Research
Methodology - Market Definitions
Hospital Market: The
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 has 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
.
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.
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 hospitals. The industry
professionals included several 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 clients from different
hospitals in the ecosystem have been interviewed to understand their
perspectives, needs, requirements and the prices charged for various medical
services offered.
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. 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.
Research Methodology - Market Sizing and Limitation – Hospital
Market
Market Sizing:
Initially, we have
compiled a list of private and public hospitals on the basis of number of beds
Additionally, our
team was able to get revenues from inpatients, outpatients and other revenue
stream for certain hospitals, referring to our databases and also through
accessing financial report of major hospitals. This helped us to understand
average inpatient and outpatient charges on the basis of number of beds.
For the estimation of
total hospital market, we have categorized the private and public hospital on
the basis of number of beds and used average revenue per bed to estimate the
market. We have also considered hospital revenue which comes from pharmacy and
lab test as well.
Limitation:
The total number of
beds in hospitals is not calculated by sum of the number of beds in each
hospital. However, the number of beds in Singapore hospitals in fetched either
from public database or from market players investor presentations.
Additionally, it can
also happen that some hospitals might be witnessing higher amount of inpatient
or outpatient due to their specialized services, but we have taken an average
as it is difficult to get the financial and inpatients/outpatient data for each
hospital.
Singapore Hospitals Market-Future Outlook and Projections,
2018-2022
Key Takeaway:
Adoption of telemedicine is another notable trend in this space.
Further, medical apps providing virtual consultation. For instance, Doctor
Anywhere App was launched in Singapore wherein the patients input the symptoms
and the doctor consultation happens through video call. The MyDoc app, launched
two years ago and targeted at businesses and insurance companies, lets users
access doctors from various medical groups as well as pharmacists from
Guardian. The company also conducts health screenings for small and
medium-sized enterprises in Singapore. Both test results and follow-ups with
doctors can be viewed and arranged within the app. The cost of MyDoc's services
is pegged to individual insurance policies.
Since outpatient care is increasingly being used to deal with common
medical issues in Singapore such applications and telemedicine services will
enable patients to get accurate medical information at the convenience of home.
Further with the growing burden of ageing population, hospitals are engaging
robots and other assistive technology to ease the burden on the
manpower-strapped sector. A robot can help recovering stroke patient’s
exercise, keep early stage dementia patients occupied and alert them to take
their medicine, or call for a helper when it senses that they are struggling to
get up.
Automation of manual work, such as filling in medical information or
ordering medications, is expected to allow healthcare professionals to focus on
their core work, devoting more time to their clinical and direct patient care
roles. Further, data analytics and artificial intelligence can augment care
provided at each touch point. Mobile dental units and patient tracking devices
are other new projects that tap on technology to improve Singapore’s healthcare
productivity.
For more information on the research report, refer to below link:
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