Philippines Brain Cancer Therapeutics Market

Philippines Brain Cancer Therapeutics Market Executive Summary

Philippines Brain Cancer Therapeutics Market valued at $5 Mn in 2022, projected to reach $12 Mn by 2030 with a 11.1% CAGR.

The abnormal growth of brain cells serves as an indicator of brain cancer, wherein these cells display characteristics that can be either malignant (cancerous) or benign (non-cancerous). Although the precise cause of brain cancer remains unclear, recognized risk factors encompass exposure to ionizing radiation and a family history of brain tumors. Common symptoms associated with a brain tumor consist of headaches, gradual sensory decline, balance issues, speech impediments, and hearing difficulties. The presentation of these symptoms varies depending on factors like the tumor’s size, location, and growth rate. Treatment strategies for brain cancer are determined by the tumor’s type, location, and size, with frequently employed methods including radiosurgery, chemotherapy, radiotherapy, surgery, and the utilization of carmustine implants.

Cancer constitutes a significant health challenge in the Philippines, ranking among the leading causes of mortality in a population exceeding 110 Mn. Brain cancer, characterized by the abnormal growth of cells in the brain, presents as either malignant (cancerous) or benign (non-cancerous). Globally, brain tumors stand as the second most prevalent malignancy among children aged 0-14 years, with an incidence ranging from 1.12 to 5.14 cases per 100,000 individuals. In the Philippines, prevalent types of brain tumors include Astrocytoma (25.8%), Medulloblastoma (23.9%), Meningioma (45.1%), and Glioblastoma multiforme (7.5%). Addressing the specific challenges posed by these tumor types is essential for effective healthcare planning and resource allocation in the Philippines.

Avastin (bevacizumab), Temodar (temozolomide), Afinitor (everolimus), and other medications are approved for the treatment of brain tumors in the Philippines. Notably, City of Hope announced a significant milestone in October 2022 when the first patient was given a revolutionary drug that may be able to stop cancer. Furthermore, preliminary findings from a prospective pivotal trial evaluating Berubicin for the management of recurrent Glioblastoma Multiforme (GBM) were released by CNS Pharmaceuticals. The creation of next-generation cancer therapy medications is aided by the advancement of businesses such as Elpis Biopharmaceuticals and Regency Pharmaceuticals, demonstrating the changing landscape of brain tumor treatments.

Market Dynamics

Market Growth Drivers

Advancements in Treatment Options: The development of innovative medicines for brain-related disorders and technological advances in the healthcare industry are improving the effectiveness of treatments, which in turn is driving market expansion. The introduction of novel and efficacious treatments frequently results in a surge in the demand for these therapies. As the market expands, it attracts further investment, fostering a cycle of innovation, demand, and growth within the healthcare industry.

Increasing Incidence Rates: An increase in brain cancer incidence fuels the need for medications used in therapy. Effective pharmacological therapies may be required if brain cancer incidence rises due to factors like population expansion, aging demographics, and lifestyle changes.

Increasing Healthcare Awareness: Growing awareness about the importance of early detection, regular screenings, and access to advanced treatments for brain cancer can drive patient demand for effective pharmaceutical solutions. Increased public awareness often leads to a proactive approach to healthcare, influencing market growth.

Market Restraints

Regulatory Hurdles: The strict regulations and approval processes could create challenges for the creation and release of new medications for treating brain cancer, which may result in delays in their availability.

Limited Efficacy of Current Treatments: The efficacy of current treatments for brain cancer may be limited, underscoring the need for revolutionary innovations to significantly improve patient outcomes. This limitation has the potential to impact the market outlook for currently accessible drugs.

High Cost of Treatment: The substantial costs associated with advanced treatments such as targeted drugs and immunotherapies pose a financial challenge for both patients and the healthcare system. Financial hardship may be exacerbated by access to these expensive treatments being hampered by complex payment processes or inadequate insurance coverage. As a result, gaps in treatment availability due to socioeconomic reasons could appear, raising ethical questions about the equitable distribution of healthcare.

Healthcare Policies and Regulatory Landscape

In the Philippines, the regulatory landscape and healthcare policies governing treatment drugs are overseen by key entities, including the Food and Drug Administration (FDA), which ensures the safety and quality of pharmaceuticals through registration and post-market monitoring. The Department of Health (DOH) is crucial in establishing standards and rules for healthcare while working with the FDA. Purchasing and choosing necessary medications is influenced by the DOH's Philippine National Drug Formulary (PNDF). Furthermore, the Health Technology Assessment Council (HTAC) assesses the efficacy and cost-effectiveness of health technology, including medications, while the Philippine Health Insurance Corporation (PhilHealth) controls coverage and payment guidelines.

Competitive Landscape

Key Players

• Merck & Co
• Amgen
• Roche
• Pfizer
• Teva Pharmaceutical
• Karyopharm Therapeutics
• Novartis
• AstraZeneca
• Bristol Myers Squibb
• Eli Lilly