Philippines Diabetes Care Devices Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Philippines Diabetes Care Devices Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Philippines Diabetes Care Devices Market size is expected to grow from USD 80.82 million in 2023 to USD 101.68 million by 2028, at a CAGR of 4.70% during the forecast period (2023-2028).

COVID-19 is a new illness caused by a strain of the SARS-CoV-2 virus. Most patients infected with the virus will develop mild to moderate respiratory disease and will recover without the need for special care. The elderly and those with underlying medical disorders such as diabetes, hypertension, heart disease, lung disease, obesity, and cancer are more prone to develop serious illnesses. The virus's invasion of different cells in the body, including the heart and lungs, creates inflammatory alterations that cause inflammation and multi-organ damage. Diabetes has been linked to systemic inflammation. Diabetes patients had increased virus entrance, a reduced immune response, less viral clearance, and dysregulated inflammatory markers, according to research.

Patients with diabetes may be at the same risk of getting COVID-19 as those who do not have diabetes. However, due to the disease's fundamental characteristic, people with diabetes have a greater risk of hospitalisation, ICU admissions, severe sequelae, and mortality after contracting COVID -19 than those without diabetes.

Diabetes is a complicated condition defined by high blood sugar levels as a result of impaired insulin production and/or action. Insulin is a pancreatic hormone that controls blood sugar levels in the body. Diabetes uncontrolled causes a variety of consequences, including heart attack, stroke, leg amputation, blindness, and kidney failure. According to DOST-FNRI data, Prediabetes affects around 14.2% of the population. When diabetes and prediabetes are combined, one out of every five Filipinos has abnormal glucose levels.

Philippines Diabetes Care Devices Market Trends

Management Devices Hold Highest Market Share in Philippines Diabetes Care Devices Market

Diabetes has a disproportionate financial impact on patients in low- and middle-income nations. The occurrence of complications may also raise medical spending, which significantly influences the direct healthcare expenditures of diabetes. The Philippines' Universal Health Care Act of 2019 established the Health Technology Assessment Council (HTAC), an advisory body recommending medications and technology for government financing. A single insulin analog pen is worth three days of minimum wage salary. HTAC aims to put insulin analogs in the Philippine formulary to reduce costs and influence government discussions. As this method develops traction, it is critical to enhancing primary care units and referral networks to build a strong infrastructure for diabetes care delivery.

Diabetes care in the Philippines is limited regarding resources, government assistance, and economics. In a preventative approach, the national insurance system does not cover full diabetic care, and private insurance firms only provide minimal diabetes coverage. As a result, most patients rely on "out-of-pocket" charges, such as laboratory procedures and daily prescriptions.

Increasing Diabetes Population in the Philippines

The Philippines confronts significant impediments to health care, including insufficient health finance, which leads to high out-of-pocket expenses, and a fragmented referral system from general care to specialized care units. Access to diabetic devices became an even larger challenge for the Philippines during the COVID-19 epidemic because of financial limitations from the economic slowdown and significant supply gaps. Addressing these impediments is critical to resolving the country's insulin and diabetes care access issue.

Millions of individuals in low-and middle-income countries (LMICs) do not have access to insulin or routine diabetes care. The Philippines, a lower-middle-income Southeast Asian country with over 4 million diabetic adults, is no stranger to this dilemma. Diabetes is the fourth greatest cause of mortality in the Philippines.

As a result, the diabetes care devices market in Indonesia is predicted to expand gradually in the coming years.

Philippines Diabetes Care Devices Industry Overview

New diabetes device innovations, such as continuous glucose monitoring, have expanded the market for monitoring devices. Mergers and acquisitions among businesses, including Dexcom's acquisition of TypeZero Technologies, pave the road for automated insulin administration. Rather than simply boosting the market for continuous glucose monitoring devices, the purchase has propelled Dexcom ahead in the race to develop an artificial pancreas system.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support