Healthcare Market: The healthcare market is explained by
cumulative revenues gathered from sales of medical devices, pharmaceuticals,
and services provided by private hospitals, and clinical laboratories in
Vietnam.
Pharmaceutical Market: The Pharmaceutical
Market includes revenue generated from domestic sales of human vaccines
and drugs which is obtained from domestic production and imports. Sales of
pharmaceuticals to private and public hospitals, pharmacies/drug stores,
clinical laboratories (independent labs and physician office labs),
polyclinics, community health centers and maternity homes in Vietnam has been
considered. Sales of Pharmaceutical drugs have been considered at retail level.
Medical Devices Market: The medical devices market includes total
spending by public and private hospitals, clinical laboratories (independent
labs and physician office labs), polyclinics and medical research and education
institutes on diagnostic imaging equipments, medical consumables, orthopedics
and prosthetic devices, dental products, patient aid devices and several other
medical equipments. Imported and domestically manufactured medical devices have
been considered.
Hospital Market: The hospital and clinic market includes
revenue generated by private hospitals established in Vietnam. Revenue from
outpatient and inpatient services have been considered. Type of private
hospitals considered include single specialty, multi-specialty and general
hospitals. Revenue from pharmacy retail though pharmacies located in private
hospitals has been included. Revenue generated from walk-in patients for
laboratory tests has not been considered. Hospitals with more than 50 beds have
been considered.
Clinical Laboratory Market: The clinical laboratory market includes
revenue generated from services provided by public and private hospital labs,
independent labs and physician office labs for routine, non-laboratory and
esoteric tests.
Patented Drug: These are drugs which are covered under
patent protection, means that only the pharmaceutical company holding a patent
is allowed to manufacture, market the drug and eventually make profit from it.
Generic Drug: These are drugs that are comparable to a
brand/reference drug product in dosage form, strength, quality and performance
characteristics, and intended use. Once a patent for a patented drug expires,
generic versions of the same can be produced.
Prescribed Drugs: These are drugs that can be sold by a
pharmacy or drug store only upon prescribed by a registered healthcare
practitioner.
OTC Drugs: These are drugs which do not need any
prescription and can be purchased directly from any pharmacy or drug store.
Hypothesis Creation: The research team has first framed a
hypothesis about the market through analysis of existing industry factors obtained
from magazines, journals, broker reports, investor presentations and annual
reports of major companies, Ministry of Health Vietnam, Statistical Yearbook of
Vietnam.
Hypothesis Testing: The research team conducted computer assisted
telephonic interview (CATI) with several industry professionals including
decision makers in medical devices, pharmaceuticals, hospitals, and clinical
laboratories’ companies. The industry professionals included several importers
and distributors of medical devices and pharmaceutical products and doctors,
management executives, and other higher level authorities. Structured
interviews were conducted through telecom with several industry veterans
including major decision makers from Hoan My, Medic Lab, Viet My, Hanh Phuc International
Hospital, Nanogen Biopharma, TD Medical Company and other companies. The
analyst at Ken Research collated their insights on the market onboard and to
seek justification to the hypothesis framed by the team. Additionally several
B2B clients from different sectors including government offices, diagnostic
centers, and hospitals in the ecosystem have been interviewed to understand
their perspectives, needs, requirements and the prices they are willing to pay
for procuring medical devices and pharmaceutical drugs.
Sanity Checking @ Decision Tree
Analysis: Data has been collected and verified
through cross-sanity checking the opinion and facts received from interview
with the hypotheses framed from public databases. The team has verified the
data by conduction both bottom-to-top and top-to-bottom analysis.
Future Forecasting via Poll Opinions
and Statistical Tools:
Multi-Factor regression was conducted on the lag variables by identifying the
independent and quantifiable variables directly affecting the market. The
forecasting was done by using SPSS statistical tools. The variables were
checked for multi-co-linearity and other bias that could be present in the
model. The conclusion from the regression was then double-checked by conducting
poll opinions.
Interpretation and Proofreading: The final analysis will then be interpreted
in the research report by our expert team well versed with the Healthcare
Market.
Market Sizing:
We
have followed bottom to top approach under which we were able to get the financials
of leading domestic and international pharmaceutical companies in the country.
The
market derived from last step is duly verified from annual report and investor
presentation of the market players.
CATIs
were conducted to confirm the overall market size and market share of
respective segments, along with other details such as market segmentation,
trends and major developments. Additionally, out team has also referred some of
the public and proprietary databases to verify the market derived from the first
step.
Limitation:
There
might be a case that the chief executives / representatives might be bullish
with the numbers. We have cross checked and revalidated the data, collected
with our hypothesis and question them on the numbers. But in the end, justification
provided by a primary might / might not be satisfactory on the numbers as there
is no right mechanism to revalidate their numbers. However, to ascertain this,
we have increased our sample size by approaching several pharmaceutical
manufacturers in the country and asking about the market positioning of other
companies from them.
Pharmaceutical Products:
Drug
class including anti-infectives, gastrointestinal and metabolism,
cardiovascular system, central nervous system, respiratory, musculoskeletal, dermatology,
genitourinary and hormones, blood, oncology, endocrinology, ENT, ophthalmology,
neonatology, genetic disease, immunology, Diabetes, infectious diseases,
inflammation, internal diseases, metabolic diseases, nephrology, pulmonology,
psychiatry, thrombosis and vitamin and dietary supplements.
Medical Devices:
Medical
furniture, medical utensils, clothing medical and accessories, anthropometric
equipment, hospital equipment, medical diagnostic equipment, resuscitation/
anesthesia equipment, surgical instrument, dressing devices, injection devices,
surgical sutures, auxiliary devices, orthopedic devices, dental products,
aesthetic devices, blood Transfusion devices, family planning devices, test
kits and other disposables.
Non-Laboratory Tests:
Imaging
tests involving Computed tomography (CT), Fluoroscopy, Magnetic resonance
imaging (MRI) and magnetic resonance angiography (MRA), Mammography, Nuclear
medicine, which includes such tests as a bone scan, thyroid scan, and thallium
cardiac stress test, Plain X-rays, which includes chest X-ray, Positron
emission tomography, also called PET imaging or a PET scan, ultrasound
Interventional
radiology: Angiography or angioplasty and stent placement, Embolization, cancer
treatments including tumor embolization using chemoembolization or Y-90
radioembolization, Tumor ablation with radiofrequency ablation, cryoablation,
or microwave ablation, Vertebroplasty and kyphoplasty, Needle biopsies of
different organs, such as the lungs and thyroid gland, Breast biopsy, guided
either by stereotactic or ultrasound techniques, Uterine artery embolization,
Feeding tube placement, Venous access catheter placement, such as ports and
PICCs.
Variables Considered:
Number
of Hospitals: An increase in number of healthcare centers will lead to an
increase in accessibility of various healthcare services which will positively
affect the revenue of Vietnam healthcare market.
Population:
An increase in population will fuel the demand for healthcare services as
proportion of aged population increases and number of visitors at clinical
labs, pharmacies, hospitals and other healthcare center will increase.
Public
Healthcare Expenditure: Increase in healthcare expenditure will lead to
advanced healthcare infrastructure in the country and attract more number of
medical tourists for both inbound and outbound patients
Prevalence
of Diabetes: Increase in prevalence of diabetes will lead to an increase in
demand for anti-diabetic products and healthcare services related to treatment
of diabetes. This will positively affect the overall market revenue of Vietnam
Healthcare Market.
Forecast Modelling:
The
report applies Correlation and Regression analysis methods to forecast the
future of the Vietnam Healthcare Market. The capabilities of SPSS and
predictive analytics software have been leveraged to determine the relevant
indicators used for forecasting this industry.
In
the present case, healthcare market revenue has been taken as the dependent
variable and other variables such as population, number of hospitals, public
healthcare expenditure and prevalence of diabetes have been taken as
independent variables.
For more information on the research
report, refer to below link:
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