Philippines Asthma and COPD Therapeutics Market Analysis

Philippines Asthma and COPD Therapeutics Market Analysis: Executive Summary

The Philippines Asthma and COPD Therapeutics Market was valued at around US $73 Mn in 2022 and is projected to reach US $114 Mn in 2030, exhibiting a CAGR of 5.70% during the forecast period.

Asthma and chronic obstructive pulmonary disease (COPD) are respiratory conditions affecting the airways, leading to breathing difficulties. Asthma is characterized by inflammation and constriction of the airways, often triggered by irritants, allergens, or physical exertion. Common symptoms include wheezing, shortness of breath, chest tightness, and coughing, along with risk factors such as respiratory infections and a family history of asthma. On the other hand, COPD includes emphysema and chronic bronchitis, both of which cause obstruction of the airways. Smoking is a primary risk factor for COPD, manifesting symptoms like fatigue, increased mucus production, and a lingering cough. Treatment for both conditions typically involves bronchodilators to ease airway constriction and anti-inflammatory medications to alleviate inflammation. Renowned pharmaceutical companies such as GlaxoSmithKline, AstraZeneca, and Boehringer Ingelheim are widely recognized for providing treatments for both COPD and asthma.

The prevalence of COPD is estimated to be around 6%, while Asthma affects approximately 13% of adults in the Philippines. The market is being driven by factors such as the rise in prevalence of Asthma and COPD, growing collaborations, growing infrastructure and others. However, limited access, limited coverage and lack of public awareness are few factors that limit the market's potential.

Market Dynamics

Market Growth Drivers

Rising prevalence: The Philippines faces a significant burden of these chronic conditions, with an estimated prevalence of COPD of roughly 6% in the population aged 40 years and older. Subsequently, the prevalence of asthma is steadily rising, at approximately 13% in adults and even higher rates in children. As the Filipino population continues to age, there is an elevated risk of developing COPD, which has the potential to contribute to market growth over the years.

Improved healthcare spending: Government initiatives and investments in healthcare infrastructure are enhancing the accessibility of diagnostic and treatment options, thereby increasing the potential of the market. Growing disposable income, especially in urban areas, empowers patients to afford better and potentially more expensive medications. The expansion of health insurance coverage can contribute to improved access to medications and treatments, fostering the growth of the market.

Growing collaborations: Allocating resources to research and develop new treatments, incorporating culturally-sensitive approaches specifically designed for the Filipino population, has the potential to enhance market opportunities. Collaborations between pharmaceutical companies, healthcare providers, and government agencies can enhance affordability, accessibility, and awareness, positively impacting the market.

Market Restraints

Limited coverage: Although the Philippines has PhilHealth, the national health insurance program, the coverage for advanced and costly medications used to treat COPD and asthma may be restricted, particularly in rural areas. This places a considerable financial strain on patients who depend on these medications to manage their health conditions.

Limited access: The limited availability of specialized care and advanced diagnostic tools in rural areas and for certain socioeconomic groups can result in discrepancies in diagnosis, treatment, and overall health outcomes. It is estimated that 98% of the Filipino population does not have access to basic outpatient asthma care, resulting in treatment disparities.

Underdiagnosis and misdiagnosis: There is a lack of public awareness regarding COPD and asthma, particularly concerning their risk factors and early warning signs, in certain communities. This deficiency results in delayed diagnoses and could potentially lead to a poor prognosis.

Healthcare Policies and Regulatory Landscape

In the Philippines, healthcare regulations and licensing are overseen by the Department of Health (DOH) and the Philippine Health Insurance Corporation (PhilHealth). Complying with the regulations set by the DOH and PhilHealth is necessary to obtain a license for healthcare products in the country.

To gain approval for healthcare products in the Philippines, companies must adhere to the regulations established by the DOH and PhilHealth. These entities supervise and monitor healthcare services, including the approval and surveillance of medical and healthcare products. Companies seeking registration and marketing authorization for pharmaceuticals and medical devices must obtain approval from the DOH, involving the submission of technical and scientific data to validate the product's safety, quality, and effectiveness.

The healthcare policy and regulatory framework in the Philippines involve various authorities and agencies, with the DOH playing a crucial role in regulating healthcare products. Both the public and private healthcare sectors in the country offer diverse opportunities for companies operating within the healthcare industry.

Competitive Landscape

Key Players

• Novartis
• GlaxoSmithKline
• Teva Pharmaceutical Industries
• AstraZeneca
• Boehringer Ingelheim Pharmaceuticals
• Merck
• Chiesi Pharmaceutical
• Sanofi
• Pfizer
• Bayer