Philippines Telemedicine Market Analysis

Philippines Telemedicine Market Executive Summary

The Philippines' telemedicine market is projected to grow from $xx Bn in 2022 to $xx Bn by 2030, registering a CAGR of 20.5% during the forecast period of 2022-30.

One of East Asia and the Pacific's most dynamic economies is the Philippines. GDP is expected to have grown by 3.2% in 2021, primarily as a result of rising private domestic consumption and fixed investment. Although the Filipino economy has been recovering since the COVID-19 pandemic outbreak, the recovery has not yet fully taken off because of ongoing downside pressures. The IMF predicts that GDP growth would accelerate to 6.3% in 2022 and 7% in 2023. Strong fundamentals, a competitive workforce, a consistent employment market, steady remittances, and investment in the construction industry are some of the main economic factors. The Philippines' economy is dependent on the processing of food, as well as the manufacturing of cement, iron, and steel, as well as telecommunications. The agriculture sector generated 10.1% of GDP in 2020 and employed 22.8% of the labour force in 2019, according to the most recent data from the World Bank.

In the foreseeable future, double-digit growth forecasts are anticipated for the Philippines Telehealth Market. On the strength of an increase in the adoption of digitalization, the market value is anticipated to outperform in the following six years. The market, which now has a double-digit billion-dollar market value, is forecast to grow significantly during the next ten years, reaching triple-digit revenue values. As a result of changing lifestyles of the urban and suburban population around the world, the government's low reimbursements as a result of cost-shifting to the private payers have increased the burden on hospitals to find better and more expensive medical facilities, especially for the elderly. This has also led to an increase in the costs in the healthcare sector and increased demand for technical assistance in the sector. The telemedicine platform's ability to offer reduced travel times, lower prices, and pooled healthcare professional staffing has made it the perfect invention for the modern era.

Market Dynamics

Market Growth Drivers Analysis

On the basis of increased digitalization in the healthcare industry, the Philippines' telehealth market is anticipated to experience substantial expansion in the coming years. In the near future, it is projected that a rise in remote consultations, supported by an increase in the incidence of chronic diseases, will contribute to the steady expansion of the Philippines' telehealth business. The Philippines' telehealth market is anticipated to experience double-digit growth in the coming years and provide abundant opportunities to potential industrial makers due to the rise in healthcare costs, a boost in technological advancements in the healthcare sector, and efforts to find a solution to the accessibility issues of the healthcare sector in remote areas, which have been a persistent issue in developing economies around the world.

Market Restraints

The Philippines' inadequate internet connectivity in rural regions and its residents' low levels of digital literacy, however, pose serious obstacles to the development of telemedicine in the nation. Only 30% of the population in the Philippines uses computers since many of their schools lack internet connectivity and digital learning opportunities.

Competitive Landscape

Key Players

The key players in the Philippines telemedicine market include telemedicine platforms such as

• MyDoc,
• DocNet,
• KonsultaMD, and
• HealthTap.

Additionally, many hospitals and clinics in the Philippines have also adopted telemedicine technology in order to provide remote consultations to patients.

The Philippine government is also investing in the development of telemedicine infrastructure, which is expected to boost the growth of the market.

 Healthcare Policies and Regulatory Landscape

After an organisation worked with the Philippines Department of Health and the National Privacy Commission to offer free telemedicine services, which helped to lower health centre occupancy and stop the spread of COVID-19, the number of teleconsultations increased in the Philippines. Nearly 70,000 virtual sessions have been offered to patients around the nation since the partnership's launch.

In order to address patient concerns, it has employed a medical co-management strategy, in which medical professionals work together to develop a diagnosis and deliver the best care possible. Despite the travel and movement restrictions, we have been able to offer healthcare solutions to people thanks to our capacities, resources, and alliances.

Any medical professional who holds a current licence from the Philippine Professional Regulation Commission is permitted to practise telemedicine on patients who are physically located in the Philippines.

"Physically inspect any individual, and diagnose, treat, operate or prescribe any remedy for human disease, damage, deformity, physical, mental, psychical state or any affliction, real or imaginary," is how the Medical Act of 1959 defines the practice of medicine in Section 10(a). Telemedicine may not be possible until the law is changed because it appears to involve physically inspecting patients. The DOH-NPC joint circular memorandum acknowledges that licenced doctors may practise telemedicine despite the lack of physical contact but notes that in-person consultations are still the gold standard for clinical care.