The India diabetes market has been extensively studied in Market Research Future's latest report which reveals impressive growth at CAGR of 6.5% during the forecast period. India has a high prevalence of diabetes with an estimated 69.2 million people being recorded as living with diabetes in 2015. The India diabetes market has a high potential for growth, and this has been mapped in the estimated market value which was USD 4778.7 Mn in 2016 and is likely to reach an approximate value of USD 7441.6 Mn by 2023.
Awareness regarding the disease and its causes has increased significantly, thus driving the demand for effective treatment of diabetes. Increasing urbanization and the resulting change in lifestyle has led to an increasing number of diabetic patients which encourages India diabetes market growth. India is an emerging economy where there is rapid development being undertaken across various sectors with the healthcare sector being the most important. Rising demand from patients for healthcare which is equal to that available in first world countries will be key in the rapid development of healthcare infrastructure and healthcare expenditure. Moreover, India has a significant rural population which represents massive opportunity due to the awareness and treatment programs that can be carried out. However, India's unique socio-economic scenario is expected to lead to unique product offerings that are easily affordable and accessible across the country.
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India Diabetes Market - Competitive Analysis
The Indian Diabetes Market is fiercely competitive with the presence of several large and small players operating in the market. Focused on improving their market performance, the market players are acquiring promising companies to expand in the fast-growing markets. The structure of the market is changing due to the acquisition of local manufactures by the multinational companies. Growth in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for the market players.
Industry/ Innovation/ Related News:
April 02, 2018 – Yostra Labs (Bengaluru, Karnataka), one of the leading Medical technology manufacturer announced that it has received the regional grand prize in the ASME Innovation Showcase - 2018 for its portable, hand-held medical device Sparsh. ISHOW is a global competition that offers monetary and technical support to help bring design prototypes of social entrepreneurs to populations in need. The innovative device, Sparsh, helps clinicians to identify the symptoms of peripheral neuropathy, the permanent damage to nerves in the feet in diabetic patients. Handy affordable, the new device – Sparsh is the answer for expensive non- portable, conventional screening devices available in India that need trained assistance to operate.
March 15, 2018 – A set of new guidelines for (Global) managing diabetes which was released in the first week of March this years, faced a major opposition from the Doctors in India. Recommending relaxing blood sugar targets, the norms were to replace the practice of more than three decades but stirred up a row within the Indian medical community. The Indian doctors two scents that it will lead to serious complications in diabetics and confusion in the treatment protocol. Hence, these should be ignored for Indians.
India Diabetes Market - Segments
The Diabetes Market of India can be segmented into 5 key dynamics for the convenience of the report and enhanced understanding.
By Types: Comprises Type 1, Type 2, and Gestational diabetes.
By Tests: Fasting Blood Sugar Test, Random Blood Sugar Test, Oral Glucose Tolerance Test, and Initial Glucose Challenge Test among others
By Treatments: Insulin Therapy, Medications, Transplantation, and Bariatric Surgery among others.
By Devices: Diabetes Management Devices, Blood Glucose Monitoring Devices, among others
By Regions: East, West, North South Regions of India.
India Diabetes Market - Regional Analysis
Indian Diabetes market is bifurcated into East, West, South North Regions. Out of these, Western Region, states including, Maharashtra, Goa, and Gujarat among others is the largest market for Diabetes. While Eastern and Northern regions’ markets stand second largest markets for diabetes. The Southern region market is expected to grow significantly, whereas Central region is expected to witness a limited but moderate growth in the Indian Diabetes market.
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