Press release
The Philippines Clinical Laboratory Market is expected to grow at CAGR of 8.99% from 2022 to 2027 owing to Comprehensive Test Menu, Government Regulation and Technological Advancements: Ken Research
Philippines Clinical Laboratories Market is at growing stage and has highly fragmented market with about 4000+ labs all over Philippines. The competitive rivalry is medium among the competitors. There are Private Hospitals and Independent Labs in the market. Hi-Precision and The Medical City dominated the market in 2022P.
Key Findings
• 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.
• Revenue from private sector is expected to further go up as more private laboratories are opening up. Private laboratory chains are expanding to all over Philippines.
• As government regulations are becoming stricter in the laboratory industry, more labs are expected to get affiliated to Department of Health in future. Also, since DOH licensed entity is more reliable, so people are more likely to approach institutional labs in future as they become more aware.
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Emergence of testing kits and POCT: The purpose of POCT is to provide immediate information about the patient's condition. These device helps in rapid decision-making abilities, to reduce the turnaround time and improve patient care, which will negatively affect the demand for clinical laboratory testing due to its proximity and ease of access.
Rising Health Consciousness: People's consumption patterns are shifting to the health component as a new habit, so that people are increasingly prioritizing health consumption. More people are enrolled in the PhilHealth (National Health Insurance Scheme) program and more people are going for regular checkups. Post covid people have become more conscious for their health.
Comprehensive Test Menu: Laboratory chains have helped in expanding the test menu and offering sophisticated tests and lucrative packages in Philippines; these chains are acting as referral centers for hospitals and stand-alone labs in the country for advanced testing.
Newer Delivery Models: Laboratory chains in Philippines are instrumental in transforming the industry; these chains have played a critical role in shaping the new delivery models while focusing on quality and patient centricity. New services like Mobile Laboratory Clinic and Home services are becoming popular in Philippines.
Analysts at Ken Research in their latest publication "Philippines Clinical Laboratory Market Outlook to 2027F- Driven by increasing awareness, widening customer base, digitalization and increasing corporate requirements for clinical testing" by Ken Research observed that Clinical Laboratory market is an emergent healthcare market in Philippines at a growing stage from the economic crisis after pandemic. The rising government policies and demand for medical attention, health consciousness among the population along with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a 8.99% CAGR during 2022-2027F owing to the Emergence of testing kits and POCT, Newer Delivery Models and new government policies.
For more insights on the market intelligence, refer to the link below: -
https://www.kenresearch.com/healthcare/general-healthcare/philippines-clinical-laboratory-market-outlook-to-2027/596188-91.html
Key Segments Covered in the report: -
Philippines Clinical Laboratories Market
By Ownership
• Private
• Public
By Structure-Revenue
• Organized Labs
• Unorganized Labs
By Payor- Independent Labs
• Out of Pocket
• Private Health Insurance
• Government
By type of reference
• Doctor Referrals
• Walk-Ins
• Corporate Clients
• External Referrals
• Online Referrals
By Number of Tests- Independent Labs
• Routine
• Esoteric
• Non-Laboratory
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By Institutional Character
• Institutional
• Non-Institutional
By Level of services
• Primary
• Secondary
• Tertiary
• Limited
Number of Labs- By Region
• Region 1 (ILOCOS)
• Region 2 (CAGAYAN VALLEY)
• Region 3 (CENTRAL LUZON)
• Region 4A (CALABARZON)
• Region 4B (MIMAROPA)
• Region 5 (BICOL)
• Region 6 (WESTERN VISAYAS)
• Region 7 (CENTRAL VISAYAS)
• Region 8 (EASTERN VISAYAS)
• Region 9 (ZAMBOANGA PENINSULA)
• Region 10 (NORTHERN MINDANAO)
• Region 11 (DAVAO)
• Region 12 (SOCCSKSARGEN)
• Region 13 (CARAGA)
• NCR
• CARR
• BARMM
Key Target Audience
• Clinic Service Providers
• Clinic Equipment Distributors
• Clinic Equipment Manufacturers
• Clinics
• Hospitals
• 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: 2023F-2027F
Companies Covered:
• Hi- Precision
• The Medical City
• Medicus Diagnostics
• Singapore Diagnostics
• New World Diagnostics
• Medi card
• Aventus Medical Care
Key Topics Covered in the Report
Pre-covid Health statistics of Philippines
Infectious Diseases in Philippines
Government Initiatives in Healthcare
Covid Impact and Responses
Cross Comparison of ASEAN Countries
WHO International Health Regulation capacity score: Laboratory
Categorization of Non-Hospital based Laboratories and number of units in Philippines
Evolution of Clinical Laboratory Industry
Ecosystem of Philippines Clinical Laboratory Market
Value Chain of Clinical Laboratory Industry
Market size of Philippines Clinical Laboratory Industry, 2017 - 2022
Market Segmentation, 2022P
Trends and Developments in Philippines Clinical Laboratory Market
Growth Drivers in Philippines Clinical Laboratory Market
Issues and Challenges in Laboratory Industry
Government Regulations in Laboratory Industry
Decision making Parameters of Customers
SWOT Analysis
Next Generation Laboratory Technology Trends
Competition Scenario of Philippines Clinical Laboratory Market
Market share of Major players
Future Outlook and Projections, 2022-2027E
Analyst Recommendations
Related Reports BY Ken Research: -
https://www.kenresearch.com/healthcare/diagnostics/indonesia-clinical-laboratory-market-outlook-to-2026/524049-91.html
https://www.kenresearch.com/healthcare/general-healthcare/vietnam-clinical-laboratories-market-outlook-to-2027/596187-91.html
Ken Research Pvt. Ltd.
Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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