As the market for diagnostic imaging grows, so too does the opportunity for an incursion into countries trying to modernize their approach to healthcare. While America and Europe are well in the lead as far as diagnostic imaging is concerned, there is a new market on the rise that is slowly taking a place as a growing market for diagnostic imaging suppliers to target. The Philippines is becoming a strong, highly desirable place for suppliers, due to its expansion in terms of healthcare.
Statistics are a great indicator of how the Philippines market is growing. Almost 100% of medical equipment in the Philippines is imported. These types of statistics give suppliers a glimpse into a market that has yet to be fully charted. The US presence in the Philippines is strong as over 24% of the market share is staked out, showing a strong preference for US suppliers. The Philippines doesn’t just require CT Scanners, and X-Ray machines, it also has a huge market for disposables as well.
What helps make the Philippines such an attractive market is the fact that there is a growth rate in the population of over 2% coupled with private hospital expansions and government plans to upgrade public health. When it comes to the public health sector it’s important to note that the Department of Health Controls 72 public hospitals. A significant portion of the budget is allotted to the purchase of new equipment. There are some downsides such as economic limitations and the fact that some hospitals will use equipment for its entire life. The downsides also include limited government agency budgets that are prioritized with the need for higher salaries and hospital expansion at the top of the list.
While the downsides are something to be concerned about they also allow time for market specific strategy that goes beyond simply establishing a supply channel with one or two reps scouting the market for opportunity. The market has increased slowly, the numbers for 2008 alone showed 46 million dollars that were led by ultrasound and followed by CT Scanners, and X-Rays. Since 2008 the numbers have continued to increase, showing signs of progress. The growth potential is still outstanding given how the demand will grow over the next 5years as the healthcare industry in the Philippines.
If you have any questions about diagnostic imaging equipment such as CT Scanners, X-Ray machines, MRIs, please contact us. We here at Amber are always happy to hear from you.
Director of Sales