Market Overview
The medical devices market entails of the sale of medical devices or devices and connected services by companies that produce the devices utilized to diagnose, treat and monitor medical devices or medical situations. The medical device industry involves manufacturing equipment such as medical or in vitro diagnostic equipment, diagnostic imaging equipment, dental equipment and consumables, ophthalmic equipment, cardiovascular equipment, hospital supplies, and several other medical equipment.
Report Analysis
According to the report analysis, ‘Philippines Medical Devices Market Outlook to 2023 – Surge in Demand for Used/Refurbished Medical Equipment’s and New Healthcare Infrastructure Projects to Maintain Healthy Growth’ states that Philippines Medical Device market is at the rising stage. Philippines Medical Device market in terms of revenue has increased at a positive CAGR during the period of 2013-2018. Philippines profoundly rely on imports for medical devices and local production is restricted to prototype units and disposables such as surgical gloves, syringes, and needles. The market is price-sensitive and foremost factors impacting require are population growth, augment in geriatric population, steady economic growth at 6.7% (2017), and hospital enlargement and up-gradation.
Market Segmentation
By End Users: The requirement for clinical laboratory and diagnostics equipment has augmented owing to prevalence of diseases connected to circulatory issues, diabetes, infections, parasites, and respiratory issues which propels the growth of Hospitals, Clinics and Diagnostic Lab Centers around the country. Philippine government is aimed on improving healthcare admittance and affordability by enlarging the Universal Healthcare coverage from 91% to 100% by 2020. This is further assisted by augment in number of hospitals. Number of hospitals augmented from 1,829 in 2013 to 1,840 in 2018. The majority of the hospitals are positioned in Metro Manila.
By Regions: Metro Manila which involves Central Luzon have registered for the foremost share of revenue in the Philippines medical device market during 2018. Elsewhere, several hospitals lack adequate equipment and, hence, spending in those locations is likely to aim on obtaining basic medical equipment and devices. Almost two thirds of hospital beds are on the island of Luzon, which involves the NCR. There are 23 hospital beds for 10,000 individuals in the NCR while the rest of Luzon, Visayas and Mindanao have only 8.2, 7.8 and 8.3 beds, correspondingly.
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By Type of Auxiliary Product: Increment in hearing loss, speedily ageing global population and a subsequent augment in the number of individuals suffering from organ failures represent the foremost factors propelling the artificial organs market and hearing aids devices in the country. Augment in hearing loss is the foremost reason for the growth of hearing aids devices in the country. The absolute number of individuals with hearing loss has been progressively increasing throughout the last decade. In Philippines, the population suffering from hearing loss has mounted from 5.5 Million during 2008 to 7 Million during 2018.
Competitive Landscape
The Philippines medical device market is extremely fragmented. GE Healthcare is the market leader and has the greatest market share followed by companies such as Fresenius, Siemens and Philips. Foremost distributors involve Zuellig Pharma, Zafire, Metro Drugs Inc. and Health Solution Enterprises. These market players contest on the basis of distribution network, product portfolio, pricing, sustenance services and marketing activities.
Future Outlook
Philippines Medical Device market in terms of revenue will augment at a positive CAGR during the period. An aging populace coupled with the increment in morbidity and deaths in Filipinos will propel the growth of the medical market. A move towards more advanced medical equipment in the country, the enlargement of private healthcare providers, augmented government spending on healthcare and infrastructure advancement projects will additionally sustenance this high market growth.
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Philippines Medical Device market Analysis
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