Philippines Connected Healthcare Market Report 2022 to 2030

Philippines Connected Healthcare Market Analysis

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The Philippines-connected healthcare market is projected to grow from $145.99 Mn in 2022 to $1112.63 Mn by 2030, registering a CAGR of 28.9% during the forecast period of 2022 - 2030. The main factors driving the growth would be increasing demand for telemedicine services, rising healthcare costs, shortage of healthcare professionals and government support. The market is segmented by type, function and by application. Some of the major players include Ayala Healthcare, QualiMed, MyPocketDoctor, Microsoft, IBM and Siemens Healthineers.

ID: IN10PHHS004 CATEGORY: Healthcare Services GEOGRAPHY: Phillipines AUTHOR: Neha Davda

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Philippines Connected Healthcare Market Executive Summary

The Philippines-connected healthcare market is projected to grow from $145.99 Mn in 2022 to $1112.63 Mn by 2030, registering a CAGR of 28.9% during the forecast period of 2022 - 2030. Health spending in the Philippines increased by 18.5% from $16.8 Bn in 2020 to $20 Bn in 2021. This increase was greater than the 12.8% growth from the prior year.

The Philippines' connected healthcare market is still in its early phases of growth, but it is expanding quickly. The use of digital and connected healthcare services has increased recently in the Philippines. The use of wearable and other devices to monitor or detect health issues, notably for purposes of clinical trials, the expanded use of telemedicine platforms to access health services, the usage by healthcare professionals of electronic medical records and electronic prescriptions, the use of customized apps in hospitals to visualise patient health in augmented reality, laboratories to monitor experiments and for student doctors to replicate thoughts.

Philippines Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Philippines-connected healthcare market is expected to be driven by factors such as:

Increasing demand for telemedicine services- In the Philippines, the COVID-19 pandemic has raised the demand for remote healthcare services as individuals try to avoid congested hospitals and lower their chances of contracting the virus
Rising healthcare cost- Many people in the Philippines are unable to afford standard healthcare treatments due to escalating healthcare expenses. Traditional healthcare delivery paradigms may be replaced more affordably by telemedicine and other digital health technology
Shortage of healthcare professionals- The Philippines has a shortage of healthcare personnel, particularly in rural areas, which has generated the potential for telemedicine and other digital health technologies to extend access to healthcare services
Government support- The Philippine government has initiated programs to assist the development and implementation of these technologies as a result of its recognition of the potential of digital health technologies to enhance healthcare outcomes and access

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in the Philippines:

Lack of regulatory framework- In order to guarantee the security and quality of these services, there is a need for clear norms and laws in the Philippines, where the regulatory environment for digital health technologies is still developing
Limited healthcare infrastructure- The Philippines' healthcare infrastructure is still being developed, especially in rural regions, and there may not be widespread access to the infrastructure required to support telemedicine and digital health technology
Limited digital health literacy- Many Filipinos might not be familiar with digital health technology or be aware of how to use telemedicine services. This may necessitate education and awareness-raising activities and limit the use of these services

Competitive Landscape

Key Players

Ayala Healthcare (PHL)- It is a division of Ayala Corporation that specialises in investments and healthcare services. Hospitals, clinics, and digital health platforms are among its investments
QualiMed (PHL)- Healthcare services are offered throughout the Philippines through QualiMed, a network of hospitals and clinics owned by Mercado General Hospital, Inc.
MyPocketDoctor (PHL)- MyPocketDoctor is a telehealth platform which provides remote patient monitoring services like remote consultations, prescription distribution, and booking for doctor's appointments
Microsoft- Microsoft is a multinational technology firm that provides connected healthcare solutions such as health informatics, clinical decision support, and patient engagement tools
IBM- IBM Watson Health is a multinational corporation that provides healthcare solutions like patient interaction, health informatics, and population health management
Siemens Healthineers- Siemens Healthineers is a leading provider of connected healthcare solutions, including digital health technologies, laboratory diagnostics, and medical imaging. Siemens Healthineers is a leading provider of medical technology worldwide

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

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

MHealth services
mHealth Devices
E- Prescription

By FunctionType (Revenue, USD Billion):

Remote patient monitoring
Clinical monitoring
Telemedicine
Others (Assisted Living)

By Application Type (Revenue, USD Billion):

Diagnosis and Treatment
Monitoring Application
Wellness and Prevention
Healthcare management
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.