According to the latest report by IMARC Group, titled “Indian Diabetes Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian diabetes market reached a value of around US$ 1,954 Million in 2018. Diabetes is a chronic disease caused by improper production of or response to insulin in the body which causes high blood sugar levels. Uncontrolled diabetes can result in a variety of complications, such as visual, cardiovascular, renal and neural disorders. The heightening obesity rates, rising stress levels, and lack of proper exercise are the major causes of diabetes in India. In order to control the damage caused by the increasing cases of diabetes in the country, the Indian Government is taking initiatives to provide free treatment and insulin to diabetics at government hospitals.
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The growing awareness among consumers regarding the symptoms of diabetes and its adverse health effects have largely intensified the diagnosis and drug treatment rates in the country. This is the major growth-driving factor for the diabetes market in India. Some of the other factors contributing to the market growth are rapid urbanization, developing healthcare infrastructure, low-cost of drug production, accelerating pharmaceutical contract manufacturing and introduction of advanced technologies. However, high research and development costs, stringent pricing policy, technological developments that make the existing drugs unmarketable or obsolete, and regulatory approvals in terms of quality control, price control and IPR (Intellectual Property Rights) protection are the major factors hampering the market growth. Looking forward, the market value is projected to reach US$ 4,962 Million by 2024, expanding at a CAGR of 16.7% during 2019-2024.
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Insights on Market Segmentation:
- On the basis of type, the market has been segmented into type-1 and type-2 diabetes. Currently, type-2 diabetes accounts for the maximum share.
- On the basis of region, the market has been segregated into urban and rural regions. The prevalence of diabetes in the urban population is much higher as opposed to the rural areas.
- Based on gender, the market has been classified into males and females. Amongst these, the prevalence of diabetes in males is higher in comparison with females.
- On the basis of age group, age group of 40-59 years holds the largest share of the diabetes population in India. It is followed by age group of 60-79 years and 20-39 years.
- The competitive landscape of the market has also been examined with some of the key players being Novo Nordisk, Sanofi Aventis, Eli Lilly, Biocon and Wockhardt.
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