You are here

Philippines Medical Devices Industry Revenue is Expected to Reach Around USD 1,300 Million by 2023: Ken Research

GURUGRAM, India, Aug. 6, 2019 /PRNewswire/ --

  • The total health expenditure in Philippines at current prices was observed to grow by 8.0% in the year 2017 amounting to PHP 712.3 billion which is an increase from the 2016 figure of PHP 659.3 billion. These investments are projected to further increase and enable the country to manufacture high end medical devices in future.
  • The government of Philippines has been observed to undertake high expenditure on healthcare sector in the country. The current administration is aiming at expanding the coverage of Philippines Universal Healthcare Scheme from an enrollment of 92% in the year 2015 to 100% by the year ending 2022.

Growing Demand for Medical Consumables: Medical consumables market of Philippines is projected to experience high growth in future as several local manufacturers are entering into the market with their latest product offerings. In addition to this, the rising number of surgeries and improving healthcare conditions in the country is also anticipated to augment the consumables market. With the Philippine Health Insurance Corp.'s (Philhealth) mandate to cover 100% of the population, demand for quality, affordable and accessible healthcare will be on the rise. This will allow the private healthcare sector to collaborate with public counterparts in providing improved services to Filipinos which would impact the overall sales of the medical devices in positive manner.

Increase Demand for Imaging and Diagnostic Equipments: Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases and cancer requires effective diagnostic equipments in the hospitals for accurate results thereby, boosting the market for imaging and diagnostic equipments. Moreover, high prevalence of diabetes is projected to impact 20% of the population by the year 2045. Aging population is going to impact the demand for orthopedic products and implants and assistive devices market in the positive manner. Rising number of geriatric population will complain about various orthopedic disorders such as arthritis, and osteoporosis, which will subsequently lead to more number of orthopedic procedures, hence elevating the market

Consumables market will experience growth during the future as many local manufacturers are entering into the market with their products. Additionally, the rising number of surgeries and improving healthcare conditions would consequently augment the need for consumables in the market.

Analysts at Ken Research in their latest publication "Philippines Medical Devices Market Outlook to 2023 - Surge in Demand for Used/Refurbished Medical Equipments and New Healthcare Infrastructure Projects to Maintain Healthy Growth" believe that the medical devices market in Philippines is projected to grow owing to factors such as increase in equipments demand for devices and centers for cancer in the country, increase in hospitals and clinics, increase in the number of deaths and increase in medical tourism. The market is expected to register a positive CAGR of 10.3% in terms of revenue during the forecast period 2018-2023E.

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 on the market research report please refer to the below link:

https://www.kenresearch.com/healthcare/medical-devices/philippines-medical-devices-market-outlook/231922-91.html

Other Related Reports

Singapore Medical Devices Market Outlook to 2022 - by Type of Medical Device (Consumables, Diagnostic Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and Others)

The report covers aspects such as medical device market segment (by type of medical device, and by end users), competitive landscape of major players in the Singapore medical device market, and covering competitive landscape of major medical device manufacturers and distributors including QT Vascular, Biosensors International, Becton Dickinson, Optimal Medical Products Pte Ltd, B. Braun Singapore Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical Supplies Pte Ltd. The report concludes with market projection for future highlighting the major opportunities and cautions.

Singapore Medical device revenue increased at a double digit CAGR during 2012-2017. The market is in the growing stage with rise in number of foreign players. This was driven by expansion of healthcare institutions and increased demand for home care devices such as Elderly Care -Monitoring Systems (sensors at home, applications, and wearable devices). Singaporeans' strong demand for better healthcare creates an excellent market for foreign medical device companies, who supply more than 85% of the country's devices. Leading importers include the US, Germany and Japan. At present, more than 60% of products imported into Singapore are subsequently re-exported.

Kuwait Medical Device Market Outlook to 2022 - By Type (Diagnostic Imaging Products, Medical Disposables, Auxiliary Devices, Orthopedic Devices, Dental Products, Aesthetic Devices, Diabetic Products and Others)

The report covers various aspects including introduction, market size, competition, market segmentation by end user (Public Sector and Private Sector), by type of medical devices (Diagnostic Imaging Products, Medical Disposables, Auxiliary Devices, Orthopedic Devices, Dental Products, Aesthetic Devices, Diabetic Products and Others), growth drivers, restraints, key regulations future outlook and analyst recommendation. The report is useful for manufacturers, AI companies, distributors, system integrators, hospitals, diagnostic labs, doctors, end users, government, pharmacies and potential entrants and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.

Kuwait medical device market is in its late growth stage (based on distributor model) and has a limited number of large players dominating the market. The medical devices market in Kuwait is completely import driven dominated by international brands. The medical devices market in Kuwait has witnessed growth owing to the increased participation of private players in healthcare sector. Technological innovations and increased focus on infrastructure development has also resulted in increased demand of medical devices in Kuwait. Heavy investments in infrastructure projects are driving the growth in Kuwait. Increase in number of chronic diseases has resulted in increase in demand of healthcare facilities in the country. The end users of medical devices are government as well as private sector hospitals, clinics and primary care centers.

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

The report titled "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" provides information on medical device market segment (by type of medical device, by type of medical consumables, by end user and by procurement), competitive landscape of major medical device manufacturers and distributors including Indo Health Medical, PT Andini Sarana, PT Trimitra Garmedindo Interbuana, PT Mega Andalan Kalasan, GE Healthcare, Siemens, Indonesia, Philips, Indonesia, Samsung, Hitachi, PT Mensa Bina Sukses, PT Transmedic Indonesia, PT Surgika Alkesindo, PT Daya Inti Kurnia Abadi, and Citra Medika Lestari. The report concludes with market projection for future highlighting the major opportunities and cautions.

Indonesia Medical device revenue increased from USD ~ billion in 2012 to USD ~ billion in 2017 at a CAGR of ~%. The market is in the growing stage with rise in number of foreign players. The market is almost entirely import driven. There were ~ medical device distributors and ~medical device production units in Indonesia as of 2015. The growing number of hospitals or other health centers in Indonesia has led to the rising demand for medical equipment. Indonesia medical device market is highly regulated with stringent import regulations even though it heavily relies on imports. This is due to lack of established local manufacturer. The demand has increased majorly for diagnostic imaging, medical consumables, aesthetic, orthopedic and dental products. This is driven by increased healthcare spending and rising awareness about different treatment methods.

Vietnam Medical Devices Market Outlook to 2022 - By Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopedics and Prosthetics, Patient Aids and Other Medical Devices)

The report provides a comprehensive analysis of Vietnam Medical Devices Market Overview and Size, growth drivers and restraints. The report also provides data points on Vietnam Medical Devices market by Application (Orthopedic and Prosthetic Applications, Diagnostic Imaging Equipment, Paraclinical Equipment, Emergency Medical Equipment, Operation Room Equipment and Others), by Material (Textile Products, Electronic Products, Plastic Products, Rubber Products and Other Products), by Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopaedics and Prosthetics, Patient Aids and Other Medical Devices) and by End Users (Government Funded Hospitals, Local Private Hospitals, Foreign Owned Hospitals and Medical Education, Research Institution and Others) along with company profiles of Japan Vietnam Medical, Danameco, Armephaco, B Braun, Shimadzu, General Electric, Terumo BCT and Phillips. The report also covers SWOT Analysis, Roadmap for Tender Application for Medical Device Company in Vietnam, Regulatory Process, import by value and destination, Vietnam Medical devices competitive landscape, Analyst Recommendations and future outlook.

Vietnam medical devices market recorded growth at a CAGR of ~% during 2012-2017, driven by liberal import policies, and surge in Orthopedic and Prosthetic medical equipments. Increase in investments in public healthcare facilities and tax exemption for newly established private healthcare providers increased the demand for medical devices. With a need to improve healthcare services in Vietnam, healthcare providers are focusing on using advanced technological medical equipments which will help in early detection of diseases and increase pace in diagnosis and recovery timelines.

Contact Us:

Ankur Gupta
Head Marketing
Ken Research Private Limited
Ankur@kenresearch.com
+91-9015378249

Logo Link: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg