Market Size of Philippines Diabetes Care Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 77.63 Million |
| Market Size (2029) | USD 110.05 Million |
| CAGR (2024 - 2029) | 7.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Diabetes Care Devices Market Analysis
The Philippines Diabetes Care Devices Market size is estimated at USD 77.63 million in 2024, and is expected to reach USD 110.05 million by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).
Diabetes is characterized by increased blood sugar levels due to compromised insulin production and/or function. It poses severe health risks, from heart attacks and strokes to blindness and kidney failure.
Given these risks, the rising prevalence of diabetes is poised to propel the country's market growth. According to a February 2024 article by Elsevier Ltd, diabetes cases in the Philippines are expected to soar to 7.5 million by 2045.
The same source highlighted that diabetic retinopathy is a primary cause of preventable blindness in the Philippines' Region 3, while diabetic nephropathy is a significant contributor to renal diseases nationwide. The Philippine Guidelines on Periodic Health Examination (PhEX) advocate for fasting blood sugar (FBS) tests, especially for adults over 40 and those with specific risk factors, to screen for type 2 diabetes mellitus (2D).
Recognizing the urgency, local and national initiatives in the Philippines have been rolled out to bolster diabetes care. In November 2023, the Department of Health (DOH) and the Central Luzon Center for Health and Development (CLCHD) emphasized the importance of regular Fasting Blood Sugar (FBS) tests for individuals with diabetes. This heightened focus on testing is anticipated to uncover a larger diabetic population, subsequently driving up the demand for diagnostic and monitoring devices.
With the diabetes incidence on the rise and a concerted effort to bolster diabetic care, the market is poised for significant growth.
Philippines Diabetes Care Devices Industry Segmentation
Diabetes care devices refer to devices that diabetic patients use to control blood sugar levels, prevent diabetes complications, reduce the burden of diabetes, and improve quality of life.
The Philippine diabetes care devices market is segmented by device type. By device type, the market is segmented into management devices and monitoring devices. By management devices, the market is segmented into insulin pumps, insulin pens, syringes, and others. By monitoring devices, the market is segmented into self-monitoring blood and continuous glucose monitoring. The report offers the value (USD) for all the above segments.
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Philippines Diabetes Care Devices Market Size Summary
The diabetes care devices market in the Philippines is poised for steady growth, driven by the increasing prevalence of diabetes and the need for effective management solutions. The market is characterized by a rising demand for advanced monitoring and insulin delivery devices, spurred by innovations such as continuous glucose monitoring systems and automated insulin delivery technologies. Despite the challenges posed by limited resources and inadequate government support, the market is expected to expand gradually, supported by efforts to integrate these technologies into the healthcare system. The Philippines faces significant healthcare challenges, including high out-of-pocket expenses and a fragmented referral system, which have been exacerbated by the COVID-19 pandemic, highlighting the critical need for improved access to diabetes care devices.
The financial burden of diabetes care in the Philippines is substantial, particularly in low- and middle-income settings where access to insulin and routine care is limited. The Universal Health Care Act of 2019 aims to address some of these issues by recommending the inclusion of insulin analogs in the national formulary, potentially reducing costs and improving access. However, the national insurance system's coverage remains inadequate, with most patients relying on out-of-pocket payments for essential care. The market landscape is also influenced by strategic mergers and acquisitions, such as Dexcom's acquisition of TypeZero Technologies, which enhance the development of automated insulin administration systems. As the market evolves, partnerships and collaborations among key players like Medtronic, Roche, NovoNordisk, Abbott, and Dexcom are expected to drive further advancements in diabetes care technologies.
Philippines Diabetes Care Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Diabetes Prevalence in the Country
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1.2.2 Growing Government Initiatives to Boost Adoption of Diabetes Care Devices
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1.3 Market Restraints
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1.3.1 Limited Insurance Coverage for Diabetes Care
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Device Type
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2.1.1 Monitoring Devices
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2.1.1.1 Self-monitoring Blood Glucose Devices
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2.1.1.1.1 Glucometer Devices
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2.1.1.1.2 Test Strips
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2.1.1.1.3 Lancets
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2.1.1.2 Continuous Blood Glucose Monitoring
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2.1.1.2.1 Sensors
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2.1.1.2.2 Durables
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2.1.2 Management Devices
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2.1.2.1 Insulin Pump
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2.1.2.2 Insulin Syringes
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2.1.2.3 Disposable Pens
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2.1.2.4 Others
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Philippines Diabetes Care Devices Market Size FAQs
How big is the Philippines Diabetes Care Devices Market?
The Philippines Diabetes Care Devices Market size is expected to reach USD 77.63 million in 2024 and grow at a CAGR of 7.20% to reach USD 110.05 million by 2029.
What is the current Philippines Diabetes Care Devices Market size?
In 2024, the Philippines Diabetes Care Devices Market size is expected to reach USD 77.63 million.
