The Philippines medical device market continues to remain advantageous to foreign medical device manufacturers. In order to provide the full spectrum of products the island nation needs, The Philippines healthcare industry heavily relies on foreign medical device and IVD manufacturer imports. And as a developing market, demand for medical device can be attributed to a steady economic growth of 6% and continued hospital expansion. Currently, there are 4 major healthcare providers:
St. Luke’s Medical Center (SLMC)
Metro Pacific Investments Corporation (MPIC),
Mt. Grace Hospitals (MGHI)
QualiMed Health Network (Qualimed).
The government alongside the Philippines Department of Health (DOH), has made healthcare a priority. 94% of their citizens through their social health insurance program, called Philippine Health Insurance (PhilHealth). Given the Philippine’s stage of development, combined with a strong desire for universal coverage, the Philippines medical device market is particularly price sensitive and competition can be fierce among global manufacturers vying for the Philippines current, and future, healthcare market. High potential growth areas include: consumables, x-ray and radiation equipment, breathing appliances, linear accelerators, CT scanners, MRI equipment, ultrasound equipment, biological rapid test kits and resources for treating hypertension and diabetes/kidney disease.