Philippines Diabetes Care Devices Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*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 expected to grow from USD 80.82 million in the current year to USD 101.68 million by the forecast period, at a CAGR of 4.70% during the forecast period.
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.
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Increasing Diabetes Population in the Philippines is driving the market in the forecast period.
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.
Philippines Diabetes Care Devices Market Leaders
*Disclaimer: Major Players sorted in no particular order
Philippines Diabetes Care Devices Market News
- September 2023: The Philippines public is being cautioned by the Department of Health (DOH) regarding misleading information pertaining to diabetes remedies. The DOH emphasizes that non-communicable diseases, including diabetes, can be averted by adopting a healthy lifestyle rather than relying on specific products available for purchase online.
- April 2022: Abbott, CamDiab, and Ypsomed announced the partnership to develop and commercialize an integrated automated insulin delivery (AID) system in European countries. The connected, smart wearable solution is designed to continuously monitor a person's glucose levels and automatically adjust and deliver the right amount of insulin at the right time, removing the guesswork of insulin dosing.
Philippines Diabetes Care Devices Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Monitoring Devices
5.1.1 Self-monitoring Blood Glucose Devices
18.104.22.168 Glucometer Devices
22.214.171.124 Test Strips
5.1.2 Continuous Blood Glucose Monitoring
5.2 Management Devices
5.2.1 Insulin Pump
126.96.36.199 Insulin Pump Device
188.8.131.52 Insulin Pump Reservoir
184.108.40.206 Infusion Set
5.2.2 Insulin Syringes
5.2.3 Insulin Cartridges
5.2.4 Disposable Pens
6. MARKET INDICATORS
6.1 Type-1 Diabetes population
6.2 Type-2 Diabetes population
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Becton and Dickenson
7.1.6 Novo Nordisk
7.1.8 Eli Lilly
7.1.11 Lifescan (Johnson &Johnson)
- *List Not Exhaustive
7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Philippines Diabetes Care Devices Market Research FAQs
What is the current Philippines Diabetes Care Devices Market size?
The Philippines Diabetes Care Devices Market is projected to register a CAGR of 4.70% during the forecast period (2023-2028)
Who are the key players in Philippines Diabetes Care Devices Market?
Medtronic, Roche, NovoNordisk, Abbott and Dexcom are the major companies operating in the Philippines Diabetes Care Devices Market.
Philippines Diabetes Care Devices Industry Report
Statistics for the 2023 Philippines Diabetes Care Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Philippines Diabetes Care Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.