Philippines Depression Therapeutics Market Report 2022 to 2030

Philippines Depression Therapeutics Market Analysis

$ 3999

The Philippines' depression therapeutics market is expected to witness growth from $22 Mn in 2022 to $35 Mn in 2030 with a CAGR of 5.7% for the forecasted year 2022-2030. The rising investments in developing depression medications in the Philippines and the growing economy of the Philippines are responsible for the expansion of the market. The Philippines depression therapeutics market is segmented by drug type, therapies, indication, and by end users. Maridan, MedChoice Pharma, and AstraZeneca are the major players in the Philippines' depression therapeutics market.

ID: IN10PHPH034 CATEGORY: Pharmaceuticals GEOGRAPHY: Phillipines AUTHOR: Dr. Parul Choudhary

Buy Now

Philippines Depression Therapeutics Market Executive Analysis

The Philippines' depression therapeutics market size is at around $22 Mn in 2022 and is projected to reach $35 Mn in 2030, exhibiting a CAGR of 5.7% during the forecast period. The Department of Budget and Management (DBM) presented the suggested $5 Tn national budget to Congress and it includes the $5.4 Bn that is anticipated to be allocated to the health sector of the Philippines. The DBM emphasized that the $5.45 Bn proposed budget for the health sector is 10.4% higher than this year's budget to improve the healthcare system, particularly in light of the persistent threats presented by infectious diseases. $0.53 Bn has been set aside for the purchase of drugs and vaccines, and $0.35 Bn has been set aside for the pay and benefits of healthcare employees. The proposed $5.4 Bn budget for the health sector is insufficient to handle the health crisis, which includes the shortage of medical staff in public hospitals.

According to the Department of Health, the Philippines had over 4.5 Mn cases of depression. The National Statistics Office stated that mental illness is the third most prevalent form of disability in the Philippines, and studies have shown that the Philippines has the highest number of depressed people in all of Southeast Asia. Younger people are also more likely to experience depression. REL-1017 is an oral medication that functions similarly to the rapid-acting nasal spray Spravato (esketamine), which received FDA clearance for treating treatment-resistant depression (TRD) in 2019. Although Spravato is listed as a Schedule III drug with severe abuse and "diversion" concerns, doctors claim it has distinct efficacy advantages over SSRIs. Spravato was developed by Janssen Pharmaceutical Companies of Johnson and Johnson (J&J). Overall, it is still unclear whether novel treatments for depression like Spravato—and REL-1017, if approved—can rival the abundance of effective, affordable substitutes. However, clinicians assert that as prescribers become more at ease with a broader variety of treatment paradigms, the field may be about to change.

Philippines Depression Therapeutics Market Analysis

Market Dynamics

Market Growth Drivers

In the Philippines, depression is an intensifying issue that affects an estimated 3.3 Mn people. The demand for depression therapeutics in the country is being determined by the increasing occurrence of depression. The Philippine government is making noteworthy investments in healthcare, which is resulting in an escalation in the accessibility of anti-depression medicines and fuelling the Philippine's depression therapeutics market development. There is a significant amount of research and development going on in the field of depression therapeutics, which is leading to a collection of novel and innovative drugs. Patients' demand for innovative, more efficient treatments is causing the market to develop. The Philippine economy is expanding, which is powering the growth in the market for depression therapeutics by increasing healthcare spending.

Market Restraints

In the Philippines, there is still a stigma surrounding mental disease despite increased awareness of the subject. The market for depression therapeutics may develop more gradually as a result, as it may deject patients from getting treatment for their depression. The charge of treating depression can be high, particularly for people who need long-term care. This may restrict access to care and hinder the Philippines' depression therapeutics market growth.

Competitive Landscape

Key Players

Delex Pharma (PHL)
Diamond Laboratories (PHL)
Prebiotech Healthcare (PHL)
Maridan (PHL)
MedChoice Pharma (PHL)
AstraZeneca
GlaxoSmithKline
Elly Lilly
Allergan
Takeda Pharmaceutical
Intellipharmaceutics
Otsuka Holdings.
H.Lundbeck

Healthcare Policies and Regulatory Landscape

The National Health Insurance Program (NHIP) of the Philippine Health Insurance Corporation (PhilHealth) provides coverage for mental health conditions, including depression. Individuals identified with mild to moderate depression can receive up to six sessions of psychological services per year through PhilHealth, while those diagnosed with severe depression can receive up to twelve sessions per year. Psychotherapy, counselling, and psychological evaluation are all covered treatments. Additionally, PhilHealth includes depression medications and psychiatric consultations. However, the scope of these services' coverage varies based on the PhilHealth membership type and the medical facility. Regarding payment procedures, PhilHealth pays medical professionals for the services they render to PhilHealth subscribers. The sort of treatment and the healthcare facility determine the reimbursement rates. There is a schedule of benefits provided by PhilHealth that lists the amounts of reimbursement for various services.

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

Depression Therapeutics Segmentation

By Drug Type (Revenue, USD Billion):

Antidepressants
Anxiolytics
Anticonvulsants
Noradrenergic Agents
Atypical Antipsychotics

By Therapies (Revenue, USD Billion):

Electroconvulsive Therapy (ECT)
Cognitive Behaviour Therapy (CBT)
Psychotherapy
Deep Brain Stimulation
Transcranial Magnetic Stimulation (TMS)
Cranial electrotherapy stimulation (CES)

By Indication (Revenue, USD Billion):

Major Depressive Disorder (MDD)
Bipolar Disorder
Dysthymic Disorder
Postpartum Depression
Seasonal Affective Disorder (SAD)
Premenstrual Dysphoric Disorder (PMDD)
Others

By End Users (Revenue, USD Billion):

NGOs
Asylums
Hospitals
Mental Healthcare Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.