Philippines: Ecg Market 2025

Ecg Market Size in the Philippines

For the third year in a row, the Philippine ECG market recorded decline in sales value, which decreased by -10.8% to $X in 2021. In general, consumption continues to indicate a noticeable decrease. Consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Ecg Exports

Exports from the Philippines

In 2021, the amount of electro-cardiographs exported from the Philippines fell dramatically to X units, with a decrease of -55.3% compared with 2020. Over the period under review, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 1,094% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, ECG exports declined sharply to $X in 2021. In general, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 982%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units), Oman (X units) and Singapore (X units) were the main destinations of ECG exports from the Philippines, together accounting for 74% of total exports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +34.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ECG exported from the Philippines were Singapore ($X), Oman ($X) and the United States ($X), with a combined 76% share of total exports.

Singapore, with a CAGR of +61.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ECG export price amounted to $X per unit, waning by -16.2% against the previous year. Over the period under review, the export price, however, saw perceptible growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 91% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+59.6%), while the prices for the other major destinations experienced more modest paces of growth.

Ecg Imports

Imports into the Philippines

In 2021, overseas purchases of electro-cardiographs decreased by -7.6% to X units, falling for the sixth year in a row after four years of growth. Overall, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, ECG imports dropped to $X in 2021. Over the period under review, imports recorded a pronounced descent. The most prominent rate of growth was recorded in 2014 when imports increased by 23% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest ECG supplier to the Philippines, with a 25% share of total imports. Moreover, ECG imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. The third position in this ranking was held by Hong Kong SAR (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.6% per year) and Hong Kong SAR (+4.2% per year).

In value terms, China ($X) constituted the largest supplier of electro-cardiographs to the Philippines, comprising 25% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Hong Kong SAR, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.5% per year) and Hong Kong SAR (+18.4% per year).

Import Prices by Country

The average ECG import price stood at $X per unit in 2021, reducing by -6.8% against the previous year. Overall, the import price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 32%. As a result, import price reached the peak level of $X per unit, and then declined in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Singapore ($X per unit) and Malaysia ($X per unit), while the price for Finland ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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