“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
By Mode of Sales
By Type of Medical Devices
Diagnostic Imaging Products
Dental and Orthopedic Products
By End Users
Clinics and Diagnostic Lab Centers
Others (Home Healthcare, Telemedicine Centers)
Key Target Audience
Medical Device Manufacturers
Healthcare Research Firms
Medical Device Technology Suppliers
Time Period Captured in the Report:
Historical Period: 2013-2018
Forecast Period: 2019-2023E
B Braun Philippines
Metro Drugs Inc.
Health Solution Enterprises
Berovan Marketing Inc.
Patient Care Corporation
RBGM Medical Express Sales Inc.
Saviour MedDevices Incorporated
RG Meditron Inc.
Philippine Medical System
Aljeron Medical Enterprise
Progressive Medical Corporation
Fernando Medical Enterprise
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
Singapore Medical Devices Market Outlook to 2022 – by Type of Medical Device (Consumables, Diagnostic Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and Others)
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)
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
Ankur Gupta, Head Marketing & Communications
The post Philippines Medical Devices Market Driven by Growing Number of Hospitals and Clinics and Surge in Demand for Refurbished/Used Equipments: Ken Research appeared first on Ken Research.
This post first appeared on Ken Research: Market Research Reports, Market Rese, please read the originial post: here