Philippines Medical Device market is expected to reach to a value of PHP 130 Billion by 2025, with a double digit growth CAGR during the next five years: Ken Research

It is expected that the ageing population base in Philippines and its predisposition to various chronic diseases will create a huge opportunity for the healthcare sector in the near future and pose a significant demand on the healthcare infrastructure to provide healthcare access for all.

Philippines News

Philippines healthcare expenditure has increased at a CAGR of 10.9% from PHP 489.1 billion in 2014 to PHP 911.4 billion in 2020(P). The future for healthcare expenditure seems bullish backed by hospital expansion and spending on healthcare services by government and private entities. The growing healthcare expenditure in the country will lead to increase in the demand of medical devices and diagnostic equipment, to offer better healthcare facilities in the country.

In Philippines, there are about 9,731 healthcare units out which 5,409 are government owned and 4,322 are owned by private entities, as on December 31st 2020.Specific to hospitals, the country has 1,915 hospitals, out of which 767 hospitals are owned by the government and remaining 1,148 hospitals are privately owned as of 31st December 2020.

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Growing Demand for Medical Consumables: Medical consumables market of Philippines is projected to experience high growth in future as several local manufacturers are entering into the market with their latest product offerings. In 2020, it has been observed that the medical consumables market has recorded Y-o-Y growth of 18.3% from that of previous year in Philippines, majorly due to emergence of global pandemic Covid-19 virus in the country which led to surge in the demand of medical consumables such as Surgical masks, N95 masks, PPE Kits, Latex or nitrile gloves, face shields, Nasal Swabs and Test Kits, needles, syringes, ventilators and many more.

New Technologies in Diagnostics Equipment Market: The use of diagnostic imaging has increased dramatically over the past decade, contributing to medical costs and to medical exposure to ionizing radiation. X-Ray Based Products are mostly used for heath checks, which is followed by Ultrasound and CT scan. MRI, Electro diagnostic Apparatus and ECG are some of the others widely used machineries. The availability of new imaging modalities and discovery of new applications of existing techniques have also greatly contributed to the increased utilization of diagnostic imaging in daily practice.

Medical Tourism: Philippines have shown a promising future as a health tourism destination country. In fact, it ranked 24th based on the 2020 Medical Tourism Index (MTI) survey out of 46 countries, and it is one of the 25 Leading Growth Markets for Wellness Tourism Trips from 2015 to 2017 based on the Global Wellness Tourism Economy Report. The key features include the large pool of English-speaking professionals, its culture of hospitality, the quality of education and skills of health professionals, its young and hospitable workforce, its competitive price advantage for healthcare and other services, and its popularity as a tourist destination in general, among others. Cancer treatments at a lower cost would help the medical device manufacturers to witness a huge influx of foreign patients in the country.

Analysts at Ken Research in their latest publication “Philippines Medical Devices Outlook to 2025 (Second Edition)- Rising Cases of Chronic Diseases and Expected Growth in Demand for Cancer Therapy and Dialysis Equipment” believe that the medical devices market in Philippines is projected to grow owing to factors such as increase in equipments demand for devices and centers for cancer in the country, increase in hospitals and clinics, increase in the number of deaths and increase in medical tourism. The market is expected to register a positive CAGR of 11% in terms of revenue during the forecast period 2018-2023E.

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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