Philippines Medical Device Market, Medical Device Industry, Market Revenue, Market Shares, Market Sales, Market Growth Analysis: Ken Research

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How medical device market is positioned in philippines?

The Medical Device Market in Philippines has seen significant growth in recent years owing to Modernization of hospitals, rising prevalence of chronic diseases, institutional funding, government policies, equipment replacement and upgradation in the Philippines market. The demand for medical devices is majorly driven by private hospitals, which continue to expand through acquisition of current facilities and constructing new hospitals. The market is currently in Growth Stage, with growing population, hospital expansion and incoming of medical tourism are some of the key drivers for growth in the market. Specialized services for radiology, cardiac, lung & kidney examinations and pathology are some of the key areas of device improvements wherein the hospitals are focusing upon. ECGs, CT Scans, X-Ray machines, Dialysis machines are highly in demand. Along with these, demand is also pacing for clinical aesthetics procedures and dermatology services. With the onset of Corona Virus, the healthcare industry turned to usage of highly innovative medical technology for delivering the care a patient needs which is a positive onset for the medical device industry.

The market is highly Import Oriented, especially for highly technological machineries such as Diagnostic Imaging, Cardiac Devices, Respiratory products and others. The local manufacturing industry is dominant in production of medical disposables such as surgical gloves, syringes and needles. It also supports in prototype units and spare parts production. 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. This poses a positive outlook for consumables market. Further, with increase in local manufacturing of these products, increase in number of surgeries and improvement in healthcare facilities, the future growth looks good. The PhilHealth aims to cover 100% of the population till 2022, which will impact the demand for quality healthcare through public and private partnership. This will help in the sales of medical devices as more people will get their routine check-ups and tests, thus creating the need for more service providers in the market. The demand will especially grow for the orthopedic products, implants and assistive devices as elderly population is growing in the Philippines. The elderly population is expected to reach to 5.6% by 2025 and 6.3% by 2030 from 4.8% as of 2020. Moreover, with the resurgence of Covid-19 virus spread in the country will further lead to impact the growth of dialysis, x-ray, cancer therapy market positively as the respiratory cases will increase in the country.

Overview of Healthcare Sector in the Philippines

The health sector in the Philippines continues to change after a decade of increased public spending on health care. The sector is characterized by a well-developed private health care sector next to the public sector. National Capital Region (NCR) and Luzon are the economic heart of the country and contain the largest share of both public and private health care infrastructure.

Organization of the Healthcare System

The healthcare system in the Philippines continues to change after a decade of increased public spending on health care. The healthcare industry (Pharmaceuticals, Medical Devices, Vitamin and Dietary Supplements, Hospital Market and Health Insurance Premium) was valued at PHP ~ Bn in terms of revenue for the year ending 2020. The health care system is divided into two systems: public and private health care. Private sector is mainly active in hospital care and maternities. Government hospital caters to primary care and first-line facilities. Health facilities are regulated by Department of Health (DOH) – Health Facilities & Services Regulatory Bureau (HFSRB).

philippines-medical-device-industry

Healthcare Expenditure in Philippines

The Philippines healthcare expenditure has increased at a CAGR of ~% from PHP ~ billion in 2014 to PHP ~ billion in 2020(P). Moreover, in the near future it is anticipated that the healthcare expenditure will increase at a CAGR of ~% during the period 2020 – 2025 and will reach to PHP ~ billion in 2025.

Hospital Expenditure – Healthcare Category Wise (2014 – 2025)

General hospital constitutes with both public and private hospitals and accounted for ~% share in the overall healthcare expenditure in Philippines in the year 2020. Out of this, Public general hospitals has contributed share of ~% in the general hospital healthcare expenditure about PHP ~ million in 2020, and the private general hospitals contributing remaining share of ~% around PHP ~ million in 2020. On the other hand, mental hospitals contributed a share of ~% in overall country’s healthcare expenditure in 2020.

Philippines Diagnostic Medical Devices Market

Future outlook and projections

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. The demand will especially grow for the orthopedic products, implants and assistive devices as elderly population is growing in the Philippines. The market is expected to be import dependent in future as well. The local manufacturing will be limited to the basic items, customization of spares, consumables, hospital furniture and other related products in the near future. The PhilHealth aims to cover 100% of the population till 2022, which will impact the demand for quality healthcare through public and private partnership. This will help in the sales of medical devices as more people will get their routine check-ups and tests, thus creating the need for more service providers in the market. Prevalence of COVID-19 has also caused a behavioral shift in the way people used to live. Now, everyone steps out after wearing a mask and people are more conscious in crowded places. Usage of surgical masks, gloves and other related products is now adopted by general public at large. This poses a positive outlook for consumables market. Further, with increase in local manufacturing of these products, increase in number of surgeries and improvement in healthcare facilities, the future growth looks good.

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

Philippines Medical Device Industry

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

Philippines Medical Device Market

For More Information, refer to below link:

Philippines Medical Device Market

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Indonesia Medical Devices Market Outlook to 2022 – By Medical Consumable Products, Diagnostic Imaging Products, Auxiliary Devices, Orthopedic Implants, Dental Products, Aesthetic Devices, By Imports & Domestic Production

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Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

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