Philippines: Medical Instruments Market 2024

Medical Instruments Market Size in the Philippines

In 2022, after four years of decline, there was significant growth in the Philippine medical instruments market, when its value increased by 343% to $X. In general, consumption, however, saw a abrupt slump. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Medical Instruments Exports

Exports from the Philippines

After four years of growth, shipments abroad of instruments used in medical sciences decreased by -5.4% to X tons in 2022. In general, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2015 when exports increased by 743% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, medical instruments exports dropped modestly to $X in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 5,116%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Taiwan (Chinese) (X tons) and Germany (X tons) were the main destinations of medical instruments exports from the Philippines, together comprising 63% of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +154.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for instruments used in medical sciences exports from the Philippines, comprising 50% of total exports. The second position in the ranking was taken by Japan ($X), with a 17% share of total exports. It was followed by Indonesia, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +74.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.1% per year) and Indonesia (+55.9% per year).

Export Prices by Country

In 2022, the average medical instruments export price amounted to $X per ton, approximately mirroring the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 519% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+17.8%), while the prices for the other major destinations experienced mixed trend patterns.

Medical Instruments Imports

Imports into the Philippines

In 2022, after four years of decline, there was significant growth in supplies from abroad of instruments used in medical sciences, when their volume increased by 6% to X tons. Overall, total imports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -36.1% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 48%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, medical instruments imports reduced to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.5% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 28%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Germany (X tons) and Malaysia (X tons) were the main suppliers of medical instruments imports to the Philippines, together comprising 66% of total imports. The United States, Japan, Singapore, Indonesia, Vietnam, Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +86.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest medical instruments suppliers to the Philippines were Germany ($X), Singapore ($X) and China ($X), together comprising 55% of total imports. The United States, Japan, Malaysia, Hong Kong SAR, Taiwan (Chinese), Vietnam and Indonesia lagged somewhat behind, together accounting for a further 28%.

Indonesia, with a CAGR of +52.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average medical instruments import price stood at $X per ton in 2022, waning by -9.3% against the previous year. In general, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 an increase of 47%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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