1. Philippines medical devices market is growing at an impressive growth rate and is expected to expand more in the future as a result of rising cases of chronic diseases coupled with expanding elderly population in the country.
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The Philippines medical device industry registered a growth of around 32% during the review period of 2015-2020. The market is currently in the growth stage with an increase in the number of hospitals, a high prevalence of chronic diseases, and rising instances of heart and kidney failures. Also, expanding the elderly population, awareness of health checkups, incoming medical tourism, and the onset of the COVID-19 pandemic are some of the other key drivers of the market. With these supporting factors, the medical device sector in Philippines is poised to grow at a CAGR of ~10% during 2020-2025.
2. Medical Consumables, Diagnostic Imaging Products, Respiratory Products, Hospital Furniture & Cardiac Devices have contributed the highest to the overall revenue of the medical devices Industry.
Medical consumables growth has supplemented during 2020, owing to higher sales for Protective equipment, syringes, and other consumables categories. Diagnostic imaging products are increasing due to an increase in the number of hospitals specializing in cancer, cardiology, and the increase in non-communicable diseases. It is further supported by growing replacement among healthcare institutions. Moreover, with the emergence of Covid-19, the number of respiratory disease cases in the country have increased significantly in the year 2020 and 2021 due to which the use of respiratory products has also boosted.
3. The share of distributors in the Philippines equipment market is anticipated to increase and reach around ~46% by 2025.
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Currently, the distributors contribute almost 40% share towards the sales of medical equipment during 2020. However, in the near future, it is highly expected that the share of distributors in the equipment market will increase and reach ~46% by 2025, largely due to better after-sale service, liaison with hospitals, and offering of technical assistance to hospitals and clinics along with the strong local presence in the country.
For more insights on the market intelligence, refer to the link below:-
Philippines Medical Devices Market
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