Philippines PET Scan Market Analysis

Philippines PET Scan Market Executive Summary

The Philippines PET Scan market is at around $4.3 Mn in 2023 and is projected to reach $6.4 Mn in 2030, exhibiting a CAGR of 5.9% during the forecast period.

PET imaging (Positron Emission Tomography) is a diagnostic imaging tool used in Nuclear Medicine to obtain clinical information from the patient. An extension of this imaging modality is the PET-CT hybrid. The system consists of two scanning machines: PET imaging and an X-ray computed tomography (CT) scanner that are combined in a PET-CT scan to provide detailed information on the anatomy and physiology of the body. It is usually performed in a single scanning session and is an established technology which is widespread and accepted globally. A CT scan is a diagnostic imaging procedure that uses a combination of X-rays and computer technology to produce images of the inside of the body. A PET-CT scan is a hybrid imaging method that combines the anatomical and functional imaging of CT with PET to produce finely detailed, high-resolution pictures for use in the diagnosis and treatment of a variety of medical disorders. Another frequently used integrated diagnostic imaging method is PET-MRI scan. MRI is magnetic resonance imaging which uses strong magnetic fields and radio waves to produce finely detailed images of the brain and other soft tissues like muscles and ligaments. PET-MRI scan provides superior soft tissue contrast compared to CT scans in PET-CT which allows for more precise anatomical visualization alongside the functional data from the PET scan. Moreover, PET-MRI offers sharper images than CT scans, particularly in regions close to bones, which can introduce artifacts because of bone density. When identifying disorders of the pelvis, spine, or skull, this can be extremely important.

The Philippines faces a significant challenge in managing chronic diseases, placing an immense burden on individuals, families, healthcare system, and the economy. The factors driving the epidemic of chronic diseases in Philippines include urbanization, industrialization, changing dietary habits, sedentary lifestyles, tobacco use, and alcohol consumption. Non-Communicable Diseases (NCDs) account for a staggering 68% of all deaths in Philippines. The Philippines PET Scan Market is thus driven significant factors such as the increased healthcare expenditure, increased geriatric population, and rising prevalence of chronic diseases. However, the radiation exposure concerns, regulatory challenges, and lack of skilled professionals restrict the growth and potential of the market.

The major players of the Philippines PET Scan Market are GE Healthcare, Siemens Healthineers, Toshiba, Schiller, and Hitachi, among others.

Market Dynamics

Market Growth Drivers

Increased Healthcare Expenditure: Rising healthcare spending leads to the expansion and upgrading of healthcare infrastructure, prompting new hospitals, diagnostic centers, and specialized clinics to adopt PET scanning services. This adoption enhances their diagnostic capabilities and appeals to patients seeking advanced medical treatments. Furthermore, healthcare systems with higher expenditures prioritize integrated care models, utilizing PET scans in conjunction with imaging modalities such as CT or MRI for comprehensive diagnostic evaluations. This integration improves treatment strategies and fosters market expansion. Moreover, increased investment supports research and development efforts, with PET scans playing a vital role in clinical trials, drug development, and medical research, driving innovations in PET scan technology and broadening its clinical utility.

Increased Geriatric Population: In Philippines, the individuals aged 65 and above has been constantly increasing and they constituted 6% of the total population in 2023. Aging individuals experience greater susceptibility to various age-related diseases, particularly chronic conditions such as cancer, cardiovascular diseases, and neurodegenerative disorders. PET scans are crucial for diagnosing and monitoring these conditions, leading to heightened demand among older populations. As a consequence, the elderly often present complex medical requirements necessitating accurate and comprehensive diagnostic tools. By offering detailed insights into disease progression, treatment effectiveness, and overall health management, PET scans enable personalized care strategies. In essence, the aging population underscores the necessity for PET scans, thereby fostering growth in the PET Scan Market.

Rising Prevalence of Chronic Diseases: Cancer, cardiovascular diseases, and neurodegenerative disorders are a few disorders that are increasing day by day in most countries. In Philippines, the age standardized cancer incidence rate in 2022 was 185.4 in both males and females as per the WHO. Thus, the increasing prevalence of these diseases necessitates the use of advanced diagnostic technologies like PET scans. These tools are vital for accurately identifying, staging, planning treatments, and monitoring these conditions early on. This results in the growth of the PET Scan Market.

Market Restraints

Radiation Exposure Concerns: While PET scans are highly beneficial in medical diagnostics, the concern over radiation exposure is significant, influencing patient safety, public perception, and regulatory standards. The ionizing radiation from radiotracers, although minimal, can pose risks with repeated exposure, causing patient reluctance. Pregnant women and children are especially vulnerable, limiting PET scan applications in these groups. Such concerns negatively affect the expansion of the PET scan market.

Regulatory Challenges: Obtaining regulatory approval for radiotracers in PET scans involves rigorous preclinical research, clinical trials, and filing procedures. Licensing delays can impede the launch of new radiotracers and sophisticated imaging solutions. Moreover, regional and national regulatory requirements can complicate the introduction of novel PET imaging technologies, delaying market entry and adoption. Thus, the stringent regulatory approval process for medical devices poses a potential market restraint for the PET scan market.

Lack of Skilled Professionals: The PET scan market faces challenges due to the shortage of skilled professionals who can operate the scanners and analyse the results. This shortage can result in reduced availability and lower quality of PET scan services, impacting the market's potential growth. Specialized training programs are essential, but the current deficit in trained personnel remains a significant restraint.

Regulatory Landscape and Reimbursement Scenario

The Food and Drug Administration (FDA) of the Philippines is a health regulatory agency under the Department of Health responsible for the licensing, monitoring, and regulation of the drugs, foods, cosmetics, vaccines, and medical devices in the Republic of the Philippines.

New drug products can enter the Philippines in one of two ways: either an Abridged Review or a Verification Review. Based on a previous evaluation from an RDRA (Reference Drug Regulatory Agency), an Abridged Review is a limited independent examination of particular sections of the dossier or submission for acceptability of use under local conditions and regulatory requirements. This can be used if the drug product, vaccine, or biological has already received approval from an RDRA and is within three years of that approval date. The Verification Review describes an evaluation process in which the FDA merely verifies the submission and confirms that the product complies with the standards, requirements, and registration conditions that have been approved by the RDRAs after the submission has been assessed and approved by at least two (2) RDRAs. The Abridged Review and Verification Review have an approval time period of not more 45 and 30 working days, respectively.

The reimbursement landscape for healthcare in the Philippines is complex and constantly evolving. The government of the Philippines provides funding for a public healthcare system. For some residents, especially the underprivileged, this system offers basic medical care at discounted costs or even without charge. Access to experts and cutting-edge treatments, however, may be restricted. Compared to the public sector, more services are offered by the private healthcare system, such as sophisticated procedures and diagnostics, reduced waiting periods, and choice of medical facilities and experts. A government-owned initiative, the Philippine Health Insurance Corporation (PhilHealth) provides employees in the formal sector and their dependents with a mandated national health insurance plan. A percentage of the cost of hospitalization and specific outpatient services in approved public and private hospitals is covered by PhilHealth. Next, the Social Amelioration Program (SAP) is a government initiative that offers low-income families financial support for a range of needs, including healthcare.

Competitive Landscape

Key Players

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

• GE Healthcare
• Siemens Healthineers
• Toshiba
• Schiller
• Hitachi
• Canon Medical Systems
• Philips
• Fujifilm
• Neusoft Medical
• United Imaging Healthcare