Philippines Connected Healthcare Market Analysis

Philippines Connected Healthcare Market Analysis


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The Philippines-connected healthcare market is projected to grow from $145.99 Mn in 2022 to $1112.63 Mn by 2030, registering a CAGR of 28.9% during the forecast period of 2022 - 2030. The main factors driving the growth would be increasing demand for telemedicine services, rising healthcare costs, shortage of healthcare professionals and government support. The market is segmented by type, function and by application. Some of the major players include Ayala Healthcare, QualiMed, MyPocketDoctor, Microsoft, IBM and Siemens Healthineers.

ID: IN10PHHS004 CATEGORY: Healthcare Services GEOGRAPHY: Phillipines AUTHOR: Neha Davda

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Philippines Connected Healthcare Market Executive Summary

The Philippines-connected healthcare market is projected to grow from $145.99 Mn in 2022 to $1112.63 Mn by 2030, registering a CAGR of 28.9% during the forecast period of 2022 - 2030. Health spending in the Philippines increased by 18.5% from $16.8 Bn in 2020 to $20 Bn in 2021. This increase was greater than the 12.8% growth from the prior year.

The Philippines' connected healthcare market is still in its early phases of growth, but it is expanding quickly. The use of digital and connected healthcare services has increased recently in the Philippines. The use of wearable and other devices to monitor or detect health issues, notably for purposes of clinical trials, the expanded use of telemedicine platforms to access health services, the usage by healthcare professionals of electronic medical records and electronic prescriptions, the use of customized apps in hospitals to visualise patient health in augmented reality, laboratories to monitor experiments and for student doctors to replicate thoughts.

Philippines Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Philippines-connected healthcare market is expected to be driven by factors such as:

  1. Increasing demand for telemedicine services- In the Philippines, the COVID-19 pandemic has raised the demand for remote healthcare services as individuals try to avoid congested hospitals and lower their chances of contracting the virus
  2. Rising healthcare cost- Many people in the Philippines are unable to afford standard healthcare treatments due to escalating healthcare expenses. Traditional healthcare delivery paradigms may be replaced more affordably by telemedicine and other digital health technology
  3. Shortage of healthcare professionals- The Philippines has a shortage of healthcare personnel, particularly in rural areas, which has generated the potential for telemedicine and other digital health technologies to extend access to healthcare services
  4. Government support- The Philippine government has initiated programs to assist the development and implementation of these technologies as a result of its recognition of the potential of digital health technologies to enhance healthcare outcomes and access

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in the Philippines:

  1. Lack of regulatory framework- In order to guarantee the security and quality of these services, there is a need for clear norms and laws in the Philippines, where the regulatory environment for digital health technologies is still developing
  2. Limited healthcare infrastructure- The Philippines' healthcare infrastructure is still being developed, especially in rural regions, and there may not be widespread access to the infrastructure required to support telemedicine and digital health technology
  3. Limited digital health literacy- Many Filipinos might not be familiar with digital health technology or be aware of how to use telemedicine services. This may necessitate education and awareness-raising activities and limit the use of these services

Competitive Landscape

Key Players

  • Ayala Healthcare (PHL)- It is a division of Ayala Corporation that specialises in investments and healthcare services. Hospitals, clinics, and digital health platforms are among its investments
  • QualiMed (PHL)- Healthcare services are offered throughout the Philippines through QualiMed, a network of hospitals and clinics owned by Mercado General Hospital, Inc.
  • MyPocketDoctor (PHL)- MyPocketDoctor is a telehealth platform which provides remote patient monitoring services like remote consultations, prescription distribution, and booking for doctor's appointments
  • Microsoft- Microsoft is a multinational technology firm that provides connected healthcare solutions such as health informatics, clinical decision support, and patient engagement tools
  • IBM- IBM Watson Health is a multinational corporation that provides healthcare solutions like patient interaction, health informatics, and population health management
  • Siemens Healthineers- Siemens Healthineers is a leading provider of connected healthcare solutions, including digital health technologies, laboratory diagnostics, and medical imaging. Siemens Healthineers is a leading provider of medical technology worldwide

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 15 March 2023
Updated by: Shivam Zalke

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