According to the latest report by IMARC Group, titled “Indian Diabetes Market Report: Patients, Prevalence, Oral Antidiabetics, Insulin and Diagnostics”, the Indian diabetes market reached a value of US$ 3.1 Billion in 2021. 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.
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. Looking forward, the market value is projected to reach US$ 7.7 Billion by 2027, expanding at a CAGR of 16.64% during 2022-2027.
- On the basis of diabetes type, the market has been segmented into type-1 and type-2 diabetes.
- On the basis of region, the market has been segregated into urban and rural regions.
- Based on gender, the market has been classified into males and females.
- On the basis of age group, the market has been divided into 20-39, 40-59 and 60-79 years.
- The competitive landscape of the market has also been analyzed in the report, with the detailed profiles of the major players operating in the industry.
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