Market Forecast By Type (Tele Hospitals, Tele Homes, Mhealth (Mobile Health)), By Component (Product (Hardware, Software, And Other Product), Services (Teledermatology, Teleradiology, Telecardiology, Telepsychiatry, And Other Services)) And Competitive Landscape
|Product Code: ETC131467||Publication Date: Feb 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
The Philippines Telehealth Market has seen significant growth in recent years. The major factors driving the growth of this market are the increasing penetration of smartphones, rising healthcare costs, and growing demand for remote patient monitoring. Additionally, the government is also promoting the use of telehealth to improve access to healthcare services in remote areas. The increasing population is also propelling the demand for healthcare services in rural areas where access to healthcare services is limited. In general, Telehealth has the potential to improve access to healthcare services and reduce the burden on traditional healthcare systems.
The development of new and innovative technologies such as remote monitoring devices, mobile applications, and telemedicine platforms has made it convenient to deliver healthcare services in remote areas. The increasing investment in the private sector is significantly increasing in the healthcare sector which includes telehealth. Thus, driving the growth of Philippines Telehealth Industry. Moreover, the COVID-19 pandemic has accelerated the adoption of telehealth in the Philippines as healthcare providers are looking for ways to continue providing care while minimizing the risk of infection.
The Philippines Telehealth Market is expected to witness double-digit growth projections in the coming timeframe. The market value is expected to outperform in the upcoming six years on the back of a rise in the advent of digitization. With a market value worth a double-digit billion number, the market is anticipated to reach a triple-digit revenue value and is expected to register significant growth in the next decade. The low reimbursements by the government as a result of cost-shifting to the private payers has led to an increased burden on the hospitals to look for better and premium medical facilities, especially for the elderly and has led to a hike in the costs in the healthcare sector and increased demand for technical aid in the sector as a result of changing lifestyles of the urban and suburban population across the globe. Reduced time travel, reduced costs, and shared healthcare professional staffing offered by the telemedicine platform has made it an ideal launch of the present times.
According to 6Wresearch, the Philippines Telehealth Market is expected to register cumulative growth throughout the forecast period 2020-2026. The outbreak of the COVID-19 disease has led to the massive growth of the Telehealth market globally. The unprecedented disruption of the pandemic has led to a rising need for agility, transformation, and adaptability of telehealth solutions. Backed by the massive spread of the disease, as corporate firms and even schools came down to the work-from-home solution, the healthcare sector has also adopted remote consultation as an increasingly innovative method to win the bid to combat the spread of the novel coronavirus. The spread of the virus has brought the telehealth market a new light. The market which was at a nascent stage with limited access even in developed countries such as Nigeria pre-COVID period as a result of poor infrastructure has witnessed a spur by the effect of the virus. The outbreak has no doubt been proved evident to be a potential growth driver for the telehealth market globally backed by the reliability it is offering along with increased knowledge of the technology in the world which as a result is going to increase in the coming years, once the technology completes almost 90 per cent operation remotely and is expected to shape its competitive market landscape in the near future.
The significant growth of the Philippines telehealth market in the coming timeframe is expected to be witnessed on the back of an increase in digitalization in the healthcare sector. A rise in remote consultation backed by the rising prevalence of chronic diseases is anticipated to be a growth contributing factor to the progressive growth of the Philippines telehealth market in the coming timeframe. The increase in healthcare costs, a spur in the technological innovations in the healthcare sector, and efforts to find a resolution to address the accessibility issues of the healthcare sector in remote areas 3 have been perennial problems in developing economies across the world are expected to ramp up double-digit growth prospects for the Philippines telehealth market in the coming timeframe and offer bountiful opportunities to the potential industrial makers of the product and the to-be-investors to register significant growth in the coming timeframe.
The Philippines Telehealth market report thoroughly covers the market by Type, Component, and key regions including the northern region, western region, southern region, and eastern region. The Philippines Telehealth market outlook report provides an unbiased and detailed analysis of the ongoing Philippines Telehealth market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Philippines Telehealth market is expected to bring in vast new opportunities for the fortunate business growth for healthcare officials owing to an increase in the technical upgradations in digitization and a rise in the healthcare sector. The era of technology and digitalization has led to an increase of such state-of-art platforms which not only tend to serve for the betterment of the healthcare sector but also for the increase in the convenience served concerning the remote healthcare facilities provided to the population. The main benefit reaped by the introduction of the digital healthcare platform is the geriatric population in the country. Since the old aged find it difficult to make themselves physically present at hospitals for doctor consultations and routine checkups, the digital platform has made it all easy and convenient for the geriatric population to consult the doctor and their healthcare personnel at the personal and remote level. No doubt, the digital platform is serving the healthcare sector in many ways, the growth and development of not only the industry are evident, the to be investors of the market are also expected to be benefitted from the same in the next five to ten years.
The Philippines Telehealth Market report provides a detailed analysis of the following market segments:
1. What are the major barriers to the telehealth market?
Limited internet access, lack of awareness and education about telehealth services, and regulatory barriers are hindering the growth of this market.
2. What are the major growth drivers for the market?
The wide adoption of digital health, increasing chronic diseases, and the expansion of telehealth service providers are the major growth drivers for the market.
3. What types of telehealth services are readily available in the Philippines?
Teleconsultations, telemonitoring, and tele pharmacy services are available in the Philippines.
4. What are the benefits of telehealth?
Improved access to healthcare, reduced costs, and enhanced patient engagement are some of the benefits of telehealth.
|1. Executive Summary|
|2.1. Report Description|
|2.2. Key Highlights|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. Philippines Telehealth Market Overview|
|3.1. Philippines Telehealth Market Revenues, 2016-2026f|
|3.2. Philippines Telehealth Market Revenue Share, By Types, 2019 & 2026f|
|3.3. Philippines Telehealth Market Revenue Share, By Components, 2019 & 2026f|
|3.5. Philippines Telehealth Market Revenue Share, By Regions, 2019 & 2026f|
|3.6. Philippines Telehealth Market Industry Life Cycle|
|3.7. Philippines Telehealth Market- Porter’s Five Forces|
|4. Philippines Telehealth Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. Philippines Telehealth Market Trends|
|6. Philippines Telehealth Market Overview, By Types|
|6.1. Philippines Telehealth Market Revenues, By Tele Hospitals, 2016-2026f|
|6.2. Philippines Telehealth Market Revenues, By Tele Homes, 2016-2026f|
|6.3. Philippines Telehealth Market Revenues, By Mhealth (Mobile Health), 2016-2026f|
|7. Philippines Telehealth Market Overview, By Components|
|7.1. Philippines Telehealth Market Revenues, By Product, 2016-2026f|
|7.1.1. Philippines Telehealth Market Revenues, By Hardware, 2016-2026f|
|7.1.2. Philippines Telehealth Market Revenues, By Software, 2016-2026f|
|7.1.3. Philippines Telehealth Market Revenues, By Other Products, 2016-2026f|
|7.2. Philippines Telehealth Market Revenues, By Services, 2016-2026f|
|7.2.1. Philippines Telehealth Market Revenues, By Teleradiology, 2016-2026f|
|7.2.2. Philippines Telehealth Market Revenues, By Telecardiology, 2016-2026f|
|7.2.3. Philippines Telehealth Market Revenues, By Teledermatology, 2016-2026f|
|7.2.4. Philippines Telehealth Market Revenues, By Telepsychiatry, 2016-2026f|
|7.2.5. Philippines Telehealth Market Revenues, By Other Services, 2016-2026f|
|8. Philippines Telehealth Market - Key Performance Indicators|
|9. Philippines Telehealth Market - Opportunity Assessment|
|9.1. Philippines Telehealth Market Opportunity Assessment, By Types, 2026f|
|9.2. Philippines Telehealth Market Opportunity Assessment, By Components, 2026f|
|10. Philippines Telehealth Market Competitive Landscape|
|10.1. Philippines Telehealth Market Revenue Share, By Company|
|10.2. Philippines Telehealth Market Competitive Benchmarking, By Operating & Technical Parameters|
|11. Company Profiles|
|12. Key Recommendations|