Philippines Telemedicine Market 2023 Share, Size, Key Players, Revenue Analysis | Prudent Markets

The Philippines Telemedicine Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global Philippines Telemedicine market. This report explores all the key factors affecting the growth of the global Philippines Telemedicine market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the Philippines Telemedicine Market Analysis

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)

The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis

We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses

All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis

Inflation has not been accounted for in order to estimate and forecast the market

Numbers may not add up due to rounding off

Reason to buy the report:

Facilitate decision-making based on strong current and forecast data for Philippines Telemedicine Market Analysis

Develop strategies based on the latest regulatory framework

Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market

Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Philippines Telemedicine Market Analysis

Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders

To strategically profile key players and comprehensively analyze their market shares and core competencies

We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

Philippines Telemedicine Market Analysis Executive Summary

Telemedicine is defined by the World Health Organization as the delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the exchange of valid information for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the continuing education of health care providers, all in the interests of advancing the health of individuals and their communities. Teleconsultation refers more specifically to the consultation done using telecommunications, with the purpose being diagnosis, or treatment of a patient with the sites being remote from patient or physician.

Market Size and Key Findings

The Philippines Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Market Dynamics

Market Growth Drivers Analysis

The telemedicine market in Philippines is expected to present lucrative opportunities in the forthcoming years and driven by a plethora of factors such as increasing government initiatives for introduction and advancement of healthcare infrastructure, R&D activities, and rapid penetration of technology. Healthcare facilities have begun embracing telemedicine, which has resulted in minimization of long waiting time along with better overall patient outcome.

Market Restraints

The high initial setup cost and error in sampling pathological data would be catastrophic for global telemedicine market.

Covid-19 Market Impact Analysis

The incidence of COVID-19 has resulted into travel restrictions due to government regulations such as nationwide lockdown and social distancing. This has offered significant spike in demand for telemedicine services during the pandemic. With rising number of COVID-19 cases and awareness regarding telemedicine benefits, people are shifting towards telemedicine platforms for appointments and check-up to combat the spread of COVID-19 infection. Furthermore, healthcare centers are adopting digital tools in terms of virtual care and telemedicine services. This will propel the market growth.

Competitive Landscape

Key Players

Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.

Products in Pipeline

Globe Telecoms KonsultaMD, a 24/7 health hotline service manned by skilled and licensed Filipino doctors, also boasts of more than 1.5 million paying subscribers.

Notable Recent Deals

Lifeline is partnering with Philippine based company MyDocNow and US-based Company Avizia, a pioneer in the delivery of a telehealth platform that works with large health systems and insurance providers to connect patients to healthcare specialists anywhere in the world.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

The Philippines government introduced universal health coverage (UHC) in 2019. The UHC Act embodies this choice and was carried by a broad coalition of parliamentarians across the political spectrum. With the advent of advancements in the Healthcare sector, another law was introduced to promote health technology in the country. E-Health strategic framework and act was initiated back in 2014 but its full force implementation started in the year 2019-2020.

The team at Lifeline is pleased to announce their easy to use telemedicine platform is now available in the Philippines for their Lifeline members. The new service offers virtual medical services that connect medical professionals and patients seamlessly using a mobile app that has been successful in the United States. The new platform will offer a real-time experience for Lifeline patients, offering everything from free video consultations with doctors, comprehensive patient education, free delivery of prescriptions and medications and free doctors/nurse home visits in the greater Metro Manila area. This comprehensive service will be offered as a monthly subscription plan for a fixed monthly fee of PHP 400 per member.
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Philippines Telemedicine Market Analysis Segmentation

By Service:

By service, the telemedicine market is segmented into tele-monitoring, tele-consulting, tele educational/ training and others. Tele-Monitoring is leading the market in this segment.

By Type:

Based on type, the telemedicine market is segmented into telehospital and telehome. Telehome care segment held a lucrative market share in 2019 and is expected to show significant growth during the analysis timeframe. Telehome services can be availed in remote areas where it becomes difficult to reach hospitals and requires long traveling. TeleECG system can be made available at patient's home as well as in ambulance with equipment. TeleECG transmit ECG images at hospitals that have receiver and storage system. Such services are increasing the demand for telehome, thus, foresting the segmental growth.

By Specialty:

Based on speciality, the telemedicine market is classified into cardiology, dermatology, mental health, neurology, orthopaedic, gynaecology and others. Telemedicine has been helpful during the COVID-19 pandemic for gynaecologist to consult pregnant women, as visiting hospitals might cause infection. Furthermore, the options of regular check-ups for pregnant women via video conferencing will further drive the application of telemedicine in gynecology.

By Delivery Mode:

By delivery mode, the telemedicine market is bifurcated into web/mobile and call centre. The web/mobile is further divided into telephone and visualized. Telephone telemedicine is mainly designed to communicate the clinical health issues between doctors and patient. Interactive voice system is designed with recorded voice for patient. Thus, this has increased its adoption rate and propel the segmental share.

Highlighted Segments of Philippines Telemedicine Market:

Industry Overview: The first section of the research study covers an overview of the global Philippines Telemedicine Market, market status and prospects, and product range. In addition, it provides highlights of the major segments of the global Market, i.e., region, type, and application segments.

Competitive Analysis: This report illuminates important mergers and acquisitions, business expansion, product or service differences, market concentration, the competitive status of the global Philippines Telemedicine Market, and market size by player.

Company Profiles and Key Data: This section covers companies profiling the major players in the global Philippines Telemedicine Market based on the aforementioned revenue, products, business, and other factors.

Market size by type and application: In addition to providing an in-depth analysis of the industry size by type and application, this section provides research on top end users or consumers and potential applications.

Market Dynamics: This report covers the drivers, trends, and opportunities of the global Philippines Telemedicine Market. This section also includes Porter's analysis of five forces.

Findings and Conclusions: It provides strong recommendations for new as well as established players for securing a position of strength in the global Philippines Telemedicine Market.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global Philippines Telemedicine Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global Philippines Telemedicine Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Philippines Telemedicine market
Chapter 2: Exclusive Summary - the basic information of the Philippines Telemedicine Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Philippines Telemedicine
Chapter 4: Presenting the Philippines Telemedicine Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the Philippines Telemedicine market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Why should you purchase this report?

-Prudent Markets provides the vital historical and analysis data of global Philippines Telemedicine market.
-The report provides the entire assessment of the future market and altering market scenario or behavior.
-All the business decision could be backed through the several strategic business methodologies offered in the report.
-An extra edge in the competitive market could be obtained from this elaborative research report
-The report offers all the competitive landscape, growth drivers, applications, market dynamics, and other necessary details as well.

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