Philippines Palliative Care Market Analysis

Philippines Palliative Care Market Analysis


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The Philippines Palliative care market is projected to grow from $28.78 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The main factors driving the growth would be the increased prevalence of chronic diseases, increasing awareness, an aging population, government support, and technological advancements. The market is segmented by service type and by the end user. Some of the major players include Life Care, ActivCare Home Health Solutions, St. Luke’s Medical Center, Centura Health, and Cardinal Santos Medical Center.

ID: IN10PHHS013 CATEGORY: Healthcare Services GEOGRAPHY: Phillipines

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Philippines Palliative Management Market Executive Summary

The Philippines Palliative care market is projected to grow from $28.78 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The Philippines had an 18.5% increase in health spending from $16.8 Bn in 2020 to $20 Bn in 2021. This growth outpaced the 12.8% growth from the previous year.

The goal of palliative care is to enhance the quality of life for patients and their families who are struggling with a terminal illness. Through early detection, accurate diagnosis, and effective treatment of pain and other issues, whether they are physical, psychosocial, or spiritual, it avoids and alleviates suffering. Taking care of problems beyond bodily symptoms is part of alleviating misery. To support patients and their carers, palliative care employs a team approach. This includes attending to practical needs and offering counseling for grieving. It provides a system of assistance to enable patients to remain as active as they can until they pass away.

The rise of the palliative care market in the Asia Pacific region is projected to be fueled by the increased emphasis of major palliative care service providers on regional expansion into developing Asia-Pacific nations in order to achieve a sizable market share.

Market Dynamics

Market Growth Drivers

The Philippines' palliative care market is expected to be driven by factors such as the increased prevalence of chronic diseases, increasing awareness, an aging population, and technological advancements. Moreover, the Philippine government and other organizations are attempting to increase access to and the quality of care while also supporting palliative care to a greater extent. The market is growing as a result of this support, which is also advancing the nation's palliative care industry as a whole.

Market Restraints

The high cost of treatment and the fragmented delivery methods are factors that are restricting the growth of the palliative care market in the Philippines. Palliative care services are frequently dispersed, which can hinder market expansion, lead to poor care coordination, and result in less-than-ideal outcomes for patients.

Competitive Landscape

Key Players

  • Life Care (PHL)
  • ActivCare Home Health Solutions (PHL)
  • St. Luke’s Medical Center (PHL)
  • Centura Health (PHL)
  • Cardinal Santos Medical Center (PHL)

Healthcare Policies and Regulatory Landscape

The Department of Health (DOH) and the Philippine Health Insurance Corporation are principally in charge of regulating the market for palliative care in the Philippines (PHIC). Regarding policies, the DOH has put in place a number of programs and initiatives targeted at enhancing patients' access to palliative care services for those with life-limiting conditions. Additionally, the government has created hospice facilities across the nation and committed funds for the training of medical professionals in palliative care. The DOH is in charge of establishing standards and regulations for the provision of palliative care services. On the other side, the PHIC covers palliative care services within its health insurance policy, giving eligible clients access to these therapies. The FDA also controls the import and distribution of medications used in palliative care, assuring their efficacy and safety.

Reimbursement Scenario

The Philippine Health Insurance Corporation (PHIC), the nation's major health insurer, primarily offers reimbursement coverage for the palliative care sector in the Philippines. Palliative care services are covered under PHIC's health insurance program for qualifying beneficiaries, including those with terminal diseases. The price of medicines, medical equipment, and other items required for palliative care is covered by this insurance.

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

Palliative Care Market Segmentation

By Service Type (Revenue, USD Billion):

Based on service type, the Philippines palliative care market is divided into the following:

  • Private residence care
  • Hospice inpatient care
  • Hospital inpatient care
  • Nursing home and residential facility care
  • Others

By End User (Revenue, USD Billion):

Based on end-user type, the Philippines palliative care market is divided into the following:

  • Hospitals
  • Home Care Settings
  • Palliative Care Centers
  • Long-Term Care Centers & Rehabilitation Centers

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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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: 16 February 2023
Updated by: Vidhi Upadhyay

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