New Delhi, August 31, 2021: The report titled “Philippines Medical Devices Outlook to 2025 (Second Edition) – Rising Cases of Chronic Diseases and Expected Growth in Demand for Cancer Therapy and Dialysis Equipment” provides a comprehensive analysis on the Medical Device Market in Philippines. The report covers various aspects including introduction on Medical Device Market, detailed landscape on Dialysis Devices, Diagnostics Devices and Cancer Therapy Equipments, issues and challenges, trends and developments, Value Chain analysis, competitive landscape and government regulations. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions.
Market Overview
The Philippines Market Device Industry was valued at PHP ~ million in 2015 and registered a positive growth during the review period of 2015-2020 reaching to a value of PHP ~ in 2020.The market is currently in Growth Stage, with an increase in number of hospitals, high prevalence of chronic diseases, rising instances of heart and kidney failures, expanding elderly population, awareness towards health checkups, incoming of medical tourism and onset of COVID-19 pandemic as some of the key drivers for the market. Medical Device Industry in the Philippines is currently import oriented, especially for highly technological machineries such as Diagnostic Imaging, Cardiac Devices, Respiratory products and others. Current demand reflects healthcare requirements for growing incidence of hypertension, diabetes/kidney diseases, TB/respiratory ailments, cancer, and some incidence of HIV/AIDS.
Philippines Medical Device Market Segmentation
By Type of Medical Devices
Medical Consumables have accounted for the largest revenue share in Philippines Medical Devices market in 2020 followed by Diagnostic Imaging product, Respiratory Products, Hospital Furniture, and Cardiac Devices. Dialysis Machine, Auxiliary devices, Dental and Orthopedic products, Radiology Cancer Treatment Products and Ophthalmic Devices have accounted for the least share in the overall market revenue.
Detailed Landscape on Diagnostic, Dialysis and Cancer Therapy Markets
Diagnostic Medical Device Market
In 2015, it has been witnessed that the diagnostic medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2015–2020 and it reached to PHP ~ Million in 2020. Artificial Intelligence (AI) has pervaded the healthcare space and become the absolute game changers, catalyzing immense developments in diagnostics, detection, management and treatment of ailments. In future, it is anticipated that the overall diagnostic medical device market in terms of revenue will reach to PHP ~ Million, at a positive double digit CAGR during the period 2020 – 2025. The rapid surge in overall revenue generation of industry has been majorly observed due to increase in Remote Diagnostic Solutions along with companies offering affordable, higher quality lab testing and diagnostic devices that can efficiently manoeuvre geographical challenges. Demand for ECGs, CT-Scans, X-ray machines, dialysis machines, and other laboratory instruments will remain high, while dermatology services and clinical aesthetics procedures is also anticipated to grow in the near future.
Dialysis Medical Devices
The prevalence of chronic kidney disease (CKD) in the Philippines has emerged as the 7th leading causes of death. Over the past decade, the number of new cases has increased by about 15% every year; and with uncontrolled diabetes and hypertension as risk factors for kidney disease that could end up requiring a kidney transplant, dialysis is a temporizing measure. In 2015, it has been witnessed that the dialysis medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2015–2020 and it reached to PHP ~ Million in 2020. The companies in the dialysis devices and equipment market are focusing on technological developments to improve the accessibility of the dialysis treatment to patients. Dialysis medical device market is anticipated to grow at a positive double digit CAGR of for the period of 2020-2025F.
Cancer/Radiation Therapy Market
In 2020, around 153,751 new cases of Cancer have been reported in the country, whereas about 92,606 deaths have been recorded in the country due to cancer in the same year. Breast cancer has been ranked 1st in terms of highest number of cancer cases recorded, followed by Lung cancer and Colon cancer. In 2018, it has been witnessed that the cancer/radiation therapy medical device market in terms of revenue was PHP ~ Million, which later grew at a double digit CAGR during the period 2018–2020 and it reached to PHP ~ Million in 2020. Cancer/radiation therapy medical device manufacturers have emerged drastically in the last 3-4 years owing to the rapid increase in the number of cancer patients. The market is currently highly concentrated with the presence of around 2-3 big cancer therapy device manufacturers. Cancer/radiation therapy medical device market is anticipated to grow at a positive double digit CAGR for the period of 2020-2025F. The market’s revenue for the year 2025F is projected to reach PHP ~ Million.
Competition Framework
The competition scenario in the Philippines medical devices market is highly fragmented due to the presence of large number of international companies and local distributors leading to dilution of market share. The international companies including Philips, GE Healthcare, B Braun, Medtronic, BD, Terumo, Fresenius and Siemens distribute their products through authorized distributors located across the country. Medilines, IDS, Zafire, Fernando Medical Enterprise, Health Solution, Lifeline Diagnostics and Patient Care Corporation are the leading medical device distributors in the Philippines. The local companies manufacturing is restricted to production of medical consumables and hospital furniture. The major competitive parameters include product portfolio, price, and distribution network, pricing, after support services and marketing activities.
Future Outlook and Projections
The Philippines Medical Device market is expected to reach to a value of PHP ~ million by 2025. The market will witness a CAGR of ~% during 2020-2025. The market is expected to be import dependent in future as well. In the near future, it is anticipated that the share of distributor in the equipment market will increase and reach to 46.5% by 2025 largely due to better after sale service, liaison with hospitals and offering technical assistance to hospitals and clinics along with the strong local presence in the country. 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. 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.
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:
By Dr. Priyanka Kuri, Consultant - Dermatology, Aster Whitefield Hospital, Bengaluru Insomnia, the persistent inability…
Illuminating Latest Advances in Migraine Diagnosis and Treatment New Delhi, December 21, 2024: In a…
New Delhi, December 20, 2024: The healthcare sector is undergoing a transformation fueled by technological…
National, December 20, 2024: DKMS just published its first Global Impact Report that outlines the organization's…
Ahmedabad, December 19, 2024: Sterling Biotech Limited, a joint venture between Perfect Day and Zydus, has…
New Delhi, December 19, 2024: Antara Senior Care, an integrated eco-system provider for lifestyle and…