“Increase in the number of geriatric population coupled with rising demand for modern and sophisticated medical equipments has driven the medical devices market in Philippines.”
Surge in Demand for Refurbished/Used Medical Equipment: There is a growing demand for refurbished medical equipment in the Philippines. While public and government-owned hospitals tend to purchase only new equipment, the private sector is divided between the market segments of new and refurbished medical equipment. Private hospitals and clinics outside metropolitan Manila often tend to purchase used and refurbished equipment, such as x-rays, cardiology and surgery devices, given their limited budgets. To date, approximately 55% of all medical equipment supplied to hospitals and clinics are refurbished. With the growing demand for extensive healthcare coverage outside the main urban centers, Philippines provide opportunities to tap into this emerging market segment
Increase in Medical Tourism: The Philippines is becoming increasingly popular as a medical tourist destination for foreign nationals. The country has been observed to cater 80,000 to 250,000 patients annually, with clients primarily coming from regions such as East Asia, Sri Lanka, Pacific Islands, Australia, North and South America, Europe, and the UK, and the Middle East. In addition to this, the Department of Health of the government along with Department of Tourism of the Philippines initiated the Philippine Medical Tourism Program in 2006 which has attracted foreign patients for procuring medical services.
Demand for Radiography Devices: The country observes high incidence of lung diseases, heart diseases, kidney diseases, hypertension and other respiratory challenges prompt hospitals to make enhancements for medical equipments. Thus, an increasing demand for general radiography devices such as linear accelerators, electro-cardiographs, ultrasonic scanning machines (ultrasound), magnetic resonance imaging, x-ray and radiation equipment, breathing appliances, electrocardiogram equipment, dialysis machines, and computed tomography apparatuses has been observed in the country.
Constant Change in Price of the Medical Devices: Medical devices have to undergo continuous research and development. They have a much shorter product life-cycle in comparison with pharmaceutical products. This is especially true for electronic medical devices, where the product life-cycle is presently around 1 to 3 years. A major drawback of the continuous development for medical devices is that the older technologies appear to be more cost-effective as the prices of older technologies drop considerably once the new technology is introduced. Thus, there are significant methodological difficulties while conducting the economic evaluations for medical devices.
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” published by Ken Research suggests that the medical devices market of Philippines has been growing owing to key contributing factors such as ageing population, rise in number of hospitals and clinics, growing medical tourism and increasing government expenditure on the health sector of the country. The market registered a positive CAGR of 10.8% on the basis of revenue during the review period 2013-2018.
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
Philippines Medical Device Market Research Report
Philippines Medical Device Industry Research Report
Health Solution Enterprises Philippines
Saviour MedDevices Incorporated Philippines
Philippines Medical Device Industry
Medical Device Companies Philippines
Medical Device Philippines
Companies Medical Devices Philippines
Auxiliary Devices Philippines Sales
For more information, refer to below link:
Philippines Medical Devices Market
Related Reports
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
