Research Methodology - Market Definitions
Pharmaceutical
Market: The
pharmaceutical market includes the revenue generated from the domestic sales of
medicinal drugs (domestically produced and imported) to private and public
hospitals, pharmacies, drugstores, polyclinics, clinical labs and doctors at
manufacturers’ price. Revenue from vitamins and dietary supplements sales is
not included.
Medical Devices
Market: The
medical devices market includes total spending by public and private hospitals,
clinical laboratories, polyclinics, GP clinics and medical research and
education institutes on diagnostic imaging equipments, medical consumables,
orthopedics and prosthetic devices, patient aid devices and several other
medical equipments. Imported, exported and domestically manufactured medical
devices have been considered.
Hospital Market: Singapore
hospital market includes revenue generated by public and private
hospitals established in Singapore. Revenue from outpatient and inpatient
services has been considered. Revenues from public and private hospital have
been tabulated in the market. Revenue from pharmacy retail though pharmacies
located in hospitals has been included. Revenue stream such as lab revenues has
also been considered. Revenue generated from walk-in patients for laboratory
tests has not been considered. Hospitals with more than 50 beds have been
considered.
Clinics Market: Clinics market
includes the revenue generated by private medical and dental clinics
established in Singapore. These clinics provide general and specialized
consultation and emergency care services to their patients. The revenues have
been considered to the extent of consultation charges. Medication and other
treatment cost are not included in the market. Public clinics have not been
included in the market.
Pharmacy Retail Market: This includes the revenue generated
from the sale of drugs and private label goods by pharmacies in Singapore at retailer’s
price. Sale from independent pharmacies and clinic based pharmacies has been
considered.
Contract Research
Organization Market: Contract
Research Organization market includes the revenue generated from the clinical
trials in Phase I, Phase II, Phase III, and Phase IV by contract research
organizations to domestic and international pharmaceutical companies located in
Singapore. The market also includes the revenue generated from pre clinical
trials, data management, biostatistics, central laboratory services and
pharmcovigilance, bioanalytics and Health Economics and Outcomes Reach
(HEOR) services.
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 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.
Dietary Supplements Market: The dietary supplements market of
Singapore is the sum total of revenue generated by the market players from
domestic sales of supplement product intended for ingestion and is made up of
ingredient that further add to the nutritional value to the diet. A dietary
ingredient could be one or combination of various substances including vitamins
and minerals, herbal supplements, protein and amino acid supplements,
Probiotics, omega 3 fatty acids, and other concentrate, metabolite, constituent
or extract of the nutrient.
Vitamins and Minerals Market: The vitamins and minerals market
of Singapore is the sum total of revenue generated by international and
domestic companies from the domestic sales of dietary supplements with major
ingredients as vitamins and minerals, individually or mixed in any proportion
Medical Clinics: Medical clinics are defined as healthcare
institutions which offer general and specialized outpatient services in
Singapore. Specialized services include cardiology, endocrinology,
gastroenterology, general surgery, infectious diseases, O&G, medical
oncology, ophthalmology, ENT, pediatrics, psychology, radiology, urology and
others.
Dental Clinics: Dental clinics are defined as healthcare
institutions which offer general and specialized outpatient dental services.
Specialized services include dental implants, endodontic, cosmetic dentistry,
oral surgery, laser dentistry, dentures and others.
Public Hospitals: Public health facilities refer to those owned
or controlled by a government unit or another public corporation (where control
is defined as the ability to determine the general corporate policy).
Not-for-profit hospitals: Not-for profit health facilities
refer to those producing health goods and services, but are not permitted to be
a source of income, profit or financial gain for the unit that establish,
control or finance them.
Private Hospitals: Private health facilities refer to those set
up for the purpose of producing health goods and services and are capable of
generating a profit or other financial gains for their owners.
Acute Hospitals: Acute hospitals comprise both general
hospitals and specialty centres (excluding Psychiatric Hospitals) with acute
care inpatient and outpatient facilities.
Psychiatric Hospitals: Psychiatric hospitals are those
hospitals which offer a comprehensive range of psychiatric, rehabilitative and
counseling services in the field of mental health.
Community Hospitals: Community hospitals are those hospitals
which cater to rehabilitation, geriatric care and coalescing patients. They are
usually funded by charities or religious groups, with assistance from
government funds and/or public healthcare professionals.
Preclinical market: This includes studies that yield
preliminary efficacy, toxicity, pharmacokinetic and safety information which
determine whether a drug is ready for clinical trials.
Clinical Data Management market: Clinical Data Management
involves the process of collection, documentation, and data storage, which are
critical for clinical trials or procedures and to biotechnology companies and
pharmaceutical manufacturers.
Biostatistics Market: Biostatistics market involves statistical
processes and methods which are applied to the collection, analysis, and
interpretation of biological data and especially data relating to human
biology, health, and medicine.
Pharmacovigilance market: Pharmacovigilance market involves the
science and activities involved in the detection, assessment, monitoring and
evaluation of adverse events or any drug related problems of the medicinal
products.
Bioanalytics Market: Bioanalytics market involves analytical
chemistry which covers the quantitative measurement of xenobiotics (drugs and
their metabolites, and biological molecules in unnatural locations or
concentrations) and biotics (macromolecules, proteins, DNA, large molecule
drugs, metabolites) in biological systems.
HEOR Market: HEOR (Health Economics And Outcomes Reach) market
uses clinical and economic evidence to determine the value of drugs, and looks
at the factors that can affect this.
Radiology Laboratories: Radiology clinics are those which offer
medical imaging to diagnose or treat diseases. A variety of imaging techniques
such as X-ray radiography, ultrasound, computed tomography (CT), nuclear
medicine including positron emission tomography (PET) and magnetic resonance
imaging (MRI) are used to diagnose or treat diseases.
Clinical Laboratories: Clinical laboratories market includes
the number of radiology and pathology labs located in Singapore.
Research Methodology – Abbreviations
AIDS: Acquired Immune Deficiency Syndrome
HIV: Human Immunodeficiency Virus
MoH: Ministry of Health, Singapore
NCD: Non-Communicable Disease
OTC: Over-the-Counter
UHC: Universal Health Coverage
USD: United States Dollar
SGD: Singapore Dollar
WHO: World Health Organization
CRO: Contract Research Organization
HSA: Health Sciences Authority
GP: General Practitioner
PCN: Primary Care Network
GCP: Good Clinical Practices
Research Methodology - Consolidated Research Approach
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 and several articles. The team has used both public and proprietary
databases to define and collect each market data point such as overall market
size, segmentations and estimated future growth.
Hypothesis Testing: The research team conducted
computer assisted telephonic interview (CATI) with several industry
professionals including decision makers in all segments of healthcare market which
included medical devices, pharmaceuticals, hospitals, and clinical
laboratories. The industry professionals included several retailers,
wholesalers, importers and distributors of medical devices and pharmaceutical
products and doctors, management executives, financial analysts and other
higher level authorities. 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, clinics, 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: General consensus on data collected from primary research and
public and proprietary databases has been reached by conducting in-house
decision tree analysis of the data points available and by comparing it with
macro-economic factors. Data has been collected and verified through
cross-sanity checking between primary and secondary sources. Secondary data
sources include the analysis of existing industry factors, obtained from
company reports and from magazines, journals and online articles. The secondary
data sources are used to form the initial perception and contention on several
forces playing their role in determining the future growth in the industry.
Future Forecasting
via Poll Opinions and Statistical Tools: Multi-Factor regression and scenario
analysis was conducted on the lag variables i.e. on the historical market size
of the industry 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. Structured interviews were
conducted through telecom with several industry veterans including major
decision makers from Guardian Pharmacy, Unity Pharmacy, Novena Medical Center,
Acumed Clinic, Clinical and Path Lab, Reste Lab, Sam Clinical Laboratory and
others. These interviews helped the research team to authenticate the data
collected from secondary data sources and to reject or accept the hypothesis
regarding the future projections.
Interpretation and
Proofreading: The
final analysis will then be interpreted in the research report by our expert
team well versed with the Healthcare Market.
For more
information about the publication, refer to below link:-
https://www.kenresearch.com/healthcare/general-healthcare/singapore-healthcare-market/154981-91.html
Related
Reports:-
https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
