Philippine medical device market to grow 9% by 2024: Fitch

It will benefit from a strong economic performance over the next five years.

Despite ongoing hardships due to COVID-19 this year, the medical device market in the Philippines is expected to see a compound annual growth rate of 9% in peso terms or 8.8% in US dollar terms and rise to $884.3m by end-2024, reports Fitch Solutions.

Medical device suppliers and manufacturers are expected to benefit from the $9m funding granted by the Philippines Charity Sweepstakes Office (PCSO) to 87 government hospitals in May for the procurement of equipment and supplies.

Further, the Okada Foundation provided $500,000 to Philippine Heart Centre and the Lung Centre of the Philippines for machines, equipment and medical supplies.

Resorts World Philippines Cultural Heritage Foundation (RWPCHFI) also provided nearly $1m, 400 infrared thermometers and an expected 144,000 additional pieces of PPE.

Meanwhile, Bloomberry Cultural Foundation provided approximately $2m worth of goods, setup quarantine and treatment facilities, and a PCR machine.

These, together with the modernisation initiatives of hospitals and other key health sector development projects, will drive market growth, according to Fitch.

Distributors will play a major role in the success for medical device companies in the Philippines, the report added.