Oncology Drugs - Philippines

Philippines

The Philippines is expected to witness a significant growth in the Oncology Drugs market.
By 2024, the projected revenue is estimated to reach US$302.90m.
Furthermore, the market is anticipated to exhibit a strong compound annual growth rate (CAGR) of 15.05% from 2024 to 2028, resulting in a market volume of US$530.70m by 2028.
In comparison to other countries, United States is projected to generate the highest revenue in the Oncology Drugs market, with an estimated value of US$114,600.00m in 2024.
This showcases the dominance of the United States in this market.
The Philippines is experiencing a significant increase in the demand for innovative oncology drugs, driven by rising cancer incidence rates and a growing middle-class population.

Key regions: Germany, India, United Kingdom, China, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for oncology drugs in the Philippines has been on the rise in recent years.

Customer preferences: Cancer is a leading cause of death in the country, and with an aging population, the demand for oncology drugs is expected to continue to grow. Patients in the Philippines tend to prefer affordable and accessible cancer treatments, which has led to an increase in the availability of generic oncology drugs in the market.

Trends in the market: The oncology drugs market in the Philippines has been dominated by multinational pharmaceutical companies, but there has been a recent trend of local companies entering the market. These local companies are focused on developing and manufacturing affordable generic oncology drugs, which has increased competition in the market and lowered drug prices. Additionally, there has been a shift towards targeted therapies, which are more effective and have fewer side effects than traditional chemotherapy.

Local special circumstances: One of the unique challenges in the Philippines is the lack of universal healthcare coverage. This has led to a significant portion of the population being unable to afford cancer treatment, which has created a demand for more affordable oncology drugs. Additionally, the country has a high prevalence of certain types of cancer, such as liver cancer, which has led to a specific focus on developing drugs to treat these types of cancer.

Underlying macroeconomic factors: The Philippines has a growing economy, with a rising middle class and an increase in healthcare spending. This has led to an increase in demand for healthcare services, including cancer treatment. Additionally, the government has implemented policies to encourage the development and manufacturing of generic drugs, which has led to an increase in the availability of affordable oncology drugs in the market. However, there are still challenges in the market, such as the lack of universal healthcare coverage and the need for more investment in research and development to create more effective cancer treatments.

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.