New Delhi, July 16, 2019: The report titled “Philippines Medical Devices Market Outlook to 2023 – Surge in Demand for Used/Refurbished Medical Equipments and New Healthcare Infrastructure Projects to Maintain Healthy Growth” provides a comprehensive analysis on the medical devices market in Philippines. The report covers a brief introduction of the medical devices market in the country, value chain analysis of the market, the overall size of the market in terms of revenue; market segmentation on the basis of business activity, mode of sales, type of medical devices, end users and regions; decision making process and pain points encountered by end users in the industry, trends and developments, issues and challenges, porter’s forces analysis, regulatory environment of the industry; competitive landscape including competition stage, competition parameters and company profiles of major players. The report concludes with market projections and analyst recommendations highlighting the major opportunities and cautions for existing players and new entrants in the industry.
Philippines Medical Devices Market Overview and Genesis: Philippines Medical Device market is at the growing stage. Philippines Medical Device market in terms of revenue has increased at a positive CAGR during the period 2013-2018. Philippines heavily rely on imports for medical devices and local production is limited to prototype units and disposables such as surgical gloves, syringes, and needles. The market is price-sensitive and major factors impacting demand are population growth, increase in geriatric population, steady economic growth at 6.7% (2017), and hospital expansion and up-gradation.
Philippines Medical Device Market Segmentation:
By Procurement: Imports have accounted for major revenue share in Philippines Medical Device Market in 2018. The imports are largely related to more sophisticated medical and surgical instruments and infrastructure. Local production is limited to prototype units and disposables such as surgical gloves, syringes, and needles.
By Type of Medical Device: Medical Consumables have accounted for the largest revenue share in Philippines Medical Devices market in 2018 followed by Diagnostic Imaging product, Dialysis Machine, Cardiac Devices and Respiratory Products. Hospital Furniture, Auxiliary devices, Dental and Orthopedic Products and Ophthalmic Devices have accounted for the least share in the overall market revenue. Medical consumable products include Syringes, Needles, Catheters, Bandages, Dressing, Suturing Materials and Ostomy products and other consumables. Diagnostic imaging products is increasing due to the increase in the number of hospitals specializing in cancer, cardiology and the increase of non-communicable diseases who demand specialized medical devices in order to provide better quality services. The number of specialized hospitals and clinics increased from 1,829 in 2013 to 1,840 in 2018.
By Type of Medical Consumables: Syringes, Needles and Catheters have accounted for the major share of in the Philippines medical consumables market in 2018. Bandages and dressings have accounted for the second largest share followed by suturing materials and ostomy products.
By Type of Diagnostic Imaging Product: X-ray Based Products have accounted for the major share followed by Ultrasounds, CT scan and MRI. Electrodiagnostic apparatus and ECG have accounted for least share in the Diagnostic Imaging Product Market in 2018. Medical imaging encompasses different imaging modalities and processes to image the human body for diagnostic and treatment purposes and therefore plays an important role in initiatives to improve public health for all population groups. Furthermore, medical imaging is frequently justified in the follow-up of a disease already diagnosed and/or treated.
By Type of Cardiac Device: Angioplasty Device have accounted for the major share of in the Philippines medical consumables market in 2018. CRM Devices such as Cardiac Rhythm Management: ICD, Implants and Pacemaker have accounted for relatively lesser share in the cardiac device market. Cardiac Surgery Devices such as Heart-Lung Machine and Valves have the least contribution to the revenue share.
By Type of Respiratory Product: The demand for Therapeutic Appliances is higher than Diagnostic Devices and Monitoring due to which Therapeutic Appliances have accounted for the major share in the Philippines Respiratory Product market in 2018. Growth in sales for this product is mainly attributed to the high prevalence of respiratory diseases such as Chronic Obstructive Pulmonary disorder and sleep apnea.
By Type of Auxiliary Product: Increase in hearing loss, rapidly ageing global population and a subsequent increase in the number of people suffering from organ failures represent the key factors driving the artificial organs market and hearing aids devices in the country. Increase in hearing loss is the main reason for the growth of hearing aids devices in the country. The absolute number of people with hearing loss has been steadily increasing during the last decade. In Philippines, the population suffering from hearing loss has risen from 5.5 Million in 2008 to 7 Million in 2018
By End Users: The demand for clinical laboratory and diagnostics equipment has increased due to prevalence of diseases related to circulatory problems, diabetes, infections, parasites, and respiratory problems which drives the growth of Hospitals, Clinics and Diagnostic Lab Centers across the country. Philippine government is focused on improving healthcare access and affordability by expanding Universal Healthcare coverage from 91% to 100% by 2020. This is further supported by increase in number of hospitals. Number of hospitals increased from 1,829 in 2013 to 1,840 in 2018. The majority of the hospitals are located in Metro Manila.
By Regions: Metro Manila which includes Central Luzon have accounted for the major share of revenue in the Philippines medical device market in 2018. Elsewhere, many hospitals lack adequate equipment and, therefore, spending in those areas is likely to focus on acquiring basic medical equipment and devices. Almost two thirds of hospital beds are on the island of Luzon, which includes the NCR. There are 23 hospital beds for 10,000 people in the NCR while the rest of Luzon, Visayas and Mindanao have only 8.2, 7.8 and 8.3 beds, respectively.
Competitive Landscape: The Philippines medical device market is highly fragmented. GE Healthcare is the market leader and has the highest market share followed by companies such as Fresenius, Siemens and Philips. Major distributors include Zuellig Pharma, Zafire, Metro Drugs Inc. and Health Solution Enterprises. These market players compete on the basis of distribution network, product portfolio, pricing, support services and marketing activities.
Future Outlook of Philippines Medical Device Market: Philippines Medical Device market in terms of revenue will increase at a positive CAGR during the period. An aging population coupled with the increase in morbidity and deaths in Filipinos will drive the growth of the medical market. A shift towards more advanced medical equipment in the country, the expansion of private healthcare providers, increased government spending on healthcare and infrastructure development projects will additionally support this high market growth.
Key Segments Covered:
By Type of Business Activity
Imports
Domestic Production
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
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: 2013-2018
Forecast Period: 2019-2023E
Manufacturers Covered:
GE Healthcare
Fresenius Philippines
Siemens Healthcare
Philips Healthcare
Medtronic
BD Healthcare
Terumo Healthcare
B Braun Philippines
Distributors Covered:
Zuellig Pharma
Zafire
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
Key Topics Covered in the Report
Philippines Medical Device Market Introduction
Value Chain Analysis in Philippines Medical Devices
Philippines Medical Device Market Size, 2013-2018
Philippines Medical Device Market Segmentation
Philippines Medical Device Market Segmentation by Type of Business Activity (Imports and Domestic Production)
Philippines Medical Device Market Segmentation by Mode of Sales (Direct Sales and Distributor Mediated)
Philippines Medical Device Market Segmentation by Type of Medical Devices (Medical Consumables, Diagnostic Imaging, Dialysis Machine, Cardiac Device, Respiratory Product, Hospital Furniture, Auxiliary Devices, Dental and Orthopedic Products, Ophthalmic Devices and Others)
Philippines Medical Device Market Segmentation by Type of Medical Consumables (Syringes, Needles, Catheters, Bandages, Dressings, Suturing materials, Ostomy Products and Others)
Philippines Medical Device Market Segmentation by Type of Diagnostic Imaging Products (X-ray Based Products, Ultrasound, CT Scan, MRI, Electrodiagnostic Apparatus, ECG and Others)
Philippines Medical Device Market Segmentation by Type of Cardiac Device (Angioplasty Device, CRM Devices and Cardiac Surgery Devices)
Philippines Medical Device Market Segmentation by Type of Respiratory Product (Therapeutic Appliances, Diagnostic Devices and Monitoring Devices)
Philippines Medical Device Market Segmentation by Type of Auxiliary Product (Hearing Aids, Artificial Body Parts and Others)
Philippines Medical Device Market Segmentation by End Users (Hospitals, Clinics and Diagnostic Lab Centers and Others)
Philippines Medical Device Market Segmentation by Region (Luzon, Visayas and Mindanao)
Decision Making Process to Shortlist Medical Device in Philippines
Pain Points Faced by Customers from Buying Medical Devices in Philippines
Trends and Developments in Philippines Medical Devices Market
Issues and Challenges in Philippines Medical Device Market
Porters Five Forces Analysis in Philippines Medical Device Market
Regulatory Environment for Philippines Medical Devices Market
Competitive Landscape in Philippines Medical Devices Market
Company Profiles of Major Players in Philippines Medical Devices Market
Company Profiles of Major Local Distributors in Philippines Medical Devices Market
Company Profiles of Local Players in Philippines Medical Devices Market
Philippines Medical Devices Market Future Outlook and Projections, 2019-2023
Analyst Recommendations in Philippines Medical Device Market
For more information, refer to below link:
Philippines Medical Devices Market
Corporate Comm India(CCI Newswire)
