Philippines MRI Market Analysis

Philippines MRI Market Executive Summary

The Philippines MRI Market is at around $14.61 Mn in 2023 and is projected to reach $23.46 Mn in 2030, exhibiting a CAGR of 7% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

In Philippines Road accidents are so prevalent that it leads to 109,322 injuries. The market therefore is driven by significant factors like increasing awareness, rising burden of chronic diseases, and government initiatives. However, high cost, infrastructural limitation, and scarcity of skilled professionals restrict the growth of the market.

The leading pharmaceutical companies include GE Healthcare and Koninklijke Philips N.V. for MRI machines. Esaote, Toshiba Medical Systems Corporation, and Shinagawa Diagnostic & Preventive Care are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Rising Burden of Chronic Diseases: Similar to many countries, the Philippines faces an increase in chronic illnesses like diabetes, cardiovascular diseases, and cancer. These conditions often require advanced diagnostic techniques like MRI for accurate detection and monitoring, driving demand for MRI machines. Cardiovascular diseases are a leading cause of death in the Philippines, accounting for about 35% of all deaths.

Increasing Awareness: Growing public awareness about health issues and the benefits of early detection leads to a higher demand for diagnostic procedures like MRI scans. Patients become more proactive in seeking advanced diagnostics for timely treatment.

Supportive Government Initiative: Philippine government, through the General Appropriations Act, is providing funding for the construction of MRI facilities. Specifically, the Batangas Medical Center is procuring the design and construction of an MRI building, which suggests the government is investing in expanding MRI infrastructure

Market Restraints

High Cost: MRI machines are incredibly expensive to purchase, install, and maintain. The complex technology and specialized facilities required create a significant financial barrier for many hospitals and clinics, especially smaller ones. Patients also face high procedure costs, potentially restricting access to this valuable diagnostic tool.

Infrastructure Limitation: A reliable and strong electricity supply is crucial for operating MRI machines. Uneven power infrastructure, particularly in rural regions, can pose challenges for consistent operation. Hospitals and diagnostic centers in these regions may face greater challenges in securing a reliable electricity supply to operate MRI machines consistently.

Scarcity of Skilled Professionals: Without enough skilled professionals to operate and interpret MRI scans, healthcare facilities are unable to fully leverage their MRI equipment, constraining access to these important diagnostic services for patients. A lack of qualified radiologists and technicians restricts the number of MRI procedures performed and strains existing resources.

Regulatory Landscape and Reimbursement Scenario

Food and Drug Administration (FDA) is responsible for ensuring the safety, efficacy, and quality of MRI machines as medical devices. MRI machines require registration with the FDA before being imported, distributed, or used in the Philippines. This process involves meeting specific safety and technical standards. It also provides guidelines for implementing quality control and safety protocols for MRI services.

PhilHealth covers some MRI scans under specific conditions. However, coverage details and limitations vary depending on the specific medical condition and the patient's PhilHealth membership type. Additionally, the MediCard plan provides a 30% discount on outpatient laboratory and diagnostic tests, which could include MRI services.

Competitive Landscape

Key Players

Here are some of the major key players in the Philippines MRI Market:

• GE Healthcare
• Koninklijke Philips NV
• Siemens Healthineers
• Canon (Canon Medical Systems Corporation)
• Toshiba Medical Systems Corporation
• Paramed Medical Systems
• Hitachi Medical Corporation
• Esaote
• Shinagawa Diagnostic & Preventive Care
• Biocare Medical