The Philippines cardiovascular disease therapeutics market is expected to witness growth from $358 Mn in 2022 to $649 Mn in 2030 with a CAGR of 7.72% for the forecasted year 2022-2030. due to the rising prevalence of cardiovascular diseases in the Philippines. Furthermore, the increase in healthcare spending in the Philippines has resulted in the expansion of the market. The Philippines cardiovascular disease therapeutics market is segmented by disease indication, drug type, route of administration, drug classification, mode of purchase, and by the end user. Prosel Pharmaceuticals, Morishita-Segg'S Pharmaceuticals, and Fresenius Kabi are the major players in the Philippines cardiovascular disease therapeutics market.
The Philippines' cardiovascular disease therapeutics market size is at around $358 Mn in 2022 and is projected to reach $649 Mn in 2030, exhibiting a CAGR of 7.72% during the forecast period. Allocations made in the $96 Bn national budget for 2023 will aid in defending the Philippine economy from the negative effects of both internal and foreign shocks. It stated that the Department of Social Welfare and Development's (DSWD) significant social protection service initiatives have received more than $2.75 Bn in funding for this year. Additionally, it listed several initiatives for the prevention and management of communicable diseases, medical aid for patients in need, and some public health disaster benefits and compensation for both healthcare and non-healthcare personnel.
In the Philippines, cardiovascular diseases (CVDs), also known as heart and blood vessel disorders, account for one-third of all fatalities. CVDs are a subset of the broader category of non-communicable diseases (NCDs), which will cause 72% of deaths in the Philippines in 2021, according to the Philippine Statistics Office (PSA).
Currently, protein drugs, gene editing technologies, nucleic acid drugs, and cell therapy are the primary targeted therapies used to treat CVD in the Philippines. Although targeted therapy has shown good efficacy in pre-clinical and clinical trials, there are a number of hurdles that must be surmounted before it can be used in the real world. The novel regimen allows individualized and effective therapy by specifically identifying and binding to abnormal genes or proteins. The remarkable advancements in gene editing and cell therapy over the past few years have propelled targeted therapy into an active stage of research. An increasing number of targeted therapies, such as the monoclonal antibody (mAb) evolocumab for the treatment of homozygous familial hypercholesterolemia, have been used to treat some CVDs and have shown encouraging results in the Philippines.
Market Growth Drivers
In the Philippines, cardiovascular diseases are the main cause of mortality, and their frequency is rising. As a result, there is a rising need for CVD medicines in the nation. More people can now access CVD therapeutics thanks to an increase in healthcare expenditure by the Philippine government in recent years. Innovative therapies and medications that are more effective and have fewer side effects have been introduced as a result of the development of novel and innovative technologies in the area of CVD therapeutics hence driving the growth of the Philippines cardiovascular disease therapeutics market.
Market Restraints
In the Philippines, especially in rural areas, the healthcare infrastructure is still being developed. Patients who reside outside of major cities may have less access to CVD therapeutics as a result of this. Patients may experience significant financial hardship due to the high cost of CVD treatments, especially if they lack sufficient health insurance. Alternative treatments, like non-pharmacological interventions and conventional medications, can compete with CVD therapeutics and restrict the potential of the Philippines' cardiovascular disease therapeutics market.
Key Players
Aiming to give all Filipinos access to cheap, high-quality healthcare services, including those for CVD, the Universal Health Care (UHC) Law was put into effect in 2019. The law contains provisions for increased funding for health infrastructure and services as well as expanded health insurance coverage. The government health insurance program in the Philippines, known as PhilHealth, offers coverage for a variety of medical services, including those for CVD. Low-income people's PhilHealth premiums are subsidized by the government, ensuring their access to medical treatment. A list of important medications for the treatment and prevention of CVD has been created by the Philippine Department of Health. The Essential Medicines List (EML) makes sure that these medications are accessible to and reasonably priced for all Filipinos. The Generics Act, which was put into effect in 1988, mandates that medical professionals administer and dispense generic medications because they are typically less expensive than branded medications. The goal of this strategy is to lower the price of CVD therapeutics and expand access to them.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Disease Indication (Revenue, USD Billion):
By Drug Type (Revenue, USD Billion):
By Route of Administration (Revenue, USD Billion):
By Drug Classification (Revenue, USD Billion):
By Mode of Purchase (Revenue, USD Billion):
By End Users (Revenue, USD Billion):
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