Philippines Flu Diagnostic And Treatment Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type Of Flu (Type A, Type B), By Offering (Diagnostics (Rapid Influenza Diagnostic Test, Rapid Molecular Assay, Others), Therapeutics), By Age Group (0-14 Years, 15-64 Years, >=65 Years), And By End-User (Hospital Laboratory, Outpatient Clinic, Reference Laboratory) - Forecasts From 2022 To 2027

  • Published : Aug 2022
  • Report Code : KSI061613433
  • Pages : 75

The Philippines flu diagnostic and treatment market is projected to grow at a CAGR of 6.22% throughout the forecast period. the market was valued at US$73.548 million in 2020 and is expected to reach a value of US$112.198 million by 2027. 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 to the market growth in the Philippines. For instance, according to the Department of Health, cases of influenza-like illness reached around 153,659 in 2018 from 127,632 cases reported in 2017. Furthermore, the rising prevalence of the 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 and is also anticipated to bolster the market growth in the coming years. The declining vaccination rates in the country are 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 are 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 diagnostics and treatment in the country during the forecast period and beyond.

The Philippine 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 into type A and type B. By offering, the market has been segmented into diagnostics and therapeutics. By age group the market has been segmented on the basis of the age groups of  0-14 years, 15-64 years, and >=65 years. By the end-user, the segmentation has been done on the basis of a hospital laboratory, outpatient clinic, and reference laboratory.

The constant research and development to offer new and effective vaccines in the country are bound to propel market growth. 

  • Fluzone High Dose Quadrivalent vaccine is one of the few high-dose inactivated licensed flu vaccines. The vaccine was developed by Sanofi Pasteur Inc. This four-component vaccine was approved and deemed to be safe for elderly people over 65 years. 
  • Influvac is another quadrivalent vaccine for Influenza being offered in the Philippines market. The vaccine comprises purified inactivated surface fragments of three strains of Influenza, including Influenza B, A/H3N2, and A/H1N1.
  • Agrippal S1, Fluarix, and Vaxigrip are a few other vaccine offerings.

Key Developments in the Market

  • In December 2020, the Lapu-Lapu municipal government invested PHP 8 million in a mass flu vaccination program aimed at residents who live in areas with a high incidence of Covid-19. For inhabitants of Barangay Pusok, Barangay Gun-ob, and Barangay Marigondon, the vaccinations were simultaneously administered by the Department of Health and the City Health Office at the Hoops Dome and Barangay Marigondon.

COVID-19 Impact on Philippines Flu Diagnostic and Treatment Market

COVID-19 had a positive impact on the Philippine Flu Diagnostics and Treatment market. The Philippines was severely impacted by the pandemic with the rapid spread of the virus throughout the country. Consequently, to avoid the spread of seasonal flu amid the prevailing epidemic and straining healthcare segment, the government took immediate action to have the citizens get vaccinated with the flu vaccines. The aforementioned development is the best example of this. Furthermore, owing to the close resemblance in the symptoms of Influenza and COVID, the demand for influenza and SARS-CoV-2 diagnostics increased. Such factors affected the market positively. 

Philippines Flu Diagnostic and Treatment Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$73.548 million
 Market Size Value in 2027  US$112.198 million
 Growth Rate  CAGR of 6.22% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments Covered  Type of Flu, Offering, Age Group, And End-User
 Companies Covered  Abbott, F. Hoffmann-La Roche Ltd, 3M, BD
 Customization Scope  Free report customization with purchase

 

Key Market Segmentation

  • By Type of Flu
    • Type A
    • Type B
  • By Offering
    • Diagnostics
      • Rapid Influenza Diagnostic Test
      • Rapid Molecular Assay
      • Others
    • Therapeutics
  • By Age Group
    • 0-14 Years
    • 15-64 Years
    • >=65 Years
  • By End-User
    • Hospital Laboratory
    • Outpatient Clinic
    • Reference Laboratory

1. Introduction
1.1. Market Overview
1.2. COVID-19 Impact
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Philippines Flu Diagnostic and Treatment Market Analysis, By Type of Flu
5.1. Introduction
5.2. Type A
5.3. Type B

6. Philippines Flu Diagnostic and Treatment Market Analysis, By Offering
6.1. Introduction
6.2. Diagnostics
6.2.1. Rapid Influenza Diagnostic Test
6.2.2. Rapid Molecular Assay
6.2.3. Others
6.3. Therapeutics

7. Philippines Flu Diagnostic and Treatment Market Analysis, By Age Group
7.1. Introduction
7.2. 0-14 Years
7.3. 15-64 Years
7.4. >=65 Years

8. Philippines Flu Diagnostic and Treatment Market Analysis, By End-User 
8.1. Introduction
8.2. Hospital Laboratory
8.3. Outpatient Clinic
8.4. Reference Laboratory

9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. Company Profiles
10.1. Abbott
10.2. F. Hoffmann-La Roche Ltd
10.3. 3M
10.4. BD


Abbott

F. Hoffmann-La Roche Ltd

3M

BD