Philippines Digital Therapeutics Market Analysis

Philippines Digital Therapeutics Market Analysis


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Philippines Digital Therapeutics Market is at around $14 Mn in 2023 and is projected to reach $77.53 Mn in 2030, exhibiting a CAGR of 27.7 % during the forecast period. The development of healthcare infrastructure, technological advancements, and increased healthcare awareness are driving the market towards expansion. The market is dominated by key players like KonsultaMD, MediCard, Omada Health Inc., 2Morrow Inc., Livongo Health Inc., WellDoc, Propeller Health, Canary Health, Noom Inc., and Akili Interactive Labs.

ID: IN10PHDH006 CATEGORY: Digital Health GEOGRAPHY: Phillipines AUTHOR: Aneri Parekh

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Philippines Digital Therapeutics Market Executive Summary

Philippines Digital Therapeutics Market is at around $14 Mn in 2023 and is projected to reach $77.53 Mn in 2030, exhibiting a CAGR of 27.7 % during the forecast period.

Utilizing digital technologies like software and mobile apps, the digital therapeutics market in the Philippines is a young industry that provides evidence-based treatment treatments for a range of medical ailments. By providing patients with individualized and easily available solutions, this innovative approach seeks to supplement conventional medical care. Digital treatments have the potential to boost patient involvement, improve healthcare outcomes, and further evolve the healthcare environment in the Philippines as their usage increases.

The growing use of digital health solutions fuels the Philippines' digital therapeutics market's strong expansion. The market is expanding due to rising knowledge of the advantages of digital therapies for managing chronic diseases and mental health. To improve digital therapeutic interventions' acceptability and accessibility in the Philippines, important players are actively working with healthcare providers.

The $6.2 Bn globally in revenue for digital therapies in 2023 is evidence of the industry's extraordinary growth. This company's remarkable growth can be attributed to the revolutionary change that modern technology and cost-effective manufacturing techniques brought about. This demonstrates the growth in the use of digital medicines in the healthcare sector. As the market trend suggests that further changes may be on the horizon, new improvements are anticipated to contribute to the industry's continued success.

A major participant in the developing Philippine digital therapeutics market, KonsultaMD provides telemedicine consultations in addition to digital therapeutics solutions for a range of medical ailments. They venture into digital treatments with applications for managing chronic diseases and mental health, and they offer telemedicine consultations with licensed Filipino physicians and psychologists. They collaborate with WellDoc and Livongo to incorporate digital therapeutics providers' solutions into their platform.

Philippines digital therapeutics market

Market Dynamics

Market Growth Drivers:

Development of Healthcare Infrastructure: Digital therapeutics recognition is aided by advancements in healthcare infrastructure, such as the incorporation of digital technologies into healthcare systems.

Technological Developments: Wearables, digital therapies, and mobile devices are just a few examples of gadgets that have made significant strides in recent years and have the potential to improve accessibility and efficacy.

Growing Healthcare Awareness: Raising knowledge about the advantages of digital therapeutics and its part in managing diseases among patients and medical professionals is propelling market expansion.

Market Restraints:

Reimbursement Issues: The absence or limited reimbursement policies for digital therapeutics in healthcare systems can be a significant barrier. If patients and healthcare providers are not adequately reimbursed for using digital therapeutics, it may slow down adoption.

Data Security and Privacy Issues: Sensitive patient data is collected and stored when using digital health solutions. Data security and privacy concerns could undermine patient confidence and impede the uptake of digital therapies.

Cultural and Behavioural Factors: The adoption of digital treatments is influenced by patient behavior and cultural attitudes toward healthcare. The adoption of these creative solutions may be impacted by reluctance to adapt or by ingrained beliefs about healthcare.

Healthcare Policies and Regulatory Landscape

The Abridged and Verification Review Pathways for New Drug Applications are being implemented by the Philippine Food and Drug Administration (FDA). Take the LTO. The next step is to apply for a Certificate of Product Registration (CPR) from the FDA after receiving the LTO. This demonstrates that the product has been duly registered with the Philippine FDA and has passed a comprehensive evaluation. How difficult it is to meet requirements and navigate the regulatory environment can have an impact on how quickly pharmaceutical goods are approved.

Competitive Landscape             

Key Players:

  • KonsultaMD
  • MediCard
  • Omada Health Inc.
  • 2Morrow Inc.
  • Livongo Health Inc.
  • WellDoc
  • Propeller Health
  • Canary Health
  • Noom Inc.
  • Akili Interactive Labs

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Philippines Digital Therapeutics Market Segmentation

By Solution

  • Software
  • Services

By Deployment

  • Cloud-based
  • On-premises

By Application

  • Therapy
  • Diabetes
  • Obesity
  • CNS
  • Respiratory
  • CVD

By End-use

  • Diagnostic Centres
  • Healthcare Players
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • 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.

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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

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

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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 February 2024
Updated by: Shivam Zalke

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