PHILIPPINES DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

PHILIPPINES DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Philippines Diabetes Care Drugs Market is expected to register a CAGR greater than 4% over the forecast period, 2022-2027.

COVID-19 is a novel sickness caused by a SARS-CoV-2 virus strain. The great majority of people infected with the virus will develop mild to moderate respiratory illness and recover without requiring special treatment. The aged and those suffering from underlying medical conditions such as diabetes, hypertension, heart disease, lung disease, obesity, and cancer are at a higher risk of developing serious diseases. The virus infiltrates several cells in the body, including the heart and lungs, causing inflammatory changes that cause inflammation and multi-organ damage. Diabetes and systemic inflammation have been connected. According to studies, diabetes patients exhibited higher virus entry, a decreased immune response, less viral clearance, and dysregulated inflammatory markers.

Diabetes patients may be at the same risk of contracting COVID-19 as people who do not have diabetes. People with diabetes, on the other hand, have a higher risk of hospitalisation, ICU admissions, severe sequelae, and mortality after getting COVID -19 due to the disease's essential feature.

In terms of medicines, the insulin category commands a sizable market share. Over 100 million people worldwide use insulin, including all persons with Type 1 diabetes and 10% to 25% of people with Type 2 diabetes. Insulin production is extremely sophisticated, and there are only a few insulin manufacturers on the market. As a result, there is fierce rivalry among these producers, who are continually striving to satisfy the demands of patients by providing the highest-quality insulin.

Key Market TrendsOral-Anti Diabetes Drugs is having the highest market share in 2021

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 of 2022.

Diabetes care is restricted in the Philippines due to a lack of resources, government help, and economics. In terms of prevention, the national insurance system does not cover complete diabetic care, and private insurance companies only give limited diabetes coverage. As a result, the majority of 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 accounts 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 characterised by elevated blood sugar levels caused by impaired insulin synthesis and/or 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 specialised 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 conundrum.

Thus, owing to the above factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

The diabetes drugs market is moderately fragmented, with few significant and generic players. The insulin drugs and Sglt-2 drugs market are dominated by a few major players, like Novo-Nordisk, Sanofi, AstraZeneca, and Bristol Myers Squibb. The market for oral drugs, like Sulfonylureas and Meglitinides, comprises more generic players. The intensity of competition among the players is high, as each player is striving to develop new drugs and offer them at competitive pricing. Furthermore, to increase their market shares, players are tapping into new markets, especially emerging economies where the demand is very high compared to the supply.

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