Diabetes is a growing concern globally, with more than 425 million people suffering the world over. The Philippines is no exception. It has a high prevalence of diabetes, of about 6% or an estimated 3.
New York, March 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Philippine Diabetes Devices Market, Forecast to 2023" - https://www.reportlinker.com/p05867508/?utm_source=GNW
8 million diabetics, in 2018. Unfortunately, only about 33% of this population is actually diagnosed, meaning more than two-thirds of those diabetics are diagnosed only at later stages, often after complications arise; complications which decrease quality of life but increase cost of care. The Philippines being predominantly uninsured or not having coverage for diabetes management devices also means that glucose levels tend to be irregularly monitored. This results in even the diagnosed population developing health complications due to the condition. The potential for the market in the Philippines, and in Asia-Pacific countries, in general, is huge but is hampered by access and affordability issues. For any company to target these markets, it is crucial that it knows the current competitive landscape, reimbursement and regulatory policies, and also the distribution structure of the market to best understand the opportunity and form a go-to-market strategy. There are four types of medical devices that are crucial: self-monitoring of blood glucose (SMBG) and the professional point-of-care testing (POCT); continuous glucose monitoring (CGM); insulin pens; and insulin pumps. Broadly, these can be classified under monitoring (SMBG, POCT and CGM), and management (insulin pens and insulin pumps). Most of the Asia-Pacific region see these devices being imported, provided by mostly multinational majors of diabetes, and in the case of SMBG products, even some low-cost devices from China & Taiwan. Some of the major names in the space for SMBG and POCT testing are Roche, Abbott, LifeScan, and Ascensia Diabetes Care. In the case of CGM, Medtronic dominates the Asia-Pacific region, with global majors Dexcom and Abbott not having ventured into this region, as yet. The insulin pen segment is dominated by the pharmaceutical companies: Novo Nordisk, Sanofi, and Eli Lilly, though some other players may also be present, depending on the country in question (for e.g., Biocon from India). The insulin pump segment too is dominated by Medtronic, though the South Korean manufacturer SOOIL Development is present in some countries in the Asia-Pacific region. Medtronic also supplies basic and/or advanced versions of its pumps, depending on the country in question. Other western players such as Insulet have not entered this market yet. This study provides in-depth views of each of the 4 segments of SMBG and POCT, CGM, insulin pens, and insulin pumps, with drivers, restraints, market revenue forecasts, average selling prices of products and consumables, market shares of the top players, their market strategies, and route to market. In addition, it provides a country-level overview of public health policies for diabetics, reimbursement and regulatory insights, as well as distribution insights with key distributors highlighted, and also growth opportunities for the diabetes market in the country.
Author: Siddharth Shah
Read the full report: https://www.reportlinker.com/p05867508/?utm_source=GNW
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