Showing posts with label Philippines Medical Device Industry. Show all posts
Showing posts with label Philippines Medical Device Industry. Show all posts

Monday, September 6, 2021

Philippines Medical Device Market, Medical Device Industry, Market Revenue, Market Shares, Market Sales, Market Growth Analysis: Ken Research

How medical device market is positioned in philippines?

The Medical Device Market in Philippines has seen significant growth in recent years owing to Modernization of hospitals, rising prevalence of chronic diseases, institutional funding, government policies, equipment replacement and upgradation in the Philippines market. The demand for medical devices is majorly driven by private hospitals, which continue to expand through acquisition of current facilities and constructing new hospitals. The market is currently in Growth Stage, with growing population, hospital expansion and incoming of medical tourism are some of the key drivers for growth in the market. Specialized services for radiology, cardiac, lung & kidney examinations and pathology are some of the key areas of device improvements wherein the hospitals are focusing upon. ECGs, CT Scans, X-Ray machines, Dialysis machines are highly in demand. Along with these, demand is also pacing for clinical aesthetics procedures and dermatology services. With the onset of Corona Virus, the healthcare industry turned to usage of highly innovative medical technology for delivering the care a patient needs which is a positive onset for the medical device industry.

The market is highly Import Oriented, especially for highly technological machineries such as Diagnostic Imaging, Cardiac Devices, Respiratory products and others. The local manufacturing industry is dominant in production of medical disposables such as surgical gloves, syringes and needles. It also supports in prototype units and spare parts production. Prevalence of COVID-19 has also caused a behavioral shift in the way people used to live. Usage of surgical masks, gloves and other related products is now adopted by general public at large. This poses a positive outlook for consumables market. Further, with increase in local manufacturing of these products, increase in number of surgeries and improvement in healthcare facilities, the future growth looks good. The PhilHealth aims to cover 100% of the population till 2022, which will impact the demand for quality healthcare through public and private partnership. This will help in the sales of medical devices as more people will get their routine check-ups and tests, thus creating the need for more service providers in the market. The demand will especially grow for the orthopedic products, implants and assistive devices as elderly population is growing in the Philippines. The elderly population is expected to reach to 5.6% by 2025 and 6.3% by 2030 from 4.8% as of 2020. Moreover, with the resurgence of Covid-19 virus spread in the country will further lead to impact the growth of dialysis, x-ray, cancer therapy market positively as the respiratory cases will increase in the country.

Overview of Healthcare Sector in the Philippines

The health sector in the Philippines continues to change after a decade of increased public spending on health care. The sector is characterized by a well-developed private health care sector next to the public sector. National Capital Region (NCR) and Luzon are the economic heart of the country and contain the largest share of both public and private health care infrastructure.

Organization of the Healthcare System

The healthcare system in the Philippines continues to change after a decade of increased public spending on health care. The healthcare industry (Pharmaceuticals, Medical Devices, Vitamin and Dietary Supplements, Hospital Market and Health Insurance Premium) was valued at PHP ~ Bn in terms of revenue for the year ending 2020. The health care system is divided into two systems: public and private health care. Private sector is mainly active in hospital care and maternities. Government hospital caters to primary care and first-line facilities. Health facilities are regulated by Department of Health (DOH) - Health Facilities & Services Regulatory Bureau (HFSRB).

Healthcare Expenditure in Philippines

The Philippines healthcare expenditure has increased at a CAGR of ~% from PHP ~ billion in 2014 to PHP ~ billion in 2020(P). Moreover, in the near future it is anticipated that the healthcare expenditure will increase at a CAGR of ~% during the period 2020 – 2025 and will reach to PHP ~ billion in 2025.

Hospital Expenditure – Healthcare Category Wise (2014 – 2025)

General hospital constitutes with both public and private hospitals and accounted for ~% share in the overall healthcare expenditure in Philippines in the year 2020. Out of this, Public general hospitals has contributed share of ~% in the general hospital healthcare expenditure about PHP ~ million in 2020, and the private general hospitals contributing remaining share of ~% around PHP ~ million in 2020. On the other hand, mental hospitals contributed a share of ~% in overall country’s healthcare expenditure in 2020.

Philippines Diagnostic Medical Devices Market

Future outlook and projections

Shift towards usage of more advanced equipment, expansion of private healthcare network, increase in healthcare expenditure and aging population are some of the key factors which will help in the development of Philippines Medical Devices market in future. The demand will especially grow for the orthopedic products, implants and assistive devices as elderly population is growing in the Philippines. The market is expected to be import dependent in future as well. The local manufacturing will be limited to the basic items, customization of spares, consumables, hospital furniture and other related products in the near future. The PhilHealth aims to cover 100% of the population till 2022, which will impact the demand for quality healthcare through public and private partnership. This will help in the sales of medical devices as more people will get their routine check-ups and tests, thus creating the need for more service providers in the market. Prevalence of COVID-19 has also caused a behavioral shift in the way people used to live. Now, everyone steps out after wearing a mask and people are more conscious in crowded places. Usage of surgical masks, gloves and other related products is now adopted by general public at large. This poses a positive outlook for consumables market. Further, with increase in local manufacturing of these products, increase in number of surgeries and improvement in healthcare facilities, the future growth looks good.

Key Segments Covered:-

By Mode of Sales

Direct Sales

Distributor Mediated

By Type of Medical Devices

Medical Consumables

Diagnostic Imaging Products

Dialysis Machine

Cardiac Device

Respiratory Products

Hospital Furniture

Auxiliary Devices

Dental and Orthopedic Products

Ophthalmic Devices

Others

By Diagnostics Devices

Diagnostics Equipment

Diagnostics Consumables

By Diagnostics Equipment

X-Ray

CT Scan

Ultrasound

Electrographic Apparatus

MRI

Others

By Dialysis Devices

Dialysis Equipment

Dialysis Consumables

By Cancer Therapy Equipment

Cancer Therapy Equipment

Cancer Therapy Consumables

By End Users

Hospitals

Clinics and Diagnostic Lab Centers

Others (Home Healthcare, Telemedicine Centers)

By Region

Luzon

Visayas

Mindanao

Key Target Audience:-

Hospitals

Medical Device Manufacturers

Healthcare Research Firms

Healthcare Associations

Government Bodies

Distributors

Medical Device Technology Suppliers

Time Period Captured in the Report:-

Historical Period: 2015-2020

Forecast Period: 2021-2025

Manufacturers Covered:-

GE Healthcare

Fresenius Philippines

Siemens Healthcare

Philips Healthcare

Medtronic

BD Healthcare

Terumo Healthcare

B Braun Philippines

Distributors Covered:-

Zuellig Pharma

Zafire

Medilines

Metro Drugs Inc.

Health Solution Enterprises

Berovan Marketing Inc.

Patient Care Corporation

RBGM Medical Express Sales Inc.

Saviour MedDevices Incorporated

Transmedic Group

RG Meditron Inc.

Carestream

Philippine Medical System

Aljeron Medical Enterprise

Progressive Medical Corporation

Fernando Medical Enterprise

Medical One

IDS Medical System

Key Segments:-

Comprehensive analysis of Medical Device Market in Philippines

Listed major Manufacturers and Distributers

Detailed Landscape on Diagnostic Medical Devices Market

Philippines Medical Device Industry

Detailed Landscape on Dialysis Medical Devices Market

Detailed Landscape on Cancer and radiation Therapy  

Future Projections by Revenue

COVID Impact

Value Chain Analysis

Government Regulations Supporting the Market

Trends and Challenges

Philippines Medical Device Market

For More Information, refer to below link:

Philippines Medical Device Market

Related Reports:-

Egypt Radiology Equipments Market Outlook to 2025- Growing Healthcare Infrastructure, Rise in Demand for Medical Imaging coupled with High Disease Prevalence to Drive the Demand

Brazil Medical Device Market Outlook to 2025 - by Type of Device (Reagent for In-Vitro Diagnostics, Materials and Supplies, Laboratory Equipment and Others), Type of Business Activity (Import and Local Production), Channel of Sales (Distributor and Direct), Type of End User (Hospital, Clinics and Diagnostic Lab Centers and Others) and By Region (South-East, South, North-East, Mid-West and North)

Indonesia Medical Devices Market Outlook to 2022 - By Medical Consumable Products, Diagnostic Imaging Products, Auxiliary Devices, Orthopedic Implants, Dental Products, Aesthetic Devices, By Imports & Domestic Production

Asia Pacific Orthopedic Device Market Outlook to 2025 – By Country (China, Japan, India, Korea, RoAPAC), By Type of Treatment (Joint, Spine, Trauma and Orthobiology and Sports Medicine); and By Type of End User (Multispecialty and Orthopedic Specialty Hospitals)

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

Monday, August 30, 2021

Philippines Medical Devices Philippines Medical Devices Market Outlook to 2025 (Second Edition): Ken Research

The report titled Philippines Medical Devices Outlook to 2025 (Second Edition) - Rising Cases of Chronic Diseases and Expected Growth in Demand for Cancer Therapy and Dialysis Equipmentprovides a comprehensive analysis on the Medical Device Market in Philippines. The report covers various aspects including introduction on Medical Device Market, detailed landscape on Dialysis Devices, Diagnostics Devices and Cancer Therapy Equipments, issues and challenges, trends and developments, Value Chain analysis, competitive landscape and government regulations. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions.

Market Overview

The Philippines Market Device Industry was valued at PHP ~ million in 2015 and registered a positive growth during the review period of 2015-2020 reaching to a value of PHP ~ in 2020.The market is currently in Growth Stage, with an increase in number of hospitals, high prevalence of chronic diseases, rising instances of heart and kidney failures, expanding elderly population, awareness towards health checkups, incoming of medical tourism and onset of COVID-19 pandemic as some of the key drivers for the market. Medical Device Industry in the Philippines is currently import oriented, especially for highly technological machineries such as Diagnostic Imaging, Cardiac Devices, Respiratory products and others. Current demand reflects healthcare requirements for growing incidence of hypertension, diabetes/kidney diseases, TB/respiratory ailments, cancer, and some incidence of HIV/AIDS.

Philippines Medical Device Market Segmentation

By Type of Medical Devices

Medical Consumables have accounted for the largest revenue share in Philippines Medical Devices market in 2020 followed by Diagnostic Imaging product, Respiratory Products, Hospital Furniture, and Cardiac Devices. Dialysis Machine, Auxiliary devices, Dental and Orthopedic products, Radiology Cancer Treatment Products and Ophthalmic Devices have accounted for the least share in the overall market revenue.

Detailed Landscape on Diagnostic, Dialysis and Cancer Therapy Markets

Diagnostic Medical Device Market

In 2015, it has been witnessed that the diagnostic medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2015–2020 and it reached to PHP ~ Million in 2020. Artificial Intelligence (AI) has pervaded the healthcare space and become the absolute game changers, catalyzing immense developments in diagnostics, detection, management and treatment of ailments. In future, it is anticipated that the overall diagnostic medical device market in terms of revenue will reach to PHP ~ Million, at a positive double digit CAGR during the period 2020 – 2025. The rapid surge in overall revenue generation of industry has been majorly observed due to increase in Remote Diagnostic Solutions along with companies offering affordable, higher quality lab testing and diagnostic devices that can efficiently manoeuvre geographical challenges. Demand for ECGs, CT-Scans, X-ray machines, dialysis machines, and other laboratory instruments will remain high, while dermatology services and clinical aesthetics procedures is also anticipated to grow in the near future.

Dialysis Medical Devices

The prevalence of chronic kidney disease (CKD) in the Philippines has emerged as the 7th leading causes of death. Over the past decade, the number of new cases has increased by about 15% every year; and with uncontrolled diabetes and hypertension as risk factors for kidney disease that could end up requiring a kidney transplant, dialysis is a temporizing measure. In 2015, it has been witnessed that the dialysis medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2015–2020 and it reached to PHP ~ Million in 2020. The companies in the dialysis devices and equipment market are focusing on technological developments to improve the accessibility of the dialysis treatment to patients. Dialysis medical device market is anticipated to grow at a positive double digit CAGR of for the period of 2020-2025F.

Cancer/Radiation Therapy Market

In 2020, around 153,751 new cases of Cancer have been reported in the country, whereas about 92,606 deaths have been recorded in the country due to cancer in the same year. Breast cancer has been ranked 1st in terms of highest number of cancer cases recorded, followed by Lung cancer and Colon cancer. In 2018, it has been witnessed that the cancer/radiation therapy medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2018–2020 and it reached to PHP ~ Million in 2020. Cancer/radiation therapy medical device manufacturers have emerged drastically in the last 3-4 years owing to the rapid increase in the number of cancer patients. The market is currently highly concentrated with the presence of around 2-3 big cancer therapy device manufacturers. Cancer/radiation therapy medical device market is anticipated to grow at a positive double digit CAGR for the period of 2020-2025F. The market’s revenue for the year 2025F is projected to reach PHP ~ Million.

Competition Framework

The competition scenario in the Philippines medical devices market is highly fragmented due to the presence of large number of international companies and local distributors leading to dilution of market share. The international companies including Philips, GE Healthcare, B Braun, Medtronic, BD, Terumo, Fresenius and Siemens distribute their products through authorized distributors located across the country. Medilines, IDS, Zafire, Fernando Medical Enterprise, Health Solution, Lifeline Diagnostics and Patient Care Corporation are the leading medical device distributors in the Philippines. The local companies manufacturing is restricted to production of medical consumables and hospital furniture. The major competitive parameters include product portfolio, price, and distribution network, pricing, after support services and marketing activities.

Future Outlook and Projections

The Philippines Medical Device market is expected to reach to a value of PHP ~ million by 2025. The market will witness a CAGR of ~% during 2020-2025. The market is expected to be import dependent in future as well. In the near future, it is anticipated that the share of distributor in the equipment market will increase and reach to 46.5% by 2025 largely due to better after sale service, liaison with hospitals and offering technical assistance to hospitals and clinics along with the strong local presence in the country. Shift towards usage of more advanced equipment, expansion of private healthcare network, increase in healthcare expenditure and aging population are some of the key factors which will help in the development of Philippines Medical Devices market in future. Prevalence of COVID-19 has also caused a behavioral shift in the way people used to live. Usage of surgical masks, gloves and other related products is now adopted by general public at large.

Key Segments Covered:-

By Mode of Sales

Direct Sales

Distributor Mediated

By Type of Medical Devices

Medical Consumables

Diagnostic Imaging Products

Dialysis Machine

Cardiac Device

Respiratory Products

Hospital Furniture

Auxiliary Devices

Dental and Orthopedic Products

Ophthalmic Devices

Others

By Diagnostics Devices

Diagnostics Equipment

Diagnostics Consumables

By Diagnostics Equipment

X-Ray

CT Scan

Ultrasound

Electrographic Apparatus

MRI

Others

By Dialysis Devices

Dialysis Equipment

Dialysis Consumables

By Cancer Therapy Equipment

Cancer Therapy Equipment

Cancer Therapy Consumables

By End Users

Hospitals

Clinics and Diagnostic Lab Centers

Others (Home Healthcare, Telemedicine Centers)

By Region

Luzon

Visayas

Mindanao

Key Target Audience:-

Hospitals

Medical Device Manufacturers

Healthcare Research Firms

Healthcare Associations

Government Bodies

Distributors

Medical Device Technology Suppliers

Time Period Captured in the Report:-

Historical Period: 2015-2020

Forecast Period: 2021-2025

Manufacturers Covered:-

GE Healthcare

Fresenius Philippines

Siemens Healthcare

Philips Healthcare

Medtronic

BD Healthcare

Terumo Healthcare

B Braun Philippines

Distributors Covered:-

Zuellig Pharma

Zafire

Medilines

Metro Drugs Inc.

Health Solution Enterprises

Berovan Marketing Inc.

Patient Care Corporation

RBGM Medical Express Sales Inc.

Saviour MedDevices Incorporated

Transmedic Group

RG Meditron Inc.

Carestream

Philippine Medical System

Aljeron Medical Enterprise

Progressive Medical Corporation

Fernando Medical Enterprise

Medical One

IDS Medical System

Key Segments:-

Comprehensive analysis of Medical Device Market in Philippines

Listed major Manufacturers and Distributers

Detailed Landscape on Diagnostic Medical Devices Market

Detailed Landscape on Dialysis Medical Devices Market

Detailed Landscape on Cancer and radiation Therapy  

Future Projections by Revenue

COVID Impact

Value Chain Analysis

Government Regulations Supporting the Market

Trends and Challenges

For More Information, refer to below link:

Philippines Medical Device Market

Related Reports:-

Egypt Radiology Equipments Market Outlook to 2025- Growing Healthcare Infrastructure, Rise in Demand for Medical Imaging coupled with High Disease Prevalence to Drive the Demand

Brazil Medical Device Market Outlook to 2025 - by Type of Device (Reagent for In-Vitro Diagnostics, Materials and Supplies, Laboratory Equipment and Others), Type of Business Activity (Import and Local Production), Channel of Sales (Distributor and Direct), Type of End User (Hospital, Clinics and Diagnostic Lab Centers and Others) and By Region (South-East, South, North-East, Mid-West and North)

Indonesia Medical Devices Market Outlook to 2022 - By Medical Consumable Products, Diagnostic Imaging Products, Auxiliary Devices, Orthopedic Implants, Dental Products, Aesthetic Devices, By Imports & Domestic Production

Asia Pacific Orthopedic Device Market Outlook to 2025 – By Country (China, Japan, India, Korea, RoAPAC), By Type of Treatment (Joint, Spine, Trauma and Orthobiology and Sports Medicine); and By Type of End User (Multispecialty and Orthopedic Specialty Hospitals)

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249