India Diabetes Market Size to Surpass US$ 8.8 Billion by 2028 at 16% CAGR
According to the latest report by IMARC Group “Indian Diabetes Market Report: Patients, Prevalence, Oral Antidiabetics, Insulin and Diagnostics“, The Indian diabetes market size reached US$ 3.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
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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Indian Diabetes Market Trends and Drivers:
The growing awareness among the 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 urbanisation, 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.
Report Segmentation:
The report has segmented the market into the following categories:
Key Insights from the market
- 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.
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