February 09, 2018
In an effort to showcase the latest developments in the medical, dental and pharmaceutical industry, the MEDICAL Philippines, in partnership with Pharma Philippines and Dental Philippines will be holding a Medical Expo which serves to bring international congregation of Medical & Healthcare equipment and services, Dental Technology, and their supporting industries together at the SMX Convention Center, Manila on September 4-6, 2018.
Highlights of the Medical Expo include Pharmaceutical Seminars, International Health Conferences, as well as Medical and Dental Technology Seminars. This will be organized by Fireworks Trade Exhibitions & Conference Philippines, Inc.
The event provides an overview of the Philippine Medical Industry, and how further developments create significant impact in the Philippines as it places itself in the lead in healthcare outsourcing industry. Consequently, expectations arise that it will double its revenue in the next three years.
MEDICAL DEVICE MARKET IN THE PHILIPPINES
The Medical Device Market sales forecast was expected to increase in the next few years based on the compound annual growth rate of 8.14%. Further analysis has shown that diagnostic imaging product accounts for a majority (35%) of the total market sales, followed by medical devices (21.9%), while other medical devices makes up for the 21.5%, and auxiliary devices, and auxiliary devices, dental products, and orthopedic implants comprised 9.1%, 8.6%, and 3.2%, respectively.
The Philippine Medical Device Market continues to rely heavily on foreign imports due to underdevelopment of domestic medical device industry. Most of the imported products are medical consumables that includes wound dressing products, where 94% of which come from Belgium and China; while catheters, surgical gloves and protective equipment mainly come from Malaysia. In addition, 98% of the auxiliary devices that includes hearing aids and pacemaker mostly come from Hong Kong and Switzerland, while artificial joints are mostly imported from Taiwan.