Wednesday, February 1, 2023

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Health Care General Healthcare Philippines Clinical Laboratory Market is forecasted to grow 1500 USD Mn by...

Philippines Clinical Laboratory Market is forecasted to grow 1500 USD Mn by 2027: Ken Research

1. Rapid Urbanization, growing GDP, Ease of doing business, increasing healthcare budget and Improvement in quality of life is contributing towards growth of the industry.

Philippines Clinical Laboratory Market

Clinical Laboratory Market in Philippines was increasing at a steady rate of 2 to 3% before 2020. Then due to covid-19 pandemic, there is a spike of 50% in revenue. Due to covid-19, the covid-19 tests spiked and a large chunk of the revenue in 2021 and 2022 came from covid-19 tests which are quite costly too as compared to other tests. The industry grew at a compounded annual growth rate of 5.16% from 2017 to 2022. Rapid Urbanization, increasing GDP, ease of doing business, increasing healthcare budget and improvement in quality of life is contributing towards growth of the industry.

2. Over-Regulation, migration of workers, expensive tests among others are some challenges in the industry.

Philippines Clinical Laboratory Industry

                                              For more information, request a free sample

Poor Internet: 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 terms of internet affordability out of 85 countries.

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

Lack of Affordability: Universal Health Policy is still a Blackbox for many people. Various healthcare tests are still very expensive for people that they prefer to not get tested as cost of getting sick is high and people can’t afford it.

3. There are various growth drivers like Universal Healthcare coverage and technological advancements in the industry which can open up various untapped opportunities in the industry.

Philippines Clinical Labs Market

                            To more about industry trends, request a free expert call

  • Government is increasing it Healthcare budget every year which is promoting this industry. Additionally various countries are also providing assistance in Philippines Healthcare sector.
  • PPP Model is common in healthcare segment of Philippines. After the pandemic, it has become more prevalent due to cash crunch.
  • E-Health is emerging in Philippines especially after the pandemic. More number of patients can be catered through online mode. It reduces paper work, errors and makes it easier to create awareness.
  • Healthcare industry in Philippines is gradually adopting advance technologies to automate the procedures and to diagnose and treat complex health issues. Health Technology Assessment Council (HTAC) has been formulated to perform technology assessment from time to time.
RELATED ARTICLES

Thailand Medical Device Market is all set to grow with double-digit CAGR from 2021 to 2026F, with import contributing the highest revenue share –...

Buy Now 1. Thailand’s medical devices market is one of the most well-known and well-established sectors in ASEAN countries which grew at a CAGR of...

Improvement in healthcare infrastructure and an increase in the geriatric population are driving the UAE Blood Gas, Immunoassay Analyzer, and Transcutaneous Monitoring Market –...

Buy Now 1. Installations of diagnostic devices (BGA, POC IAA, and TCM) are anticipated to increase in the United Arab Emirates as consumers' preference for...

Rapidly rising interest in all kinds of wellness-related behaviors and lifestyles will help the Algeria Fitness market to double its growth rate: Ken Research

Buy Now 1. Fitness industry in Algeria is an underpenetrated market with just a 1.0% penetration rate. To Know More about this report, download a Free Sample Report The...

Most Popular

Global Seed Treatment Market Outlook, and Revenue Forecast: Ken Research

Buy Now What Is the Size of Global Seed Treatment Industry? Global Seed Treatment market is growing at a CAGR of ~% in 2017-2022 and is...

Global Hand Dryers market expected to record a CAGR of ~8% during the forecast period (2017-2028): Ken Research

Buy Now What Is The Size Of Global Hand Dryers Industry? Global Hand Dryers market is growing at a CAGR of ~% in 2017-2022 and is...

Global Wax Market is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%: Ken Research

Buy Now What Is the Size of Global Wax Industry? Global Wax market is growing at a CAGR of ~% in 2017-2022 and is expected to...

Global Silicone Sealants market revenue to reach US$ 7 Bn by 2028: Ken Research

Buy Now Global Silicone Sealants Market By Geography The Global Silicone Sealants market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific...