Philippines Cardiac Surgery Instruments Market Analysis

Philippines Cardiac Surgery Instruments Market Analysis


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The Philippines Cardiac Surgery Instruments Market is expected to witness growth from $5 Mn in 2022 to $8 Mn in 2030 with a CAGR of 7.10% for the forecasted year 2022-2030. In the Philippines, cardiac arrest is the main cause of mortality, and risk factors like diabetes and hypertension are very common. The demand for cardiac surgery instruments is being driven by the rising prevalence of heart illness. The market is segmented by type, application and by end user. Some key players in this market include Medasia Medical, S.E.A. Olympus, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.

ID: IN10PHMD004 CATEGORY: Medical Devices GEOGRAPHY: Phillipines AUTHOR: Jigyasu Bhandari

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Philippines Cardiac Surgery Instruments Healthcare Market Executive Analysis

The Philippines Cardiac Surgery Instruments Market size is at around $5 Mn in 2022 and is projected to reach $8 Mn in 2030, exhibiting a CAGR of 7.10% during the forecast period. From $14.32 billion in 2019 to $16.12 billion in 2020, the Philippines' health expenditures increased. As a consequence, it represented 5.6% of the GDP at the current exchange rate. (GDP). In the Philippines, household out-of-pocket spending made up about 41.5% of the country's present medical costs in 2021. The projected amount for household health-related expenditure in the Philippines in 2022 is $11.65 billion.

The arteries that transport blood to the heart narrow or become blocked as a result of the condition known as Coronary Artery Disease (CAD). About 11.4% of people in the Philippines have CAD. In the country, CAD affects about 29.9 per 1,000 person-years. In order to treat coronary artery disease, the main cause of death in the Philippines, coronary artery bypass grafting is a frequent surgical procedure. Heart blood flow is restored by constructing new blood vessels that bypass the blocked arteries using cardiac surgery instruments like coronary artery bypass grafts, stents, and surgical implements. The accuracy and precision of cardiac surgery instruments are one of their main benefits. These instruments are made specially to give surgeons a high level of control and manoeuvrability, enabling them to finish difficult procedures with little harm to the surrounding tissue. Instruments for cardiac surgery are made to be precise and accurate, which is crucial when carrying out delicate operations like heart surgery. These instruments are specially made to allow surgeons to make precise incisions and execute complex manoeuvres with minimal damage to surrounding tissues.

In the Philippines, the use of cardiac surgery instruments can cure heart disease in a number of ways. These tools can reduce expenses, enable minimally invasive procedures, and increase precision, accuracy, safety, and outcomes. Instruments used in cardiac surgery are made with safety in mind. For instance, by stabilizing the heart and lowering the possibility of injury, tools like cardiac stabilizers can assist surgeons in carrying out procedures securely. Instruments for cardiac surgery can also help lower the total cost of care. For instance, less invasive treatments may lead to shorter hospital stays, which may lower the price of hospitalization.

Philippines Cardiac Surgery Instruments Market Analysis

Market Dynamics

Market Growth Drivers

In the Philippines, cardiac arrest is the main cause of mortality, and risk factors like diabetes and hypertension are very common. The demand for cardiac surgery instruments is being driven by the rising prevalence of heart illness. The Philippine government is making efforts to increase the standard and accessibility of healthcare in the entire country. The demand for healthcare services, including cardiac surgery instruments, is being fueled by government efforts. More sophisticated tools for cardiac surgery are being industrialized as a result of innovations in technology. Manufacturers are spending on research and development to produce cutting-edge instruments that can enhance patient outcomes and lower complications. The number of elderly individuals in the Philippines is increasing, and with age comes a greater risk of heart disease. The higher likelihood that elderly patients will need surgical interventions to address their heart disease, is pushing the demand for cardiac surgery instruments.

Market Restraints

Instruments used in cardiac surgery must be highly focused and accurate, which drives up their price. These instruments may be too expensive for some healthcare providers to afford, which could decrease the market for manufacturers in the Philippine healthcare business. The growth of the Philippine market for cardiac surgery instruments may be constrained by the fact that some areas of the country may not have the resources or healthcare infrastructure needed to support the use of cardiac surgery instruments.

Competitive Landscape

Key Players

  • Medasia Medical (PH)
  • S.E.A. Olympus (PH)
  • LivaNova
  • B. Braun
  • KLS Martin
  • Medline Industries
  • STILLE

Recent Notable Deals

2021: CSM Philippines, a regional manufacturer of medical equipment including tools for cardiac surgery, was purchased by B. Braun. B. Braun can increase its product offerings in the Philippines and fortify its position in the Asia-Pacific area as a result of the acquisition.

Healthcare Policies and Regulatory Landscape

In the Philippines, The Food and Drug Administration (FDA) regulates the importation, distribution, and sale of medical devices, including tools used in cardiac surgery. Before selling their goods in the nation, medical gadget manufacturers must receive FDA clearance or approval. The government's Health Facilities Enhancement Program (HFEP) aims to modernize the equipment and technical skills of public health facilities, including hospitals that offer cardiac surgery services. The initiative provides funding for the construction and remodelling of healthcare facilities as well as the acquisition of medical equipment, including tools and instruments for cardiac surgery. The Medical Device Administrative Management System (MDACS), a government program, aims to improve medical device management in the Philippines.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.

  • Forceps
  • Vascular Forceps
  • Grasping Forceps
  • Other Forceps
  • Needle Holders
  • Scissors
  • Clamps
  • Other Cardiac Surgical Instruments

By Application (Revenue, USD Billion):

The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The Philippines market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.

  • Coronary Artery Bypass Graft (CABG)
  • Heart Valve Surgery
  • Pediatric Cardiac Surgery
  • Other Applications

By End User (Revenue, USD Billion):

Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.

  • Hospitals and Cardiac Centers
  • Ambulatory Surgery Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Stage III: Interpretation and Presentation

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Last updated on: 11 June 2024
Updated by: Dhruv Joshi

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