Philippines Clinical Laboratory Market Outlook to 2027F
Driven by increasing awareness, widening customer base, digitalization and increasing corporate requirements for clinical testing
- Slides: 81
- November 2022
- Author(s): Astha Aggarwal
- Total Views:2549
- Region : Asia
- Ken Research
- Market Research Report
About the Report
About the Report
The report provides a comprehensive analysis of the potential of Clinical Laboratory market in Philippines. The report covers an overview and genesis of the industry, market size in terms of revenue.
Its market segmentations include by ownership, by structure-revenue, by payor-independent labs, by number of tests-independent labs, by type of reference, by institutional character, by level of services and by region; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
According to Ken Research estimates, the Philippines Clinical Laboratory Market – which grew from approximately ~800 USD Mn in 2017 to approximately ~1000 USD Mn in 2022 – is forecasted to grow further into ~1500 USD Mn opportunity by 2027F, owing to the New Government Policies, Rising Health Consciousness, Newer Delivery Models and New Players in the Market.
- Market is highly fragmented with over 4000+ medical labs across Philippines.
- Philippines Government is increasing its Health Budget every year with $ 3.71 Billion PHP in 2021.
- There are 3185 (87.8%) private independent labs and 441 (12.2%) government independent labs in Philippines.
Key Trends by Market Segment:
By Structure: Majority of the organized labs are located in Manila and Calabarzon. This has been facilitated by increase in expenditure on health services as people have become more health conscious. Further, due to growing prevalence of lifestyle diseases such as diabetes, hypertension and others, the number of walk-in customers in these areas has increased.
By Institutional Character: About 85% laboratories in Philippines are Institutional as regulations in Philippines are tight and government regulates everything from floor area to employees of laboratories.
By type of tests: Revenue generated from esoteric tests is much less as it involves analysis of rare substances or molecules that are not performed in a routine clinical lab. Esoteric testing generally requires sophisticated instruments and materials as well as specialized personnel to perform and analyse results.
The industry in expected to grow at a Compounded Annual growth rate of 8.99% from 2022 to 2027F.
The growth is expected to drive 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.
Scope Of The Report
Scope of the Report
By Payor- Independent Labs
By type of reference
By Number of Tests- Independent Labs
By Institutional Character
By Level of services
Number of Labs- By Region
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Clinic Service Providers
- Clinic Equipment Distributors
- Clinic Equipment Manufacturers
- 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: 2022P-2027F
Major Players Mentioned in the Report
- Hi- Precision
- The Medical City
- Medicus Diagnostics
- Singapore Diagnostics
- New World Diagnostics
- Medi card
- Aventus Medical Care
Table of Contents
Table of Contents
1. Executive Summary
2. Country Overview
3. Market Overview
4. Market Size
5. Market Segmentation
6. Industry Analysis
7. Competitive Landscape
8. Future Outlook and Projections, 2022-2027E
9. Analyst Recommendations
10. Definitions and Research Methodology
11. Disclaimer and Contact Us
Frequently Asked Questions
Frequently Asked Questions
What is the Study Period of this Market Report?
The Philippines Clinical Laboratories Market is covered from 2017–2027 in this report, including a forecast for 2022-2027.
What is the Future Growth Rate of the Philippines Clinical Laboratories Market?
The Philippines Clinical Laboratories Market is expected to witness a CAGR of 8.99%.
What are the Key Factors Driving the Philippines Clinical Laboratories Market?
Health Budget and International Support, Universal Healthcare Coverage, Growing economy and Ease of Doing Business and Technological Advancements.
Which is the Largest Structure Type Segment within the Philippines Clinical Laboratories Market?
The Organized type segment held the largest share of the Philippines Clinical Laboratories Market in 2022.
Who are the Key Players in the Philippines Clinical Laboratories Market?
Hi-Precision and The Medical City.
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