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.
GURUGRAM, India, Nov. 9, 2021 /PRNewswire/ -- 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.
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
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.
Find More Medical Devices Market Research Reports By Ken Research: - https://www.kenresearch.com/productsearch.php?searchKey=Medical+Devices
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg
Share this article