Indian Diabetes Market to Grow at 16.9% During 2018-2023The Indian diabetes market has experienced a robust growth over the past few years. This can be attributed to the growing awareness among consumers about the negative health effects of diabetes coupled with developing healthcare infrastructure in the country.
According to the latest report by IMARC Group, titled “Indian Diabetes Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Indian diabetes market reached a value of US$ 1,665 Million in 2017. 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 exceed US$ 4,261 Million by 2023, expanding at a CAGR of 16.9% during 2018-2023.
Want more information about this market? Request a free report sample
Market Summary:
- 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.
Browse related reports:
United States Diabetes Market Report: 2018 - 2023
Spain Diabetes Market Report: 2018-2023
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Media Contact
Company Name: IMARC Group
Contact Person: Anand Ranjan
Email: Send Email
Phone: +1-631-791-1145
Country: United States
Website: https://www.imarcgroup.com/
Source: www.abnewswire.com
