Philippines flu diagnostic and treatment market is projected to grow at a CAGR of 12.54% throughout the forecast period. The flu diagnostic and treatment market in the Philippines is poised to surge at a high CAGR during the next five years as Influenza-like illness (ILI) is the fourth leading cause of death in the country. The rising number of influenza cases in the country is leading to an increase in the demand for flu treatment and diagnostic solutions, thereby adding up to the market growth in the Philippines. For instance, according to the Department of Health cases with influenza-like illness reached around 153,659 by 2018 from 127,632 cases reported in 2017. Furthermore, the rising prevalence of Type B influenza virus in the country is also positively impacting the flu diagnostic and treatment market growth in the country throughout the forecast period and beyond. However, the increase in cases of influenza is expected owing to the unpredictability of the influenza virus is also anticipated to bolster the market growth in the coming years. Also, the declining vaccination rates in the country is further leading to an increase in the number of diseases throughout the country thus the incidence of influenza is also increasing which is also bolstering the flu diagnostic and treatment market growth in the country. For instance, according to health officials, vaccination rates have come down from 85% to 60% and even as low as 30% in certain communities.
In addition, the high availability of OTC drugs especially to treat the symptoms of influenza is also considered to be one of the major factors which is supplementing the flu diagnostic and treatment market growth in the coming years. Generally, there are no requirements for any doctor’s prescriptions at the pharmacy shops for buying medicines throughout the country. Additionally, the cost of prescribed drugs is also comparatively higher in the country which is bolstering the OTC medicine sales and thereby positively impacting the market growth of flu diagnostic and treatment in the country during the forecast period and beyond.
Philippines flu and diagnostics market has been segmented on the basis of the type of flu, offering, age group, and end-user. On the basis of the type of flu, the market has been classified on the basis of type A and type B. By offering, the market has been segmented into diagnostics and therapeutics. By the age group the market has been segmented on the basis of 0-14 years, 15-64 years and >=65 years. By the end-user, the segmentation has been done on the basis of hospital laboratory, outpatient clinic, and reference laboratory.
Prominent key market players in Philippines flu diagnostic and treatment market include F. Hoffmann-La Roche Ltd, Abbott, and 3M among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in Philippines flu diagnostic and treatment market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.