Philippines Diabetes Devices Market Report 2022 to 2030

Philippines Diabetes Devices Market Analysis

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The Philippines Diabetes Devices Market is expected to witness growth from $50 Mn in 2022 to $91 Mn in 2030 with a CAGR of 7.70% for the forecasted year 2022-30. Over 5 million adults in the Philippines have been diagnosed with diabetes, making it one of the most common illnesses in the globe. There is a rising need for diabetes devices in the Philippines to manage the disease as the prevalence of diabetes keeps rising in the Philippines. The market is segmented by type and by the end user. Some key players in this market include SpectruMed, RG Meditron, S.E.A. Olympus, Johnson & Johnson, Medtronic, Roche, Ascensia Diabetes Care and Dexcom.

ID: IN10PHMD007 CATEGORY: Medical Devices GEOGRAPHY: Phillipines AUTHOR: Jigyasu Bhandari

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Philippines Diabetes Devices Healthcare Market Executive Analysis

The Philippines Diabetes Devices Market is at around $50 Mn in 2022 and is projected to reach $91 Mn in 2030, exhibiting a CAGR of 7.70% during the forecast period. Spending on health in the Philippines increased from $14.32 billion in 2019 to $16.12 billion in 2020. Therefore, it represented 5.6% of the Gross Domestic Product (GDP) at the prevailing exchange rate. About 41.5% of the Philippines' current health expenditures were made up of household out-of-pocket costs in 2021. In the Philippines, it was predicted that total household health-related expenditure would amount to $11.65 billion by 2022.

In the Philippines, diabetes devices measure crucial health indicators, administer insulin, and monitor blood glucose levels to help individuals control their condition and avoid complications. Patients can get real-time information about their blood sugar levels from blood glucose meters, which monitor blood glucose levels. Patients can use this knowledge to make educated decisions about their diet, exercise routine, and medication use. Furthermore, it can aid in preventing diabetes complications like hypoglycemia and glucose. Wearable devices called continuous glucose monitoring systems constantly track blood glucose levels and give patients real-time data on their blood sugar levels throughout the day. By improving their dietary habits, exercise regimens, and medication usage, patients can lower their chance of developing diabetes-related complications. They can be used in combination with insulin injections or insulin pumps to assist diabetics in more precisely controlling their blood glucose levels. Diabetes gadgets can offer more precise data on blood glucose levels to assist diabetics in managing their condition. When using insulin delivery systems, diabetics may feel more in charge of their condition and experience less stress. Diabetes devices can lower the risk of complications like nerve damage, kidney disease, and blindness by assisting people with diabetes control their blood glucose levels.

Philippines Diabetes Devices Market Analysis

Market Dynamics

Market Growth Drivers

Over 5 million adults in the Philippines have been diagnosed with diabetes, making it one of the most common illnesses in the globe. There is a rising need for diabetes devices in the Philippines to manage the disease as the prevalence of diabetes keeps rising in the Philippines. The Philippines' elderly population is predicted to raise the number of diabetes diagnoses, which will increase demand for diabetes devices. The creation of diabetes centres, the provision of free or heavily discounted diabetes medications, and the encouragement of healthy lifestyle practices are just a few of the initiatives the Philippine government has put into place to improve diabetes management. The market for diabetes devices is anticipated to rise as a result of these initiatives.

Market Restraints

In the Philippines, information about diabetes and its management is insufficient for both patients and healthcare workers. Diabetes devices might not be used as frequently as they could be if patients were not aware of their benefits or how to use them correctly. Due to the high expense of diabetes equipment like glucose meters, insulin pumps, and continuous glucose monitoring systems, many patients in the Philippines are unable to buy them. The market size and demand for these products may decline as a result.

Competitive Landscape

Key Players

SpectruMed (PH)
RG Meditron (PH)
S.E.A. Olympus (PH)
Johnson & Johnson
Medtronic
Roche
Dexcom
Ascensia Diabetes Care

Recent Notable Deals

February 2022: Sanofi and the Philippine Department of Health unveiled a partnership in 2022 to give low-income diabetic patients free insulin. This collaboration sought to address the high price of insulin, which for many patients in the Philippines can be a significant impediment to managing their diabetes.

November 2022: Ascensia Diabetes Care and PhilCare, a major health maintenance organization in the Philippines, announced a collaboration in 2022 to offer members of PhilCare discounted diabetes care packages. This collaboration is intended to increase Filipino patients' access to diabetes management tools and services, such as blood glucose meters and test strips.

Healthcare Policies and Regulatory Landscape

The Department of Health (DOH), the Food and Drug Administration (FDA), and the Philippine Health Insurance Corporation are just a few of the government organizations in charge of the healthcare regulations and environment in the Philippines' diabetes devices market. (PhilHealth). In the Philippines, the FDA is in charge of overseeing the security and effectiveness of medical devices, including diabetes gadgets. Diabetes equipment is categorized as a Class II medical device and needs to be registered with the FDA in order to be marketed and distributed in the nation. An application and any supporting materials, such as clinical data and labelling information, are usually submitted to the FDA for review and approval as part of the registration process. In order to watch the performance and security of diabetes devices in the Philippines, the FDA also carries out post-market surveillance. For its members, PhilHealth offers coverage for diabetes care services, medications, and supplies, including diabetes devices. However, based on the kind of gadget and the patient's insurance plan, coverage guidelines and reimbursement amounts may change. In order to guarantee that their diabetes devices are covered by insurance and reimbursed at the proper rate, manufacturers may need to collaborate with PhilHealth and healthcare practitioners.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 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

Diabetes Devices Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents

Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Lancets/Lancing Devices
Insulin delivery Devices
Insulin pumps
Insulin pens
Insulin syringes and needles
Diabetes management mobile applications

By End User (Revenue, USD Billion):

The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.

Hospitals & Specialty Clinics
Self & Home Care

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.