“Increase in the number of
geriatric population coupled with rising demand for modern and sophisticated
medical equipments has driven the medical devices market in Philippines.”
Surge in Demand for
Refurbished/Used Medical Equipment: There is a growing demand for
refurbished medical equipment in the Philippines. While public and
government-owned hospitals tend to purchase only new equipment, the private
sector is divided between the market segments of new and refurbished medical
equipment. Private hospitals and clinics outside metropolitan Manila often tend
to purchase used and refurbished equipment, such as x-rays, cardiology and
surgery devices, given their limited budgets. To date, approximately 55% of all
medical equipment supplied to hospitals and clinics are refurbished. With the
growing demand for extensive healthcare coverage outside the main urban
centers, Philippines provide opportunities to tap into this emerging market
segment
Increase in Medical Tourism: The
Philippines is becoming increasingly popular as a medical tourist destination
for foreign nationals. The country has been observed to cater 80,000 to 250,000
patients annually, with clients primarily coming from regions such as East
Asia, Sri Lanka, Pacific Islands, Australia, North and South America, Europe,
and the UK, and the Middle East. In addition to this, the Department of Health
of the government along with Department of Tourism of the Philippines initiated
the Philippine Medical Tourism Program in 2006 which has attracted foreign patients
for procuring medical services.
Demand for Radiography Devices: The
country observes high incidence of lung diseases, heart diseases, kidney
diseases, hypertension and other respiratory challenges prompt hospitals to
make enhancements for medical equipments. Thus, an increasing demand for
general radiography devices such as linear accelerators, electro-cardiographs,
ultrasonic scanning machines (ultrasound), magnetic resonance imaging, x-ray
and radiation equipment, breathing appliances, electrocardiogram equipment,
dialysis machines, and computed tomography apparatuses has been observed in the
country.
Constant Change in Price of the
Medical Devices: Medical devices have to undergo continuous research
and development. They have a much shorter product life-cycle in comparison with
pharmaceutical products. This is especially true for electronic medical
devices, where the product life-cycle is presently around 1 to 3 years. A major
drawback of the continuous development for medical devices is that the older
technologies appear to be more cost-effective as the prices of older
technologies drop considerably once the new technology is introduced. Thus,
there are significant methodological difficulties while conducting the economic
evaluations for medical devices.
The report titled “Philippines
Medical Devices Market Outlook to 2023 - Surge in Demand for Used/Refurbished
Medical Equipments and New Healthcare Infrastructure Projects to Maintain
Healthy Growth” published by Ken Research suggests that the medical
devices market of Philippines has been growing owing to key contributing
factors such as ageing population, rise in number of hospitals and clinics,
growing medical tourism and increasing government expenditure on the health
sector of the country. The market registered a positive CAGR of 10.8% on the
basis of revenue during the review period 2013-2018.
Key
Segments Covered:
By
Type of Business Activity
Imports
Domestic Production
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
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: 2013-2018
Forecast
Period: 2019-2023E
Manufacturers
Covered:
GE Healthcare
Fresenius Philippines
Siemens Healthcare
Philips Healthcare
Medtronic
BD Healthcare
Terumo Healthcare
B Braun Philippines
Distributors
Covered:
Zuellig Pharma
Zafire
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
Key
Topics Covered in the Report
Philippines Medical Device Market
Philippines Medical Device Market
Research Report
Philippines Medical Device Industry
Research Report
Health Solution Enterprises
Philippines
Saviour MedDevices Incorporated
Philippines
Philippines Medical Device Industry
Medical Device Companies Philippines
Medical Device Philippines
Companies Medical Devices Philippines
Auxiliary Devices Philippines Sales
For
more information, refer to below link:
Related
Reports
Contact
Us:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-9015378249