Anti-Rheumatic Drugs - Philippines

Philippines

The Philippines is expected to witness a significant growth in the revenue of the Anti-Rheumatic Drugs market.
By 2024, the projected revenue is set to reach US$39.45m.
This indicates a promising future for the market in the country.
Furthermore, the Anti-Rheumatic Drugs market in the Philippines is anticipated to display a steady annual growth rate of 1.87% from 2024 to 2029.
This growth trajectory is projected to result in a market volume of US$43.27m by 2029.
When compared globally, it is noteworthy that United States is forecasted to generate the highest revenue in the Anti-Rheumatic Drugs market.
In 2024, the revenue generated United States is estimated to reach a staggering US$34,700.00m.
This showcases the dominant position of the United States in this market.
The demand for anti-rheumatic drugs in the Philippines is steadily increasing due to the rising prevalence of rheumatoid arthritis in the country.

Key regions: Germany, United States, India, Japan, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Anti-Rheumatic Drugs in the Philippines has been steadily increasing over the past few years.

Customer preferences: Customers in the Philippines are increasingly seeking out Anti-Rheumatic Drugs that are both effective and affordable. With a growing aging population, the demand for these drugs is expected to continue to rise. Additionally, customers are looking for drugs that have minimal side effects and can be easily accessed.

Trends in the market: One of the major trends in the Anti-Rheumatic Drugs market in the Philippines is the increasing availability of generic drugs. This has made these drugs more affordable and accessible to a wider range of customers. Another trend is the increasing use of biologic drugs, which are more effective but also more expensive. However, with the increasing availability of health insurance and government support for those in need, more customers are able to access these drugs.

Local special circumstances: The Philippines has a large aging population, which is driving the demand for Anti-Rheumatic Drugs. Additionally, the country is prone to natural disasters such as typhoons and earthquakes, which can lead to an increase in cases of rheumatoid arthritis and other related conditions. The country also has a high prevalence of infectious diseases, which can lead to secondary rheumatic conditions.

Underlying macroeconomic factors: The Philippines is experiencing steady economic growth, which has led to an increase in healthcare spending. The government has also implemented policies to improve access to healthcare, including the implementation of a universal healthcare system. Additionally, the country has a growing pharmaceutical industry, which is driving innovation and competition in the Anti-Rheumatic Drugs market.

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.