Diabetes among Indians is on the rise, as evident from the expected growth of market for diabetes products in India and China.
The low awareness about diabetes, and a growing number of diabetic Indians are attracting big firms like Roche, Sanofi, Novo Nordisk and Lilly to India, says a new report.
The report from healthcare industry specialists GBI Research predicts the diabetes devices market to grow at 10% to a value of $285.2m by 2018. This market was merely $146.5m in 2011.
“India has vast potential in this sector as it is home to the second highest population of diabetes sufferers in the world, after China,” says the report.
India was home to 61 million diabetic Indians in 2011. This figure is projected to grow – 101 millions Indians with diabetes will need healthcare by 2030.
“Improved diagnosis rates, an increase in government initiatives, and greater interest from diabetes device manufacturers are all expected to be major factors in growing the sector within India,” says the report.
The Chinese diabetes devices market was valued at $776.2m in 2011, and is expected to grow at the rate of 5.9% to reach $1,161m in 2018.
The Chinese government has been fighting to increase awareness of diabetes and spread the availability of treatment through schemes such as the National Diabetes Management Project. This is an important driver for the national diabetes devices market.
From a global perspective, the diabetes devices market is predicted to expand from a 2011 value of $17.7 billion to $25.3 billion in 2018, climbing at the rate of 5.2%.
With the festival season around the corner, the consumption of sugar-heavy sweets is expected to make the problem worse.