Hospitals

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$5.08bn 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$7.90bn by 2029.
When comparing in the Philippines to other countries globally, it is worth noting that United States is expected to generate the highest revenue in the Hospitals market, reaching US$1.50tn in 2024.
This showcases the significant scale of the market 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 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.

Definition:
Hospitals are licensed facilities that provide a variety of medical and surgical services, some of which are also provided by other facilities. A distinguishing characteristic of hospitals is “inpatient care,” which refers to services where patients are admitted to a hospital to stay overnight for closer monitoring.

This market includes general hospitals, psychiatric hospitals, and specialist hospitals, which provide various services to patients, ranging from diagnostics, medical and surgical treatments, nursing and specialized accommodation to other medical services. Depending on the specific legal regulations, the medical services provided by hospitals can vary greatly from country to country. Long-term care facilities, ambulatory care providers, and medical retailers are excluded from this market.

Structure:
The Hospitals market is divided into three categories: Inpatient Care, Outpatient Care, and Other Hospital Services. Inpatient Care comprises all the medical and surgical services that are provided to patients who are admitted to a hospital for an overnight stay. Outpatient Care covers all medical and surgical services that are provided to patients without having to spend the night in a hospital. Other Hospital Services includes hospital services that are provided outside of a basic hospital setting, e.g., day-care, long-term care, and home-based care.

Additional information:
The shown KPIs include revenues, average revenue per capita, number of hospitals, density of hospitals, average revenue per hospital, number of hospital beds, density of hospital beds, and average revenue per hospital bed. Market values represent revenues paid to hospitals by the respective healthcare payers (including VAT, if applicable). Reported market revenues include spending by consumers (B2C), enterprises (B2B), and governments (B2G). Revenues are allocated to the country where the money is spent.

General hospitals, including community, county, and regional hospitals
Psychiatric hospitals
Specialist hospitals, such as maternity clinics and aesthetics clinics

Long-term care facilities
Ambulatory care providers, such as specialist practices and dental practices
Providers of ancillary medical services
Medical retailers and other providers of medical supplies

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The healthcare landscape in the United States is a complicated one. There are federal health insurance plans for low-income individuals namely Medicaid and CHIP (Children’s health insurance program) and Medicare for seniors and the disabled. Aside from these, people must buy private health insurance or be left uninsured because the U.S. is the only high-income country without universal healthcare coverage. Hospitals in the U.S., therefore, receive payment from multiple payers. Most revenue generated by U.S. hospitals comes from private insurance, self, or other payments. The complexity of this multi-payer system is instrumental to the U.S. having the highest administrative health costs per capita among wealthy nations.