The report titled “Philippines Health Tech Market Outlook to 2025- By Service Type (E-Pharmacy, Online Consultation and Healthcare IT Solutions) and By Region (Manila, Central Luzon, Mindanao/Davao, and Others)”provides a comprehensive analysis of the health tech industry of Philippines. The report also covers overview and genesis of the industry, overall market size in terms of revenue, market segmentation by, product types, cities; snapshot on E-Pharmacy Market, Online Consultation Market and Healthcare IT solutions Market, trends and developments, regulatory landscape, customer level profiling, issues and challenges and comparative landscape including competition scenario, cross comparison, opportunities and bottlenecks and company profiling of major players in the health tech industry. The report concludes with future market projections on the basis of sales revenue, by market, product types, region, cause and effect relationship and success case studies highlighting the major opportunities and cautions.
Philippines Health Tech Market Overview and Size
Philippines Health Tech Market had a slow growth initially. The slow growth corresponded to poor internet penetration and lack of technology awareness. Unorganized health tech infrastructure and a less tech-savvy population led to the accumulation of unharmonized healthcare data. The government faced a major difficulty when the healthcare challenges kept on increasing with the growing population. Increasing need and high government interest positively drove the Philippines health tech industry.
Philippines Health Tech Market Segmentation
By Product Type: The health tech market is segmented on the basis of the type of products available in the Philippines. The market is segmented in-pharmacy, online consultation, Healthcare IT solutions, and Appointment Booking. The Health IT segment holds a higher share in the Philippines health tech market during 2020 owing to the increasing need to organize and structure the previously existed unharmonized data. Lockdown in the initial months of 2020 helped both E-Pharmacy and Online Consultation market to boon. Whereas on the other hand, the appointment booking segment held a very minute share in the market due to its low product awareness and presence of very few players in the market.
Detailed Analysis on Philippines E-pharmacy Market:
The E-pharmacy market was observed to be in its initial growing stage. A vast increase in growth was witnessed over the recent years. The reason behind the slow growth was the strict government regulations. Prescription-based drugs/products are slowly contributing more towards the sales revenue in the e-pharmacy market. The e-pharmacy market is further segmented on the basis of order split, order platform, and cities. The competition in the e-pharmacy market was observed to be concentrated with major players competing on the basis
of availability of products, pricing/discounts, product variety, and other factors. Some of the major players include Mercury, MedGrocer, Muramed and others, with Mercury Pharmacy leading the market in terms of GMV in 2020P.
Detailed Analysis on Philippines online Consultation Market:
The online consultation market was in its nascent growth stage. It witnessed regular growth over the last year as it bridged the gap for healthcare availability in the Philippines during the Covid pandemic. Video consultation contributes the maximum share towards the overall market revenue in the online consultation market. The competition in the online consultation market was observed to be highly concentrated amongst the domestic players. They compete on the basis of availability of doctors, type of doctors, and other factors. Some of the major players include Serious MD, Konsulta MD, Medifi, AIDE, Health Now, and others with Serious MDleading the market in terms of sales revenue by value in 2019.
Detailed Analysis on Philippines Healthcare IT Solutions Market:
The Healthcare IT Solutions market was observed to be in its steady growth stage initially as compared to other markets, alongside witnessing adequate growth over the years. Clinics being the majority of end Users contribute the largest revenue value for the healthcare IT solutions market. The healthcare IT solutions market is further segmented on the basis of end-users, type of product, type of payment, and cities. The competition in the healthcare IT solutions market was observed to be highly concentrated with major players competing on the basis of product variety, service offerings, clientele, and other factors. Some of the major players include inbox, KCCI Medsys, Comologik and others with BizBox leading the market in terms of sales revenue by value in 2019. Owing to the increasing need for harmonized and organized data for both the doctors and the patients the sales are expected to grow in the near future.
Competitive Landscape in Philippines Health Tech Market
The competition was again observed to be moderately fragmented however, within some product segments; the competition is expected to become concentrated with the entry of international especially in the Health IT sector.
Philippines Health Tech Market Future Outlook and Projections
Factors such as cheap product variants, additional availability of doctors, shifting from traditional to online health services will drive the Philippines Health Tech market in the near future both in terms of revenue and sales volume. Apart from domestic players, numerous other international players might enter the market and will contribute towards the growth of the Philippines health tech industry in the future.