Hospitals - Philippines

Philippines

The Hospitals market in the Philippines is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$5,078.00m by 2024.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of 9.25% between 2024 and 2029, resulting in a market volume of US$7,903.00m by 2029.
When comparing in the Philippines to other countries globally, it is worth noting that in the United States is expected to generate the highest revenue in the Hospitals market, reaching US$1,501.00bn in 2024.
This showcases the significant scale of the market in the United States.
To provide a better understanding of the market's impact on the population, it is crucial to consider the per person revenues.
In 2024, in the Philippines is projected to generate approximately US$42.64 per person in the Hospitals market.
This figure highlights the financial contribution of the market segment to the overall economy and its significance in relation to the population size.
The Philippines' hospital market is experiencing a surge in demand for telemedicine services due to the country's archipelagic geography and limited access to healthcare facilities in remote areas.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

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Currency

Analyst Opinion

The healthcare industry in the Philippines has been growing rapidly over the past few years.

Customer preferences: Filipinos are becoming more health-conscious and are prioritizing their wellness. This has led to an increase in demand for healthcare services, including hospital care. Patients are also becoming more discerning, seeking high-quality care and facilities that offer a range of services.

Trends in the market: One trend in the hospitals market in the Philippines is the expansion of private hospitals. Private hospitals are investing in modern facilities and advanced medical technology to attract patients who are willing to pay more for better services. Another trend is the emergence of medical tourism, with the Philippines positioning itself as a destination for affordable medical procedures. This has led to an increase in foreign patients seeking medical treatment in the country.

Local special circumstances: The Philippines has a large population of over 100 million people, with a growing middle class that is able to afford private healthcare services. However, the country also faces challenges such as inadequate healthcare infrastructure in rural areas and a shortage of healthcare professionals.

Underlying macroeconomic factors: The growth of the hospitals market in the Philippines is driven by several macroeconomic factors. The country has a young and growing population, with a large workforce that is contributing to economic growth. The government has also been investing in healthcare, with initiatives such as the Universal Health Care Act aimed at providing better access to healthcare services for all Filipinos. Additionally, the country's strong economic growth has led to increased spending power and higher demand for healthcare services.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.