Market Trends of Philippines Diabetes Care Devices Industry
The Increasing Diabetes Population in the Philippines is Expected to Drive the Market During the Forecast Period
The diabetes care market in the Philippines is experiencing considerable growth, driven by the increasing prevalence of diabetes among the population. Addressing the healthcare requirements of individuals with diabetes, specifically in low- and middle-income countries like the Philippines, requires consistent follow-ups with medical professionals, a commitment to healthy lifestyles, and robust patient education to avert long-term complications.
For instance, in February 2024, a study by Frontiers Media SA highlighted the positive impact of structured patient education on enhancing disease awareness and promoting behavioral changes among Filipinos with type 2 diabetes. Similarly, HEMO LAB PHILIPPINES INC. reported in the second quarter of 2023 that a staggering 85% of Filipinos aged over 35 were at risk of developing type 2 diabetes.
Such alarming statistics underscore the urgency for heightened health awareness. Consequently, the organization initiated a campaign, offering free urine and blood sugar tests to Taytay Rizal residents and distributing complimentary glucose monitors to diabetic patients from April to June 2024.
The rising diabetes population in the Philippines is a critical driver for the diabetes care market. Efforts by healthcare organizations to provide education, regular health check-ups, and essential medical supplies are vital in managing this growing health concern. As the market continues to expand, these initiatives will play a crucial role in the enhancement of the quality of life for individuals living with diabetes in the Philippines.
Management Devices Hold a Significant Market Share
Diabetes exerts a disproportionate financial burden on individuals in low and middle-income countries, with complications significantly escalating direct healthcare costs. The Philippines has incorporated the Universal Health Care Act, establishing the Health Technology Assessment Council (HTAC) to advise on medications and technologies eligible for government funding. A single insulin analog pen costs three days' worth of the minimum wage.
HTAC's primary goal is to include insulin analogs in the national formulary to reduce costs and shape governmental healthcare discussions. As this initiative gains momentum, bolstering primary care facilities and referral networks becomes pivotal for a robust diabetes care infrastructure.
Given the country's high diabetes prevalence, several emerging players are expanding their footprint in the Philippines. For instance, in February 2024, Mesh Bio secured a USD 3.5 million investment to introduce its digital twin technology to the Philippines. This software, functioning as a medical device, leverages digital twins to forecast a 3-year risk in patients with chronic kidney disease with type 2 diabetes, utilizing clinical data from hospital EMRs. Mesh Bio's strategic focus lies on Indonesia and the Philippines, where chronic diseases are rampant and fatal.
Diabetes care in the Philippines faces challenges due to limited resources, governmental support, and economic constraints. For instance, the national insurance system offers incomplete coverage for diabetic care, while private insurers provide only minimal assistance. Consequently, a vast majority of patients bear the brunt of expenses, covering costs like laboratory tests and daily prescriptions out-of-pocket.
