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).
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
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Philippines Medical Device Market
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