Report Description of the Philippines Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Philippines Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Philippines Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Philippines Telemedicine Market Analysis Executive Summary
Telemedicine is defined by the World Health Organization as “the delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the exchange of valid information for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the continuing education of health care providers, all in the interests of advancing the health of individuals and their communities”. Teleconsultation refers more specifically to the consultation done using telecommunications, with the purpose being diagnosis, or treatment of a patient with the sites being remote from patient or physician.
Market Size and Key Findings
The Philippines Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Dynamics
Market Growth Drivers Analysis
The telemedicine market in Philippines is expected to present lucrative opportunities in the forthcoming years and driven by a plethora of factors such as increasing government initiatives for introduction and advancement of healthcare infrastructure, R&D activities, and rapid penetration of technology. Healthcare facilities have begun embracing telemedicine, which has resulted in minimization of long waiting time along with better overall patient outcome.
Market Restraints
The high initial setup cost and error in sampling pathological data would be catastrophic for global telemedicine market.
Covid-19 Market Impact Analysis
The incidence of COVID-19 has resulted into travel restrictions due to government regulations such as nationwide lockdown and social distancing. This has offered significant spike in demand for telemedicine services during the pandemic. With rising number of COVID-19 cases and awareness regarding telemedicine benefits, people are shifting towards telemedicine platforms for appointments and check-up to combat the spread of COVID-19 infection. Furthermore, healthcare centers are adopting digital tools in terms of virtual care and telemedicine services. This will propel the market growth.
Competitive Landscape
Key Players
Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.
Products in Pipeline
- Globe Telecom’s KonsultaMD, a 24/7 health hotline service manned by skilled and licensed Filipino doctors, also boasts of more than 1.5 million paying subscribers.
Notable Recent Deals
- Lifeline is partnering with Philippine based company MyDocNow and US-based Company Avizia, a pioneer in the delivery of a telehealth platform that works with large health systems and insurance providers to connect patients to healthcare specialists anywhere in the world.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The Philippines government introduced universal health coverage (UHC) in 2019. The UHC Act embodies this choice and was carried by a broad coalition of parliamentarians across the political spectrum. With the advent of advancements in the Healthcare sector, another law was introduced to promote health technology in the country. E-Health strategic framework and act was initiated back in 2014 but its full force implementation started in the year 2019-2020.
The team at Lifeline is pleased to announce their easy to use telemedicine platform is now available in the Philippines for their Lifeline members. The new service offers virtual medical services that connect medical professionals and patients seamlessly using a mobile app that has been successful in the United States. The new platform will offer a real-time experience for Lifeline patients, offering everything from free video consultations with doctors, comprehensive patient education, free delivery of prescriptions and medications and free doctors/nurse home visits in the greater Metro Manila area. This comprehensive service will be offered as a monthly subscription plan for a fixed monthly fee of PHP 400 per member.
