Philippines Healthcare Insurance Market Report 2022 to 2030

Philippines Healthcare Insurance Market Analysis

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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.

ID: IN10PHHS008 CATEGORY: Healthcare Services GEOGRAPHY: Phillipines AUTHOR: Neha Davda

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Philippines Healthcare Insurance Market Executive Summary

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.

Philippines Healthcare Insurance Market Analysis

Market Dynamics

Market Growth Drivers

The Philippines' healthcare Insurance market is expected to be driven by factors such as:

Mandatory opting for health insurance- Employees in both the public and private sectors in the Philippines are required to purchase health insurance, which is anticipated to spur market expansion
The growing number of daycare procedures- The majority of health insurance providers now include daycare treatments in their insurance plans, so there is no longer a requirement that patients stay in the hospital for the required minimum of 24 hours in order to file an insurance claim for these sorts of surgeries. The fact that policyholders can also claim childcare procedures under their health insurance policy while the majority of health insurance plans only cover hospital stays and major surgery is what drives the market's demand
Increasing Healthcare costs- For the past few years, the Philippines' healthcare costs have been continuously rising as a result of an ageing population, growing demand for healthcare services, and rising costs for medical equipment and drugs. As a result, more Filipinos are realising the value of having health insurance to assist in defraying these expenses
Increasing awareness- Filipinos are starting to focus on their health and wellness as they become more health-conscious. Due to the rising expenses of preventative treatment and health maintenance, there is a greater need for healthcare services, including healthcare insurance

Market Restraints

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

High cost of insurance- Although the demand for healthcare insurance is increasing as a result of rising healthcare expenditures, many Filipinos continue to face major entry barriers due to the high cost of insurance premiums. There are few affordable insurance options, and many people and families cannot afford the higher premiums for more comprehensive plans
Limited provider network- Limited provider networks are a common feature of the Philippines' healthcare insurance plans, which can make it challenging for insured people to locate physicians and hospitals that take their insurance. Moreover, it may lessen supplier competition, raising prices for customers
Inadequate infrastructure- The Philippines continues to have issues with its healthcare system, particularly in rural regions. It may be challenging for insured people to get the care they require due to limited access to healthcare facilities and medical personnel. This may also reduce the attraction of healthcare insurance as a means of obtaining healthcare services

Competitive Landscape

Key Players

Philippine Health Insurance Corporation- PhilHealth is the country's government-run national health insurance program. It offers health insurance to all Filipinos, whether they are employed, independent contractors, or poor
MediCard (AIA Philippines)- One of the greatest health maintenance organisations (HMOs) in the Philippines, Medicard has a wide network of licenced healthcare providers all across the nation
Kaiser International (PHL)- Kaiser International offers groups, individuals, corporations and families, numerous short-term and long-term packages that satisfy diverse healthcare requirements. People can create a secure future by having a strategy to deal with unavoidable medical costs in this way
Maxicare (PHL)- One of the biggest healthcare insurance companies in the Philippines, Maxicare provides a variety of services and health insurance plans. It features a network of over 56,000 doctors and specialists, over 1,000 hospitals, and clinics
Caritas Health Shield (PHL)- The multi-year plans that Caritas Health Shield offers its clients are its most well-known feature. The MAX Health Care Program, Improved Core 6 & 10 Health Care Program, Supreme Health Care Program, KIDDIE Health Care Program, and Ultra Health Care Program are some of their offerings
Other major players (PHL)- KanMend, Singlife, Sun Life and PRU Life

Notable Deals

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)

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

Philippines Healthcare Insurance Market Segmentation

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.

Public
Private

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

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

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):

Individuals
Corporates

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.

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.