Medical Technology

The projected revenue in the Medical Technology market market in the Philippines is estimated to reach US$941.00m in 2024.
Among the markets, the largest market the in the Philippines is Medical Devices, with a projected market volume of US$668.90m in 2024.
It is expected that the revenue in the Medical Technology market market will exhibit an annual growth rate (CAGR 2024-2029) of 8.05%, leading to a market volume of US$1.39bn by 2029.
In a global context, the United States is projected to generate the highest revenue, amounting to US$211.10bn in 2024.
The Philippines has seen a surge in demand for advanced medical technology solutions to meet the growing healthcare needs of its population.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Philippines is experiencing significant growth and development.

Customer preferences: Customers in the Medical Technology market in Philippines are increasingly seeking advanced and innovative healthcare solutions. They are looking for medical devices and technologies that can provide accurate diagnoses, effective treatments, and improved patient outcomes. There is a growing demand for minimally invasive procedures, remote monitoring devices, and personalized healthcare solutions. Customers also prefer medical technologies that are cost-effective and easily accessible.

Trends in the market: One of the key trends in the Medical Technology market in Philippines is the adoption of digital health technologies. With the increasing penetration of smartphones and internet connectivity, there is a growing demand for mobile health applications, telemedicine services, and wearable devices. These technologies enable patients to monitor their health conditions, access healthcare services remotely, and receive real-time healthcare advice. The use of artificial intelligence and machine learning algorithms is also gaining traction in the medical technology sector, as it allows for more accurate diagnoses and personalized treatment plans. Another trend in the market is the focus on preventive healthcare. There is a shift towards proactive healthcare management, with an emphasis on early detection and prevention of diseases. This has led to an increased demand for screening and diagnostic devices, such as imaging systems, blood analyzers, and genetic testing kits. Additionally, there is a growing interest in wellness and lifestyle products, including fitness trackers, smartwatches, and mobile applications that promote healthy living.

Local special circumstances: The Medical Technology market in Philippines is influenced by several local special circumstances. The country has a large and growing population, which creates a significant demand for healthcare services and medical technologies. The government has also implemented various healthcare reforms and initiatives to improve the accessibility and affordability of healthcare, which has further fueled the demand for medical technologies. Furthermore, the Philippines has a strong medical tourism industry, attracting patients from around the world who seek high-quality and cost-effective healthcare services. This has created opportunities for medical technology companies to cater to both local and international customers.

Underlying macroeconomic factors: The growth of the Medical Technology market in Philippines is supported by several underlying macroeconomic factors. The country has a stable economic environment, with a growing middle class and increasing disposable incomes. This has led to an expansion of the private healthcare sector and an increase in healthcare spending. The government has also been investing in healthcare infrastructure and promoting research and development in the medical technology sector. This has attracted foreign investments and collaborations, leading to the introduction of advanced medical technologies in the country. In conclusion, the Medical Technology market in Philippines is experiencing significant growth and development, driven by customer preferences for advanced healthcare solutions, the adoption of digital health technologies, and a focus on preventive healthcare. The local special circumstances, such as a large population and a thriving medical tourism industry, further contribute to the market growth. The underlying macroeconomic factors, including a stable economic environment and government support, also play a crucial role in the development of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.