Philippines Medical Devices Outlook to 2025 (Second Edition)-

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 7^th 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 has 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:

• 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