increasingly shaping capital deployment in healthcare as investors and providers shift from treatment towards prevention and longer-term well-being.
This shift is already playing out in new healthcare offerings. The newly launched Raffles HealthyLongevity private clinic by Mainboard-listed Raffles Medical Group (RMG) describes its approach as one focused on extending “not just lifespan, but healthspan — the years of life lived in strength, clarity and vitality”, with an emphasis on precision, prevention and performance.
See also: Raffles Medical Group bets on longevity as healthcare shifts beyond treatment
The addressable market is large and continues to grow. Julius Baer says the global wellness economy “has ballooned to more than US$6 trillion ($7.7 trillion) in value”, with the longevity-focused segment forecast to reach around US$610 billion this year.
Julius Baer also points to rising demand in Asia, where ageing populations and growing middle- and upper-income cohorts are spending more on preventive health and longevity services. As senior thematic research analyst Damien Ng says: “Longevity is a very broad term… Beyond money, longevity is about well-being, fulfilment and purpose in life.”
See also: Water flows, wellness follows: Therme Group doubles venues in global expansion
Medical tourism
The broad definition of “wellness” and the expansion of healthcare players into the space could create opportunities for Asean as the region becomes increasingly popular for medical and wellness tourism.
According to a regional thematic research report by RHB, Asean countries are now the preferred destination for medical tourism, with the region accounting for around a third of global medical tourists. The report adds that the global medical tourism market, valued at US$13.1 billion in 2023, is expected to grow to US$35.9 billion by 2032, implying a CAGR of 11.9%.
Thailand, Malaysia and Singapore remain the region’s main draws, combining internationally accredited hospitals, specialist expertise and tourism infrastructure. The appeal is not just about price but also access, quality and convenience. RHB notes that long waiting times in developed markets, the availability of highly skilled doctors and the breadth of treatments in Southeast Asia are all driving patients to seek care across borders.
It estimates that in 2023, Thailand generated about US$850 million in medical tourism revenue, followed by Malaysia at US$444 million and Singapore at around US$250 million to US$270 million. Malaysia also welcomed more than 1 million medical tourists in 2023, while Thailand recorded 2.86 million international patient visits.
Medical tourists are no longer travelling solely for major surgery or illness treatment. Increasingly, they are seeking diagnostics, health screening, recovery, sleep, fertility, preventive care and premium health management.
This shift is also reshaping how destinations compete. Rather than relying on low-cost care, Singapore is moving further up the value chain. RHB says the city-state’s competitive advantages lie in healthcare quality, reliability, advanced medical technologies and value-added services rather than volume. That is consistent with the direction Singapore is taking more broadly.
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In a previous interview with The Edge Singapore, RMG’s chairman, Dr Loo Choon Yong, says: “Our operating and labour costs are expensive, and the strong Singapore dollar does not help. But we believe our quality of care is higher (compared to the other countries in the region). Hence, the premium is justifiable.” He believes patients who come to Singapore are those “who value reliability and safety, especially for procedures like surgery or paediatrics”. They are also not price-sensitive.
The pandemic has reshaped medical tourism patterns. Loo adds: “Some of the patients, due to cost constraints and convenience, may have gone to seek care from their domestic hospitals or doctors. But some may have moved to other destinations.” He also notes that Kuala Lumpur is increasingly becoming a hotspot for medical tourism.
Evolution of wellness
While Singapore maintains its reputation as a premium medical tourism destination, it is also increasingly positioning itself as a wellness destination. Listed healthcare players have joined the trend, expanding their offerings to include wellness services. This gives companies an additional source of revenue, stronger patient retention and higher-value services.
CMC Markets Singapore sees the investment case as sitting across both defence and growth. Eugene Koh, sales trader at CMC Markets Singapore, says wellness is a hybrid — “anchored by non-discretionary healthcare demand driven by ageing populations and chronic disease, but boosted by rising affluence”.
He adds that the global wellness economy reached US$6.8 trillion in 2024 and is forecast to reach US$9.8 trillion by 2029. In his view, the sector’s more resilient core sits in healthcare demand, while “the growth layer, which includes preventive diagnostics, personalised medicine and corporate wellness, sits atop this”.
Catalist-listed OUE Healthcare (OUEH) is another example of a listed healthcare player pushing further into medically supervised wellness. In March, its subsidiary O2 Healthcare Group launched O2 SleepWell Laboratory, described as Singapore’s first private sleep laboratory.
Similar to RMG’s Raffles HealthyLongevity, the new unit is not expected to contribute significantly to earnings in the near term, but the move will extend OUEH’s current dominance in respiratory and cardiothoracic care into sleep medicine, an area increasingly linked to preventive health and longevity.
Accompanying the launch was the signing of a memorandum of understanding (MOU) with HSBC Life to broaden access to diagnostic studies and treatment coverage, along with a planned collaboration with Parkway East Hospital for a dedicated private sleep laboratory for more complex sleep disorders by mid-2026.
OUEH chairman Lee Yi Shyan says the direction ties in with a broader healthcare shift. “Singapore has placed growing emphasis on preventive care. Data and clinical experience show that many Singaporeans are chronically sleep-deprived, and sleep must therefore be recognised as a key component of holistic health and well-being,” he says.
Dr Swee Yong Peng, chief commercial officer of OUE Healthcare and CEO of O2 Healthcare Group, is more explicit about the long-term model. “The SleepWell Laboratory is a strategically important initiative for the group, as it strengthens our position across the full continuum of care for sleep-related disorders, particularly obstructive sleep apnoea (OSA),” he says.
From 2027, he expects awareness of sleep disorders and screening rates to rise. He adds that sleep medicine is not a one-off intervention, with many patients requiring ongoing follow-up, monitoring and long-term treatment, creating recurring patient touchpoints and sustainable revenue streams over time.
Unlike episodic acute care, sleep medicine sits closer to the wellness model of continuous engagement, data tracking and ongoing management. Swee says the sleep lab is also “highly complementary” to OUEH’s wider clinical and allied health services. Obstructive sleep apnoea management could potentially be supported by physiotherapy and traditional Chinese medicine (TCM), while associated respiratory or endocrine conditions can drive further referrals across the group’s ecosystem.
Swee adds that “wellness is a core pillar of the group’s long-term strategy”, with sleep health recognised as a foundation of overall well-being. OUEH is also exploring new wellness offerings that complement its existing medical services and cater to the evolving needs of both individual patients and corporate partners. As part of this, TCM assessments may be incorporated into health screening programmes, particularly to evaluate patients’ body constitutions. Swee says this gives individuals a more comprehensive understanding of their health and wellness profile by bridging Eastern and Western medical perspectives.
Health tourism push
Wellness is increasingly embedded in the hospitality sector. Banyan Group has integrated it into its branding and offerings, particularly through its spa. The Mainboard-listed company is most active in Phuket, where it owns the Laguna Phuket development. It has formed a strategic collaboration with Bangkok Hospital Phuket Network and the Thai Hotels Association to position the island as a “safe haven destination” for health, wellness and luxury tourism.
The concept goes beyond basic safety, positioning Phuket as an ecosystem where travellers can access medical care, preventive health services and a lifestyle that supports long-term well-being.
On Phuket, Bangkok Dusit Medical Services (BDMS) Phuket Network serves more than 76,000 international patients annually, reinforcing the island’s position as a medical and wellness hub. The island’s push into integrated health and wellness tourism supports Banyan Group’s broader premium positioning across its resorts and residences as medical and long-stay travellers increasingly look for destinations that offer more than leisure.
Laguna Phuket is embedding wellness across its six hotels and resorts through dedicated programmes, healthy dining options and leisure activities while also hosting BDMS wellness outreach services within the destination.
While enthusiasm around wellness is growing, CMC’s Koh argues that investors should be careful not to dismiss the theme as speculative excess. “Early-stage longevity biotechs, such as those pursuing senolytics and age-reversal protocols that lack commercial scale, face concentrated clinical risk, amplified by retail enthusiasm,” he says. “But equating that with the broader wellness economy is a mistake.” He adds that the bubble risk remains real but limited to speculation.
Wealth for health
For private banks, insurers and wealth managers, wellness is increasingly part of portfolio thinking, retirement planning and client advisory as wealthy clients confront a basic problem: living longer does not necessarily mean living healthier.
The gap between lifespan and healthspan is now shaping how financial institutions frame longevity. The discussion is shifting beyond returns and inheritance planning towards a broader question of how to preserve quality of life, independence and spending power over a longer life.
A Forbes Insights study conducted with Manulife Singapore found that among 250 high-net-worth respondents in Singapore, Hong Kong and mainland China, 96% agreed that “nothing is more important than health”, while 80% said financial wealth is necessary to live happier, longer lives.
Yet fewer than half, or 47%, said they were “very or extremely confident” they would be in good health and active after retirement. Another 31% were only “moderately confident”. Notably, those with US$5 million or more in investable assets were the least confident group, suggesting that wealth alone does not resolve anxiety around ageing well.
This is increasingly pushing wealth managers to treat health as a central part of long-term financial planning rather than as a separate issue.
Mark Czajkowski, chief marketing officer of Manulife Singapore and chief analytics officer for Manulife Asia, says the findings challenge the idea that more wealth automatically brings greater peace of mind. “Even those with significant financial means remain uncertain about their long-term health, highlighting the need for more integrated longevity planning.”
Czajkowski adds: “Our clients increasingly view health and wealth as intertwined. Financial security opens doors to better healthcare, preventive care and wellness resources. In turn, good health allows individuals to enjoy their wealth, stay active and reduce long-term care costs. When we help clients plan for both, we’re not just growing their wealth — we’re helping them live longer, healthier and more fulfilling lives.”
The same survey also showed that affluent clients are already directing attention and spending towards their health and wellness. Their top health and longevity goals include supporting family with health issues, staying active as they age and maintaining mental health.
On the behavioural side, 55% say they are trying to live a healthy lifestyle, 50% are maintaining regular preventive care such as screenings, 46% are taking out advanced health insurance plans, and 43% are using longevity-enhancing technologies such as wearables or apps.
VP Bank makes a similar point from a private banking perspective, emphasising healthcare as a structural investment theme. In its December 2025 investment magazine, chief investment officer Felix Brill writes that while prevention and healthy living have long mattered, health apps, trackers and medical advances are “opening new horizons” for consumers and investors. He adds that research into longevity and healthcare developments can create “interesting opportunities” for investors.
VP Bank also frames the shift in broader social terms, highlighting three trends redefining health: self-optimisation, improved quality of life in old age and medical progress. “In health as in finance, it pays to invest early,” the report adds. It also points to changing behaviour. Wearables, AI-driven symptom checkers and digital health platforms are bringing health management closer to the consumer, while demand for tailor-made nutrition, personalised exercise plans and other self-optimisation tools continues to grow.
Overall, VP Bank sees healthcare as both defensive and innovative and notes that the sector remains one of the largest components of the global equity market, with long-run annualised returns above the wider world index over the past 30 years, even if it has underperformed more recently as investors rotated into technology.
Similarly, Julius Baer is seeing much the same from wealthy clients in the Asia Pacific region. Ng says respondents to the bank’s Global Wealth and Lifestyle Report 2025 across most regions are concerned about their health and well-being and are taking steps to improve both their own well-being and that of their families.
Ng adds that this is especially true in the Asia Pacific, where ultra-high-net-worth individuals are more likely to prioritise personal and family well-being and to remain active and fit.
The bank says the fastest new uptake in longevity is happening in previously underserved regions such as Asia and the Middle East, where demand is rising for world-class wellness infrastructure, advanced diagnostics and preventive health services.
The capital behind longevity
If listed companies are using wellness to open new revenue lines, private capital is moving one step earlier in the value chain, backing the platforms, infrastructure and consumer habits that could define the sector’s next phase of growth.
In Singapore, Seveno Capital launched its US$70 million venture fund to invest specifically in businesses that can help extend human healthspan. The fund made its first investment in Japan-based A Cabin Company, which operates a network of tiny homes that function as nature-based wellness retreats.
Seveno Capital says it will back early- and growth-stage ventures “with the holistic potential to extend the human healthspan”. Unlike a traditional healthcare fund focused on drugs, devices or providers, it defines longevity in much broader terms.
Its first investment is not a clinic or a biotech company but a business building compact nature-based stays on underused rural land near major cities. A Cabin Company plans to roll out 380 cabins across Greater Tokyo and Osaka by 2029 before expanding into Seoul, New York and parts of Europe. Its premise is that better access to nature can support lower stress, lower blood pressure and improved well-being.
Law, principal at Seveno Capital, says: “A Cabin Company is creating access to a new lifestyle: effortless, repeatable access to nature and to human connection. Nature is a pillar of lifestyle medicine, and A Cabin Company is rethinking human well-being by allowing guests to more easily embed nature and recovery into their daily lives.” Law has a background in hospitality and is the founder of Singapore-headquartered Park Hotel Group.
This reflects how venture capital is approaching the sector. Investors are backing businesses focused on behaviour, recovery and lifestyle habits to commercialise prevention before patients ever enter a hospital.
Since investing in A Cabin Company, Seveno Capital has made several other investments in the longevity and wellness space, including PointFit, a Hong Kong-based start-up that has developed a wearable skin patch for non-invasive, real-time biomarker monitoring; Longevity.Technology, an online platform and media brand; Morrow, a 38,000 sq ft longevity club along Coleman Street; and Longevity World, an 80,000 sq ft flagship hub for holistic wellness and longevity medicine.
For Law, wellness is here to stay. “Wellness isn’t a trend; it’s a necessity. It’s about helping people live longer, healthier lives. That’s not going out of fashion any time soon.” — With additional reporting by Jovi Ho
