Philippines Neurology Devices Market Analysis Report 2022 to 2030

Philippines Neurology Devices Market Analysis

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The Philippines Neurology Devices Market size was valued at $28 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Mn in 2030. The Philippines neurology devices market is expanding as a result of the ageing population and the increased rates of neurovascular disorders, such as stroke, among the elderly. A significant increase in the healthcare industry is the main factor driving the market. The market is segmented by product type and by the end user. Some key players in this market include Medtronic, Johnson and Johnson, Integra LifeSciences, Braun Mesungen AG, Stryker, and MicroPort.

ID: IN10PHMD012 CATEGORY: Medical Devices GEOGRAPHY: Phillipines AUTHOR: Jigyasu Bhandari

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Philippines Neurology Devices Market Executive Analysis

The Philippines Neurology Devices Market is at around $28 Mn in 2022 and is projected to reach $xx Mn in 2030, exhibiting a CAGR of xx% during the forecast period. Current Health Expenditure (CHE) in the Philippines increased from $14.32 billion in 2019 to $16.12 billion in 2020. As a result, at current prices, represents 5.6% of the Gross Domestic Product (GDP). The household Out-Of-Pocket (OOP) contribution made up about 41.5 percent of the Philippines' current health spending in 2021. Since 2014, the percentage of people from the Philippines who pay for their own health care has been steadily falling. The government further seeks to lower consumers' out-of-pocket costs with the passage of the Universal Health Care Act in 2019.

The Philippines' second most common cause of death is stroke. Hemorrhagic stroke accounts for 30% of the prevalence, while ischemic stroke makes up 70%. The prevalence of obesity is 49%, diabetes is 6%, dyslipidemia is 70%, and hypertension is 20% when adjusted for age. 1:330 is the neurologist-to-patient ratio, and 67% of neurologists work in cities. Patients and their families pay out-of-pocket for the majority of private health care. Delivering enough help to rural areas and vulnerable sectors is one of the challenges.

Neurology examines conditions that affect the neurological system. There are several different kinds of devices that are frequently used in neurology. For instance, the targeted sacral nerves in the lower back are electrically stimulated with sacral nerve stimulation devices. Contrarily, cerebrospinal fluid management tools keep the flow of this fluid constant and remove extra fluid from the brain. Accordingly, while deep brain stimulation devices assist in performing procedures by implanting a medical device that sends electrical impulses to specific target areas in the brain, interventional devices use radiology and catheters to diagnose the medical conditions present in the central nervous system.

Research and development of novel therapies and treatments for neurological diseases also utilize neurology equipment. To investigate the possibility of non-invasive brain stimulation to treat a variety of neurological diseases, Transcranial Magnetic Stimulation (TMS) devices, for instance, are utilized in research. For patients with neurological problems, having access to neurology devices in the Philippines can benefit them, especially in rural or disadvantaged areas where access to specialized care may be constrained. The top three neurologic conditions in the Philippines during the past year in terms of search volume were ADHD, migraines, and Alzheimer's disease. The incidence of various diseases in the nation may be reflected in this.

philippines neurology devices market analysis

Market Dynamics

Market Growth Drivers

The Philippines neurology devices market is expanding as a result of the aging population and the increased rates of neurovascular disorders, such as stroke, among the elderly. A significant increase in the healthcare industry is the main factor driving the market. The demand for neurology devices is also being greatly influenced by the Philippines' rising frequency of neurological illnesses. Also, it is anticipated that the rising number of product introductions and technological developments in pain management will boost demand for neurostimulation devices and propel market expansion.

Market Restraints

The Philippines' strict medical device regulations can make it more difficult and expensive to obtain regulatory approval for neurological products. This may have an effect on the market's expansion and the entry of new players in the Philippines neurology devices market respectively, In the Philippines, there is a dearth of comprehensive health insurance coverage for neurology devices, which may put a cap on the cost and availability of these devices to patients who require them.

Competitive Landscape

Key Players

Medtronic
Acandis GmbH
MicroPort
Stryker
Johnson and Johnson
Braun Mesungen AG
Integra LifeSciences

Notable Recent Deals

2020: A national brain research program that aims to advance the diagnosis and treatment of neurological illnesses was established by the Philippine Council for Health Research and Development (PCHRD) in collaboration with the Department of Science and Technology (DOST). The initiative promotes the creation of novel neurological technology and devices through partnerships with foreign partners.

Healthcare Policies and Regulatory Landscape

Neurology devices are governed by a well-established healthcare policy and regulatory system in the Philippines. Medical devices are governed in the Philippines by the government's regulatory body, the Food and Drug Administration (FDA). Medical devices are evaluated by the Food and Drug Administration (FDA) for their efficacy and safety, and those that pass muster receive approval. Additionally, the agency keeps an eye on the safety of medical devices sold on the market and takes action when an issue is found. The Philippine healthcare policy is created by the government. For instance, the Department of Health (DOH) is in charge of creating rules and regulations for the use of neurological devices. The Department of Health (DOH) works collaboratively with patient organizations and healthcare professionals to create regulations that support patient safety and provide access to the right neurological equipment.

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

Neurology Device Market Segmentation

The Neurology Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Neurostimulation
?Spinal Cord Stimulation Devices
Deep Brain Stimulation Devices
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Gastric Electric Stimulation
Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
CSF Management
- CSF Shunts
- CSF Drainage
Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips

By End User (Revenue, USD Billion):

??Hospitals and Clinics
Specialty Centres
Others

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.