Raffles Medical Group

What Raffles Medical Group does

Raffles Medical Group is Singapore's largest homegrown integrated private healthcare provider, founded in 1976 and publicly listed on the Singapore Exchange (SGX: BSL). The group operates a network of more than 100 clinics and a flagship tertiary hospital (Raffles Hospital) in Singapore, complemented by 20+ specialist centres spanning women's health, surgery, oncology, cardiology, fertility, neuroscience, orthopaedics, internal medicine, paediatrics, ophthalmology, dental, Chinese medicine, pain management, ENT, counselling, nuclear medicine, rehabilitation, and dialysis. Service delivery combines in-person clinics, a 24/7 teleconsultation platform (Raffles Connect), and a digital health retail channel (Raffles Health eStore), while the group owns a captive health insurance arm (Raffles Health Insurance) and runs clinical trial programmes in partnership with genomics players.

Revenue is generated across four principal streams: hospital services (inpatient, outpatient, and acute care), clinic and specialist consultations across Singapore and overseas, the Raffles Health Insurance business, and corporate/employee health benefits programmes. FY2025 group revenue reached S$765.3 million (up 1.8% year-on-year), with net profit of S$70.6 million (up 13.4%), supported by 24.3% segment growth in Hospital Services in H1 2025 and 10% growth in the insurance arm. Pricing is largely unit-based per consultation or screening package (e.g., prostate screening at S$344.30, STI screening S$337.90–S$501.40), with no subscription software model — recurring revenue derives from repeat patient utilisation, insurance premiums, and corporate contracts.

The group operates across five countries (Singapore, China, Hong Kong, Japan, Cambodia, Vietnam) covering 12 cities. International expansion is principally via owned clinics and a "build, don't buy" capex-led model, anchored by Raffles Medical China (four cities plus Hong Kong) and Raffles Medical Vietnam, where a majority stake in JCI-accredited American International Hospital (US$45.6M asset valuation) was acquired in October 2023. Technology differentiators include AI-aided colorectal screening using GI Genius, robotic-assisted surgery, and advanced aesthetics platforms (Ultherapy, Spectra Laser Peel); the group also partners with public hospital systems (Shanghai Renji, Chongqing First Affiliated) and with insurers such as Great Eastern to embed its services into wealth-management propositions.

Name

Raffles Medical Group

Legal name

Raffles Medical Group Ltd

Website

https://rafflesmedicalgroup.com

Company type

Public

Founded year

1976

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Raffles Medical Group is Singapore's largest homegrown integrated private healthcare provider, operating 100+ clinics, a flagship hospital, and 20+ specialist centres across five Asian countries, complemented by a captive health insurance arm and teleconsultation platform.

Ownership category

akta.pro rank

Product category

Integrated Private Healthcare Services

NAICS

General Medical and Surgical Hospitals (6221), Offices of Physicians (6211), Specialty (except Psychiatric and Substance Abuse) Hospitals (622310)

SIC

Services-Hospitals (8060), Services-Offices & Clinics Of Doctors Of Medicine (8011), Accident & Health Insurance (6321)

akta.pro primary industry

International/Medical Tourism Hospital Systems (HLAFAAAN)

akta.pro secondary industry

Value-Based Primary Care Organizations (Risk-Bearing) (HLAFAGAF)

Keywords

• Integrated private healthcare
• Specialist medical centres
• Primary care clinics
• Hospital services
• Health insurance plans

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Hospital Services: Raffles Hospital provides inpatient and outpatient medical and surgical services, generating revenue from patient consultations, procedures, and hospital stays.
2. Clinic and Specialist Services: Revenue generated from over 100 primary care and specialist clinic consultations across Singapore and international locations.
3. Raffles Health Insurance: Insurance arm providing health insurance products. Insurance segment reported revenue of S$94.9 million in H1 2025, up 10% year-on-year.
4. Corporate Healthcare / Employee Benefits: Corporate healthcare services provided to businesses for their employees, including health screenings and occupational health.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Raffles Medical Group is an integrated private healthcare provider operating more than 100 clinics and Raffles Hospital in Singapore, plus international clinics and hospitals in China, Japan, Cambodia, and Vietnam. It delivers a full continuum of care spanning family medicine (primary care), 20+ specialist centres (women's health, surgery, oncology, fertility, cardiology, neurology, orthopaedics, etc.), a tertiary hospital with 24/7 acute and critical care, dental, traditional Chinese medicine, health screening, clinical trials, teleconsultation via the Raffles Connect platform, and proprietary health insurance through Raffles Health Insurance.

Product overview

Raffles Medical Group operates as a platform of integrated private healthcare services anchored by Raffles Hospital in Singapore. The portfolio comprises over 100 clinics spanning primary care (Family Medicine/Raffles Medical), tertiary hospital services (Raffles Hospital with Raffles24 Acute & Critical Care), and 20+ specialist centres covering Women's Health, Surgery, Skin & Aesthetics, Urology, Internal Medicine, Fertility, Heart, Diabetes & Endocrine, Children, Neuroscience, Dialysis, Rehabilitation, Cancer, Eye, Orthopaedics, Chinese Medicine, Pain Management, ENT, Counselling, and Nuclear Medicine. Digital offerings include Raffles Connect teleconsultation app and Raffles Health eStore. The group also offers health insurance (Raffles Health Insurance), health screening packages, clinical trials, and Raffles HealthyLongevity preventive care programs. International operations extend across China, Japan, Cambodia, and Vietnam. The company positions itself as a continuum of care provider spanning primary to tertiary levels.

Differentiator

Problem solved

Functional benefit

Products and services

• Raffles Hospital Flagship tertiary hospital in Singapore providing comprehensive acute care, specialist consultations, and inpatient services for private patients.
• Raffles24 Acute & Critical Care 24/7 emergency and critical care services (formerly Accident & Emergency) providing round-the-clock acute medical attention.
• Raffles Dental Comprehensive dental services including general dentistry, paediatric dentistry, and specialist dental procedures.
• Raffles Women's Centre Integrated obstetrics and gynaecology specialist centre offering maternity services, gynaecological treatments, and women's health screenings.
• Raffles Surgery Centre Surgical sub-specialty centre offering general surgery, breast surgery, bariatric surgery, and AI-aided colorectal screening with robotic surgery options.
• Raffles Skin & Aesthetics Centre Dermatology and aesthetics centre offering medical dermatology, aesthetic procedures, plastic surgery, and treatments including laser therapy, Ultherapy, and Spectra Laser Peel.
• Raffles Urology Centre Urology specialist centre treating kidney, bladder, urinary tract conditions, and male reproductive system concerns using minimally invasive technologies.
• Raffles Internal Medicine Centre Internal medicine specialist centre offering gastroenterology, endocrinology, rheumatology, nephrology, pulmonology, geriatrics, and related subspecialties.
• Raffles Fertility Centre Fertility specialist centre offering Superovulation & Intrauterine Insemination (SO-IUI), IVF treatment, and ICSI procedures.
• Raffles Heart Centre Cardiology specialist centre for diagnosis and treatment of heart conditions.
• Raffles Diabetes & Endocrine Centre Specialist centre for diabetes management, endocrine disorders, and metabolic conditions.
• Raffles Children Centre Paediatric specialist centre providing medical care for infants, children, and adolescents.
• Raffles Neuroscience Centre Neurology and neurosurgery specialist centre for brain and nervous system conditions.
• Raffles Dialysis Centre Dialysis services for patients with kidney failure.
• Raffles Rehabilitation Centre Rehabilitation services including physiotherapy for post-surgery recovery and physical therapy.
• Raffles Cancer Centre Oncology specialist centre for cancer diagnosis, treatment, and management.
• Raffles Eye Centre Ophthalmology specialist centre for eye care and vision-related conditions.
• Raffles Orthopaedic Centre Orthopaedics specialist centre for bone, joint, and musculoskeletal conditions.
• Raffles Chinese Medicine Traditional Chinese medicine services integrated with Western healthcare.
• Raffles Health Screening Comprehensive health screening packages and preventive health assessments.
• Family Medicine / Raffles Medical Primary care clinics providing general practitioner services, health consultations, and routine medical care across multiple locations.
• Clinical Trials Clinical research services enabling patient participation in medical research trials, including oncology trials such as the KRYSTAL-7 trial in partnership with Gene Solutions.
• Raffles Connect (Teleconsultation) Teleconsultation platform enabling 24/7 virtual doctor consultations via the Raffles Connect app.
• Raffles Health eStore Online health retail store for health products, supplements, and wellness items.
• Raffles Health Insurance Proprietary health insurance products and coverage plans offered by the group.
• Raffles Pain Management Centre Specialist centre for chronic pain assessment and management treatments.
• Raffles Ear, Nose & Throat Centre ENT specialist centre for ear, nose, and throat conditions.
• Raffles Counselling Centre Mental health and counselling services for emotional and psychological support.
• Raffles Nuclear Medicine Centre Nuclear medicine diagnostic and therapeutic services using radioactive isotopes.
• Corporate Healthcare / Employee Benefits Corporate healthcare services provided to businesses for their employees, including health screenings and occupational health programmes.
• Raffles Medical Group International Clinics

Quantifiable outcome

• 13.4% increase in full-year net profit to S$70.6 million in FY2025
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered notable and core.

• Great Eastern HoldingsnotableStrategic or Co-development Partner · 3 March 2026Great Eastern launched 'Great Eastern Private', a dedicated HNW client segment proposition, with Hewton Fair Suite — an exclusive space within the Great Eastern Centre featuring an on-site medical facility in partnership with Raffles Medical Group. The partnership targets Asia's high-net-worth segment and growing wealth transfer.
• Shanghai Renji HospitalnotableStrategic or Co-development Partner · 29 December 2025Raffles Medical Group is expanding in China through partnerships with Shanghai Renji Hospital, serving as part of its China market expansion strategy.
• Chongqing's First Affiliated HospitalnotableStrategic or Co-development Partner · 29 December 2025Raffles Medical Group has partnerships with Chongqing's First Affiliated Hospital as part of its China market expansion and healthcare service expansion strategy.
• Gene SolutionsnotableStrategic or Co-development Partner · 27 October 2025Raffles Medical Group and Gene Solutions signed a Memorandum of Understanding to collaborate on cancer clinical trials and genomic profiling in Southeast Asia. The initial project involves the KRYSTAL-7 trial for non-small cell lung cancer with KRAS G12C mutation, aiming to improve patient access to targeted treatments and clinical trials across the region.
• My My Trading Services Company LtdcoreStrategic or Co-development Partner · 2 October 2023Raffles Medical Group entered a strategic partnership with My My Trading Services Company Ltd to acquire a majority stake in American International Hospital (AIH) in Ho Chi Minh City, Vietnam. The JCI-accredited hospital has been operational since 2018, with a valuation based on hospital asset worth US$45.6 million. The deal includes a management-service agreement and aims to expand RMG's healthcare presence beyond Singapore and China.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Market position

Weaknesses4 records

Competitive moat6 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/RafflesMedGrp
• Facebookfacebook.com/RafflesMedGrp

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raffles Medical Group