GURUGRAM, India, Jan. 31, 2023 /PRNewswire/ -- Philippines Clinical Laboratories Market is at growing stage and has highly fragmented market with about 4000+ labs all over Philippines. The competitive rivalry is medium among the competitors. There are Private Hospitals and Independent Labs in the market. Hi-Precision and The Medical City dominated the market in 2022P.
The growth is expected to driven by increasing digital presence, expansion of laboratories to all the regions of Philippines, increasing healthcare budget by the government, more awareness among the people and rising standard of living among others.
Emergence of testing kits and POCT: The purpose of POCT is to provide immediate information about the patient's condition. These device helps in rapid decision-making abilities, to reduce the turnaround time and improve patient care, which will negatively affect the demand for clinical laboratory testing due to its proximity and ease of access.
Rising Health Consciousness: People's consumption patterns are shifting to the health component as a new habit, so that people are increasingly prioritizing health consumption. More people are enrolled in the PhilHealth (National Health Insurance Scheme) program and more people are going for regular checkups. Post covid people have become more conscious for their health.
Comprehensive Test Menu: Laboratory chains have helped in expanding the test menu and offering sophisticated tests and lucrative packages in Philippines; these chains are acting as referral centers for hospitals and stand-alone labs in the country for advanced testing.
Newer Delivery Models: Laboratory chains in Philippines are instrumental in transforming the industry; these chains have played a critical role in shaping the new delivery models while focusing on quality and patient centricity. New services like Mobile Laboratory Clinic and Home services are becoming popular in Philippines.
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 Clinical Laboratory market is an emergent healthcare market in Philippines at a growing stage from the economic crisis after 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 Emergence of testing kits and POCT, Newer Delivery Models and new government policies.
Key Segments Covered in the report:-
Philippines Clinical Laboratories Market
By Ownership
By Structure-Revenue
By Payor- Independent Labs
By type of reference
To learn more about this report Download a Free Sample Report
By Number of Tests- Independent Labs
By Institutional Character
By Level of services
Number of Labs- By Region
Visit this Link :- Request for custom report
Key Target Audience
Time Period Captured in the Report
Companies Covered
Key Topics Covered in the Report
For more insights on the market intelligence, refer to below link:-
Philippines Clinical Laboratory Market
Related Reports by Ken Research:-
According to Ken Research estimates, the Thailand Clinical Laboratory Market ? which grew at a CAGR of 9.0% in the period of 2016-2021 ? is expected to grow at a CAGR of 9.5% in the forecasted period of 2022F-2026F, owing to the increasing healthcare spending by aging population, expanding healthcare spending by the Government, growth in non-communicable disease and chronic diseases and increasing public awareness. The market is led by N Health; having the major share of the Clinical Laboratory Market in Thailand. Other players include Pathlab, Thonburi Clinical Labs, Bangkok Medical Labs, Medical Line Lab, Innotech Laboratories and others. Around 60.0% of medical decisions regarding early disease diagnosis, patient prognosis and treatment selection are based on laboratory diagnostic results.
Over the forecast period 2022-2026F, the Indonesia Clinical Lab Market Revenue is further anticipated to increase by year 2026F, thus showcasing a CAGR of 12.5%. It is expected that the implementation of JKN will increase the demand for laboratory services. This will lead the public hospitals to refer samples to private independent laboratories for clinical testing, resulting in the growth of external referrals for private independent laboratories. Players, Investing to increase its testing capabilities and has adopted several advanced tests and technologies introduced in the global market, particularly specialized tests. Further, the major private independent laboratories chains are expected to undergo geographic expansion beyond key cities into underdeveloped areas. This will further lead to increase in market share in the overall Indonesia clinical laboratory market.
According to Ken Research estimates, the Vietnam Clinical Laboratories Market expanded at a CAGR of 24.2% in between 2017 and 2022 on the basis of revenue generated. The market faced rapid growth in the year of 2020 owing to Covid and reflected high growth in 2022 too but the growth is expected to normalize in the coming years. Vietnam Clinical Laboratories Market is estimated to grow at a positive CAGR of 10.4% in between 2023E and 2027E. The Private Health Insurance market is set to grow in double digits which in turn would benefit Private Healthcare and boost the bottom-line.
Follow Us ?
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
[email protected]
+91-9015378249
Logo: https://mma.prnewswire.com/media/1954972/Ken_Research_Logo.jpg
SOURCE Ken Research
These press releases may also interest you
|