SEATTLE, May 23, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Philippines Radiotherapy market size is estimated to be valued at US$ 17.6 Million in 2018, and is projected to exhibit a CAGR of 5.8% over the forecast period (2018–2026).
Key Trends and Analysis of the Philippines Radiotherapy Market:
Increasing initiatives by various government organizations to increase access to radiotherapy among patients suffering from cancer in Philippines is expected to create lucrative environment for growth of the Philippines radiotherapy market. For instance, due to high prevalence of cancer in Philippines, the Department of Health (DOH), Philippines, in 2016, decided to strategically establish cancer centers in hospitals to make quality radiation therapy services more accessible to cancer patients, especially those outside Metro Manila.
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Key players in the market are working on installing and increasing access of their technologically advanced radiotherapy products in the Philippines market. For instance, in 2015, Elekta installed new version Gamma Knife Perfexion stereotactic radiosurgery system at the Philippines Gamma Knife Center. Installment of such novel devices in Philippines is expected to support the Philippines radiotherapy market growth over the forecast period.
Furthermore, high prevalence of cancer in Philippines is expected to significantly increase the demand for its treatment procedures including radiotherapy and drive Philippines radiotherapy market growth. For instance, according to the data published by Philippines Statistics Authority in February 2018, neoplasms (also called as cancer) was found to be second leading cause of death after ischemic heart disease in Philippines and accounted for 10.4% of total death cases or around 60,470 death in 2016.
Stringent regulations by Philippines government on import of radiotherapy devices in is expected to hinder the market growth. For instance, in 2017, the government of Philippines implemented new customs clearance procedure for radiation devices. According to the new guidelines, radiation-emitting medical devices are subjected to a new customs clearance release procedure administered by the Philippines FDA. For shipment of each radiation-emitting devices in Philippines importers must obtain a Clearance for Customs Release (CFCR) certificate issued by the FDA’s Center for Device Regulation, Radiation Health, and Research (CDRRHR). Applications are processed within 3 working days for a fee of US$ 6 (Philippines Peso 300) per device.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 5.8% during the forecast period (2018–2026). This growth is attributed to high prevalence of cancer, frequent initiatives by various organizations for cancer treatment, and increasing focus of key players to install novel radiotherapy devices in country
- Breast cancer is expected to hold a dominant position over the forecast period in the application segment. This is majorly due to high prevalence of breast cancer in the Philippines and it is expected to aid in growth of the segment. For instance, according to the data published by Philippine Cancer Society in 2015, prevalence of breast cancer is the highest as compared to other cancers and it accounts for 19% of all cancer cases in the Philippines.
- The cost of radiotherapy is high and is not easily affordable to low and middle income population. However, benefits and reimbursements provided by PhilHealth may support adoption of radiotherapy in the Philippines and drive market growth over the forecast period.
- Some of the major players operating in the Philippines Radiotherapy market include, Elekta AB, Accuray Incorporated, Varian Medical Systems, Inc., RaySearch Laboratories AB, Mevion Medical Systems, Inc., Isoray Inc., Nordion Inc., Becton, Dickinson and Company, Ion Beam Applications SA, and Hitachi, Ltd.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.