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Saturday, July 13, 2024

Philippines Clinical Laboratory Market is forecasted to grow further into ~1500 USD Mn opportunity by 2027F: Ken Research

Focus on Rapid Urbanization, growing GDP, Ease of doing business, increasing healthcare budget and Improvement in quality of life are a major factor contributing towards the development of Clinical Laboratories Market in Philippines.

Poor Internet and lack of resources

The Philippines is a country with one of the slowest internet speeds in the world. Additionally, the cost of internet is also high in Philippines. A 2020 Digital Quality of Life Index ranked the Philippines 82nd in internet affordability out of 85 countries. 

And there is huge scope of development of health infrastructure. There are new technologies available globally that automates various procedures and increase the capacity of a laboratory. During Covid-19, a lot of patients couldn’t be tested at the right time due to the dearth of covid testing kits.

Brain Drain and Lack of Affordability

Filipinos are well-educated and skilled but a lot of health workers migrate to other countries which leads to a dearth of health workers in the Philippines.

And Universal Health Policy is still a blank box for many people. Various healthcare tests are still costly for people who prefer to not get tested as the cost of getting examined is high and people can’t afford it.

Philippines Clinical Laboratory Market

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E-Health and Technological Advancements

E-Health is emerging in the Philippines especially after the pandemic. More number of patients can be catered through online mode. It reduces paperwork, errors and makes it easier to create awareness.

And Healthcare industry in Philippines is gradually adopting advanced technologies to automate procedures and to diagnose and treat complex health issues.

Regulation of Health Professionals

The Philippines is known as one of the best suppliers of quality health workers who are highly skilled professionals. There are separate government bodies that are responsible for the training and professional development of health professionals.

The Commission on Higher Education (CHED) prescribes standards for quality health science education and the health science curriculum and regulates public and private higher education institutions in the country.

The Professional Regulation Commission (PRC) is responsible for promoting credible licensure examinations of health professionals and ensuring effective regulation of professional practice.

Analysts at Ken Research in their latest publication Philippines Clinical Laboratory Market Outlook to 2027F- Driven by increasing awareness, widening customer base, digitalization and increasing corporate requirements for clinical testing” by Ken Research observed that the Clinical Laboratory market is an emergent healthcare market in Philippines at a growing stage from the economic crisis after the pandemic.

The rising government policies and demand for medical attention, health consciousness among the population along with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a 8.99% CAGR during 2022-2027F owing to the newer delivery models and new government policies.

Key Segments Covered in the report: –

Philippines Clinical Laboratories Market

By Ownership

  • Private
  • Public

By Structure-Revenue

  • Organized Labs
  • Unorganized Labs

By Payor- Independent Labs

  • Out of Pocket
  • Private Health Insurance
  • Government

By type of reference

  • Doctor Referrals
  • Walk-Ins
  • Corporate Clients
  • External Referrals
  • Online Referrals

By Number of Tests- Independent Labs

  • Routine
  • Non-Laboratory

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By Institutional Character

  • Institutional
  • Non-Institutional

By Level of services

  • Primary
  • Secondary
  • Tertiary
  • Limited

Number of Labs- By Region

  • Region 1 (ILOCOS)
  • Region 2 (CAGAYAN VALLEY)
  • Region 3 (CENTRAL LUZON)
  • Region 4A (CALABARZON)
  • Region 4B (MIMAROPA)
  • Region 5 (BICOL)
  • Region 6 (WESTERN VISAYAS)
  • Region 7 (CENTRAL VISAYAS)
  • Region 8 (EASTERN VISAYAS)
  • Region 11 (DAVAO)
  • Region 12 (SOCCSKSARGEN)
  • Region 13 (CARAGA)
  • NCR
  • CARR

Key Target Audience

  • Clinic Service Providers
  • Clinic Equipment Distributors
  • Clinic Equipment Manufacturers
  • Clinics
  • Hospitals
  • Healthcare Companies
  • Pharmaceutical Companies
  • Tourism Agencies
  • Government Bodies & Regulating Authorities
  • Market Research and Consulting Firms

Time Period Captured in the Report:

  • Historical Period: 2017-2022P
  • Base Period: 2022P
  • Forecast Period: 2023F-2027F

Companies Covered:

  • Hi- Precision
  • The Medical City
  • Medicus Diagnostics
  • Singapore Diagnostics
  • New World Diagnostics
  • Medi card
  • Aventus Medical Care

Key Topics Covered in the Report

  • Pre-covid Health statistics of Philippines
  • Infectious Diseases in Philippines
  • Government Initiatives in Healthcare
  • Covid Impact and Responses
  • Cross Comparison of ASEAN Countries
  • WHO International Health Regulation capacity score: Laboratory
  • Categorization of Non-Hospital based Laboratories and number of units in Philippines
  • Evolution of Clinical Laboratory Industry
  • Ecosystem of Philippines Clinical Laboratory Market
  • Value Chain of Clinical Laboratory Industry
  • Market size of Philippines Clinical Laboratory Industry, 2017 – 2022
  • Market Segmentation, 2022P
  • Trends and Developments in Philippines Clinical Laboratory Market
  • Growth Drivers in Philippines Clinical Laboratory Market
  • Issues and Challenges in Laboratory Industry
  • Government Regulations in Laboratory Industry
  • Decision making Parameters of Customers
  • SWOT Analysis
  • Next Generation Laboratory Technology Trends
  • Competition Scenario of Philippines Clinical Laboratory Market
  • Market share of Major players
  • Future Outlook and Projections, 2022-2027E
  • Analyst Recommendations

For more insights on market intelligence, refer to the link below: –

Future Outlook of Philippines Clinical Laboratories Market

Related Reports BY Ken Research: –

Indonesia Clinical Laboratory Market Outlook to 2026F

Vietnam Clinical Laboratories Market Outlook to 2027F

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HBC Editors
HBC Editorshttp://www.healthcarebusinessclub.com
HBC editors are a group of healthcare business professionals from diversified backgrounds. At HBC, we present the latest business news, tips, trending topics, interviews in healthcare business field, HBC editors are expanding day by day to cover most of the topics in the middle east and Africa, and other international regions.

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