Philippines Hypersomnia Therapeutics Market Analysis

Philippines Hypersomnia Therapeutics Market Executive Summary

The Philippines Hypersomnia Therapeutics Market is at around $11.50 Mn in 2023 and is projected to reach $16.73 Mn in 2030, exhibiting a CAGR of 5.50% during the forecast period.

Hypersomnia is a group of neurological disorders characterized by excessive daytime sleepiness, despite getting enough sleep at night. This can significantly impair daily functioning and reduce quality of life. While the exact causes are still being researched, hypersomnia can be linked to underlying medical conditions, neurological disorders, or disruptions in sleep regulation mechanisms. People with hypersomnia often experience symptoms such as not feeling refreshed upon waking, feeling groggy and slow for extended periods after waking, and an excessive need for sleep despite sleeping for long periods. Chronic headaches, loss of appetite, excessive sweating, and depression have also been reported. Treatment for hypersomnia focuses on managing daytime sleepiness. This can involve adopting healthy lifestyle practices like eating well and exercising regularly. Medications like stimulants can also be prescribed to promote wakefulness. In some cases, cognitive behavioral therapy for insomnia (CBT-I) can help address underlying sleep habits that contribute to hypersomnia.

The prevalence of excessive daytime sleepiness, a key symptom of hypersomnia, is between 2 to 37% among the people of Philippines. The market, therefore, is driven by significant factors like increasing awareness about hypersomnia disorders, an aging demographic, urbanization, and lifestyle changes. However, limited treatment options, potential side effects, and strict regulatory approval impede market growth.

The leading pharmaceutical companies include AbbVie and Pfizer. Johnson & Johnson, Sanofi, Novartis, and Merck are also significant contributors to the hypersomnia therapeutics landscape, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Increasing Awareness about Hypersomnia Disorders: Increased public awareness campaigns and healthcare professional education are leading to more accurate diagnoses, raising the potential patient pool for these medications. The Philippine Society of Sleep Medicine (PSSM) has collaborated with pharmaceutical companies on campaigns to raise awareness about the importance of sleep and its impact on health and productivity.

Expanding Geriatric Population: Hypersomnia can be more prevalent in older adults, due to changes in sleep architecture and underlying health conditions. With the geriatric population accounting for 3% of the total population, the prevalence of hypersomnia disorders is expected to rise, driving demand for effective treatment options tailored to the unique needs of older adults.

Urbanization and lifestyle changes:  Similar to global trends, Philippines is experiencing a shift towards urban living and changes in work-life balance, with a significant portion of the population moving to cities. This shift disrupts traditional sleep patterns. Also, the service sector involves shift work or long working hours, which can disrupt circadian rhythms and lead to increased cases of hypersomnia.

Market Restraints

Limited Treatment Options: Hypersomnia has limited treatment options through medication. The challenge lies in the diversity of patient symptoms and individual responses to medication. Ineffective treatments and dissatisfied patients may result from doctors' difficulty in determining the most suitable treatment plan for each patient.

Strict Regulatory Approval Process: In Philippines, the regulatory pathway for approving new drugs is notably rigorous. While this stringent process ensures that only safe and efficacious medications reach the market, it also presents a significant barrier to the timely introduction of potentially superior hypersomnia treatments. It leaves patients with limited access to cutting-edge solutions that could vastly improve their quality of life.

Potential Side Effects:  Hypersomnia drugs can effectively combat extreme daytime drowsiness, yet may produce unwanted side effects. Some people may be deterred from pursuing treatment or discontinue their medication early due to the presence of these adverse effects. The pharmaceutical industry faces a growth challenge due to its impact on individual quality of life.

Regulatory Landscape and Reimbursement Scenario

The Food and Drug Administration (FDA) is responsible for ensuring the safety, efficacy, and quality of human drugs and other regulated products in Philippines. Obtaining a Certificate of Product Registration (CPR) from the FDA is mandatory for marketing any pharmaceutical product in Philippines.

The FDA has introduced two pathways for new drug registration: Abridged Review and Verification Review. The Abridged Review involves a limited independent assessment of specific parts of the dossier, while the Verification Review involves the submission of a company evaluated and approved by at least two Reference Drug Regulatory Agencies (RDRAs)

The reimbursement scheme for healthcare in the Philippines is primarily managed by the Philippine Health Insurance Corporation (PhilHealth), the national health insurance program. A "Package Rate" has been fixed for approved hospitals across the country that beneficiaries can claim for reimbursement of healthcare expenses

Competitive Landscape

Key Players

Here are some of the major key players in the Philippines Hypersomnia Therapeutics Market:

• AbbVie
• Novartis
• Pfizer
• Merck
• Bristol-Myers Squibb
• Unilab
• Sanofi
• GlaxoSmithKline
• Johnson & Johnson
• AstraZeneca