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.
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.
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.
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.
Market Overview:
According to publisher 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
Future Outlook
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.
Additional benefits of purchasing an enterprise license:
- TAM/SAM/SOM Analysis
- Customer Cohort Analysis
- Marketing Initiatives
- White Space Opportunity Analysis
- Interactive Data Visualizations
- Customization: 20 Analyst Hours
- 3 Months Post Sales Analyst Support
- Complimentary Update Next Year
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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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Hi-Precision
- The Medical City
- Medicus Diagnostics
- Singapore Diagnostics
- New World Diagnostics
- Medi card
- Aventus Medical Care