Market Trends of Philippines Diabetes Care Drugs Industry
Oral-Anti Diabetes Drugs is having the highest market share in Current Year
The Oral-Anti Diabetes Drugs segment is expected to increase with a CAGR of over 4.2% during the forecast period, mainly due to the demand from the Type-1 diabetes population, which was more than 4 million by the end 2022.
Diabetes care is restricted in the Philippines due to insufficient resources, government help, and economics. Regarding prevention, the national insurance system does not cover complete diabetic care, and private insurance companies only give limited diabetes coverage. As a result, most patients are forced to pay for "out-of-pocket" expenses such as laboratory tests and daily medications.
Insulin therapy is the most potent hypoglycaemic medication currently available for diabetes treatment; however, the potency of insulin deteriorates if it is stored under improper conditions. In Thailand, NCDs, including diabetes, account for more than 70% of all deaths. Obesity leads to a more than seven times increase in the risk of developing type 2 diabetes, while being overweight increases the risk by three times.
Through the Philippines government's encouragement, the usage of Management Devices increased over the forecast period.
Increasing Diabetes population in Thailand
Diabetes is a complex disease characterized by elevated blood sugar levels caused by impaired insulin synthesis and action. Insulin is a pancreatic hormone that regulates blood sugar levels. Diabetes, if left unchecked, can lead to a heart attack, stroke, leg amputation, blindness, and renal failure. Prediabetes affects around 14.2% of the population, according to DOST-FNRI statistics. One in every five Filipinos has abnormal glucose levels when diabetes and prediabetes are combined.
Significant barriers to health care exist in the Philippines, including limited health finance, which leads to high out-of-pocket payments and a fragmented referral system from general care to specialized care units. Due to budgetary constraints resulting from the economic slump and major supply shortages, access to diabetic devices became an even greater difficulty for the Philippines during the COVID-19 outbreak. Identifying and removing these roadblocks is crucial to fixing the country's insulin and diabetes treatment access problem.
Millions of people in low- and middle-income countries (LMICs) lack access to insulin and regular diabetes care. The Philippines, a lower-middle-income Southeast Asian country with more than 4 million diabetic adults, is no stranger to this problem.
Thus, the above factors are expected to drive the market growth over the forecast period.
