Philippines Coronary Stents Market Report 2022 to 2030

Philippines Coronary Stents Market Analysis

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The Philippines Coronary Stents Market is expected to witness growth from $25 Mn in 2022 to $37 Mn in 2030 with a CAGR of 5.25% for the forecasted year 2022-30. As cardiovascular disease awareness increases in the Philippines, more patients are seeking early diagnosis and treatment of CAD, which is driving up the demand for coronary stents. The market is segmented by type, mode of delivery, materials, and end user. Some key players in this market include Medasia Medical, S.E.A. Olympus, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, and Philips Healthcare.

ID: IN10PHMD006 CATEGORY: Medical Devices GEOGRAPHY: Phillipines AUTHOR: Jigyasu Bhandari

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Philippines Coronary Stents Healthcare Market Executive Analysis

The Philippines Coronary Stents Market is expected to witness growth from $25 Mn in 2022 to $37 Mn in 2030 with a CAGR of 5.25% for the forecasted year 2022-30. The Philippines boosted its health spending from $14.32 billion in 2019 to $16.12 billion in 2020. As a result, at the current exchange rate, it made up 5.6% of the Gross Domestic Product (GDP). In the Philippines, household out-of-pocket costs accounted for about 41.5% of total health spending in 2021. By 2022, it was estimated that household health-related spending in the Philippines will equal $11.65 billion.

In the Philippines, coronary artery disease is expected to be responsible for 170,000 deaths in 2020, making it a major killer. Treatment for CAD, a major contributor to heart attacks and other cardiovascular conditions, involves the placement of coronary stents. To maintain its opening and restore blood flow to the heart, the stent is put into a blocked or restricted coronary artery. Coronary stents can aid in lowering the risk of restenosis, which occurs when the artery narrows once the therapy is complete. A drug that helps prevent restenosis is coated on drug-eluting stents. Coronary stents can relieve CAD symptoms including chest pain and shortness of breath by increasing blood flow to the heart, which improves patients' quality of life. The implantation of a coronary stent is a minimally invasive technique that can be carried out under local anesthesia. Placement of a coronary stent has a quicker recovery period and lower risk of complications than open heart surgery.

Philippines Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

As cardiovascular disease awareness increases in the Philippines, more patients are seeking early diagnosis and treatment of CAD, which is driving up the demand for coronary stents. The increased preference for less invasive procedures, which offer a shorter recovery time and fewer hazards, is another factor driving the need for coronary stents. Due to ongoing increases in healthcare funding by the Philippine government, patients now have easier access to medical devices like cardiac stents. Improvements in coronary stent technology, such as the development of drug-eluting and bioresorbable stents, which enhance patient outcomes, are driving demand for these products.

Market Restraints

The Philippines' underdeveloped healthcare system, especially in rural regions, may make coronary stent treatments more difficult to get for patients. The Philippines' tight medical device regulations can make it difficult for new manufacturers to enter the market, which could reduce competition. One of the biggest obstacles for patients, especially those with little financial resources, is the exorbitant cost of coronary stents. This may reduce consumer demand for these gadgets and producers' prospects for market expansion. Additionally, limiting patient access to these devices and reducing market growth potential may be the restrictive reimbursement policies for coronary stent treatments.

Competitive Landscape

Key Players

Medasia Medical (PH)
S.E.A. Olympus (PH)
Biotronik
Boston Scientific
B. Braun
Abbott Laboratories
GE Healthcare
Medtronic
Philipps Healthcare

Healthcare Policies and Regulatory Landscape

A combination of governmental and private healthcare providers makes up the Philippines' well-developed healthcare system. The principal regulatory authority in charge of regulating the Philippine healthcare system, including medical devices like coronary stents, is the Department of Health (DOH). Medical devices, including coronary stents, must be registered with the Food and Drug Administration (FDA) before they may be marketed and sold in the Philippines, where the DOH is in charge of overseeing their regulation. The Medical Device Administrative Order (MDAO) issued by the DOH governs the legal specifications for medical devices. Only a few private insurance firms in the Philippines have reimbursement policies that cover the cost of coronary stent treatments. Patients who receive percutaneous coronary intervention with bare-metal stents are partially reimbursed by the Philippine Health Insurance Corporation (PhilHealth).

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

Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cPhilippinesity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

Bare-metal Stents
Drug-eluting Stents
Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

Balloon-expandable Stents
Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

Metallic Stents
Cobalt-Chromium
Platinum Chromium
Nickel Titanium
Stainless Steel
Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

Hospitals
Cardiac Centers
Ambulatory Surgical Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.