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.
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
Related Reports:-
Egypt X-Ray Equipments market
has grown at a steady growth rate over the review period 2015-2020 and was
further supported by increase in geriatric population in the country and the
transition of healthcare facilities from analog to digital technologies.
Improvement in healthcare infrastructure is also going to generate demand for
such products in Egypt.
Brazil medical device market
grew at a single-digit growth rate over the review period 2013-2018. The market
growth was supported by an increase in public healthcare expenditure, growth in
healthcare infrastructure in the country and a rise in the elderly population.
The market was observed to be in the growth stage and will continue to remain
so in the coming years. The demand for low-cost devices and cheap cost per test
along with a change in decision making authority from doctors to hospital
administration has significantly affected the growth in the market and has
changed the procurement landscape in the industry.
Indonesia Medical device revenue increased from USD ~
billion in 2012 to USD ~ billion in 2017 at a CAGR of ~%. The market is in the
growing stage with a rise in a number of foreign players. The market is almost
entirely import driven. There were ~ medical device distributors and ~medical
device production units in Indonesia as of 2015. The growing number of
hospitals or other health centers in Indonesia has led to the rising demand for
medical equipment. Indonesia's medical device market is highly regulated with
stringent import regulations even though it heavily relies on imports. This is
due to a lack of established local manufacturers. The demand has increased
majorly for diagnostic imaging, medical consumables, aesthetic, orthopedic and
dental products. This is driven by increased healthcare spending and raising
awareness of different treatment methods.
The growth in Asia Pacific orthopedic market has been
driven by the increase in the proportion of geriatric population in the Asian
regions, especially in China and Japan. The growth in artificial joints market
is majorly due to the increasing number of osteoporoses cases that has been the
major growth driver. Physicians have been the major influencer for most of the
companies and have been driving major imported brands in most of the regions
except China. Increased focus on R&D by domestic players has forced the
MNCs to innovate new products for the Asian market.
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
