The Philippines healthcare insurance market is projected to grow from $4.46 Bn in 2022 to $8.31 Bn by 2030, registering a CAGR of 8.1% during the forecast period of 2022-2030. The main factors driving the growth would be mandatory opting for health insurance, the growing number of daycare procedures, increasing healthcare costs and increasing awareness. The market is segmented by the component, provider, coverage, health insurance plans and end-user. Some of the major players include Philippine Health Insurance Corporation, MediCard, Kaiser International, Maxicare, Caritas Health Shield, KanMend, Singlife, Sun Life and PRU Life.
The Philippines healthcare insurance market is projected to grow from $4.46 Bn in 2022 to $8.31 Bn by 2030, registering a CAGR of 8.1% during the forecast period of 2022-30. Health spending in the Philippines increased by 18.5% from $16.8 Bn in 2020 to $20 Bn in 2021. Its expansion grew faster than the 12.8% rise from the prior year.
The Philippines' expanding healthcare insurance market strives to give Filipinos access to healthcare services and financial security. The government provides the majority of the funding for the nation's healthcare system, although private health insurance companies also contribute significantly to increasing access to healthcare services.
In the Philippines, there are primarily two types of healthcare insurance providers: government-sponsored and private. The bulk of the populace, even those working in the unofficial sector, is covered by the Philippine Health Insurance Corporation (PhilHealth), a government-sponsored health insurance program. Nonetheless, some Filipinos might find that its coverage is insufficient, which has contributed to the growth of private health insurance companies. A greater range of advantages are available from private health insurance companies, including coverage for specialised medical procedures, operations, and hospital stays in exclusive facilities. Maxicare, Medicard, and Intellicare are a few of the top private health insurance providers in the Philippines. These businesses provide a selection of healthcare plans that are specifically designed to satisfy the requirements of various people, families, and business clients.
Market Growth Drivers
The Philippines' healthcare Insurance market is expected to be driven by factors such as:
The following factors are expected to limit the growth of the healthcare insurance market in the Philippines:
March 2023- MediCard has been fully acquired by AIA Philippines. Together, AIA Philippines and MediCard are in a better position to seize opportunities and maintain their position as the nation's top provider of protection, long-term savings, and healthcare services. Future MediCard health coverage and care services for Filipinos can be anticipated to be more comprehensive, effective, and efficient.
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)
184.108.40.206 Product Applications and Services
220.127.116.11 Recent Developments
18.104.22.168 Partnerships Ecosystem
22.214.171.124 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
By Provider (Revenue, USD Billion):
It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.
By Coverage Type (Revenue, USD Billion):
In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes
By Health Insurance Plans (Revenue, USD Billion):
By Demographics (Revenue, USD Billion):
There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.
By End-user (Revenue, USD Billion):
A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.
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