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
Equipment” provides 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.
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
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Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
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