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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
- 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
- Clinics and Diagnostic Lab Centers
- Others (Home Healthcare, Telemedicine Centers)
Key Target Audience
- Medical Device Manufacturers
- Healthcare Research Firms
- Healthcare Associations
- Government Bodies
- Medical Device Technology Suppliers
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2019-2023E
- GE Healthcare
- Fresenius Philippines
- Siemens Healthcare
- Philips Healthcare
- BD Healthcare
- Terumo Healthcare
- B Braun Philippines
- Zuellig Pharma
- 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.
- 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:
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