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
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.
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
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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Ankur Gupta, Head Marketing & Communications