Market Survey for new Hospital Construction

Market & Financial benefits to constructing new hospitals

  1. New investors are interested in the healthcare delivery industry.
  2. Given the healthcare service lines being investigated, doing a complete competitive study.
  3. carrying out a demand study for the proposed facility’s space or medical services
  4. Speculating on the trends that are influencing how these marketplaces may develop in the future
  5. Infrastructure investment in areas with fewer healthcare facilities is being studied by funding agencies.
  6. Players from other countries looking to replicate a successful chain model in India
  7. Medical suppliers interested in breaking into the corporate hospital industry
  8. Making a detailed project report (DPR) based on market research.
Why Market Survey needed for new hospital setup?

The best technique to discover the sources of patient flow to the hospital is to conduct a Market Survey for the hospital on how feasible it is to construct hospital. The Feasibility Study includes a Market and Financial Analysis of the Project and is an important factor to consider when opening a new hospital, adding a new facility to an existing hospital, or expanding an existing hospital.

What is achieved through Market Survey?

  • Whether tertiary – single, multispecialty, or multi-super specialty – format appropriateness
  • Considering the feasibility of the proposed facility site
  • Identifying the suitable specialties for the healthcare facility to provide for the location
  • Understanding the Critical Gaps in Private Healthcare Provided in the Planned Catchment based on the Key Factors that Doctors in the Area Look for in such a Facility
 

Two forms of market research are conducted

In healthcare market analysis, there are two forms of research: quantitative and qualitative.

  • Quantitative research examines the financial health of the healthcare industry by calculating ratios or percentages based on statistical data.
  • Qualitative research is based on a person’s subjective interpretation of data, news items, statistics, and industry knowledge. This type of market analysis is commonly used to make predictions regarding future growth or profit potential. The required data for quantitative and qualitative research can be found in reports from trade journals in the healthcare business, financial analysts, and companies in the industry. 

Hospital quality is determined by facilities and infrastructure for sophisticated treatments, patient satisfaction, treatment quality, Doctor recommendations on specialties, among other factors.

Competitor evaluation

Appropriate location suitable for a right format like Primary, Secondary, and Tertiary (Single, Multi or Multi-super Specialty)

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