Anti-Hypertensive Drugs - Philippines

Philippines

The Philippine market for Anti-Hypertensive Drugs market is forecasted to achieve a revenue of US$31.05m in 2024.
It is anticipated that the revenue will experience a steady annual growth rate (CAGR 2024-2028) of 1.01%, leading to a market volume of US$32.32m by 2028.
When considering the international landscape, United States is expected to generate the highest revenue, amounting to US$12,290.00m in 2024.
The demand for anti-hypertensive drugs in the Philippines is on the rise due to the increasing prevalence of hypertension among the population.

Key regions: Germany, United States, France, China, Canada

Market

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Currency

Analyst Opinion

The Anti-Hypertensive Drugs market in Philippines has been experiencing steady growth in recent years.

Customer preferences: The increasing prevalence of hypertension in the Philippines has led to a higher demand for anti-hypertensive drugs. Patients are also becoming more aware of the importance of managing their blood pressure and are seeking medical treatment.

Trends in the market: The market is dominated by a few major players who offer a wide range of anti-hypertensive drugs. However, there has been a trend towards the use of generic drugs due to their lower cost. This has led to increased competition among manufacturers and a decrease in prices.

Local special circumstances: The Philippines has a large population of elderly individuals who are more likely to develop hypertension. Additionally, the country has a high prevalence of obesity and a sedentary lifestyle, which are risk factors for hypertension. The government has implemented programs to raise awareness about hypertension and promote healthy lifestyle habits.

Underlying macroeconomic factors: The Philippines has a growing economy and an increasing middle class, which has led to higher healthcare spending. The government has also implemented policies to improve access to healthcare, including the provision of free healthcare services to the poor. This has led to an increase in demand for anti-hypertensive drugs. However, the market is also impacted by fluctuations in currency exchange rates, which can affect the cost of imported drugs.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.