Indian Diabetes Market Size Reach US$ 7.7 Billion by 2027 | CAGR of 16.64%
According to the latest report by IMARC Group, The Indian diabetes market size reached US$ 3.1 Billion in 2021.
SHERIDAN, WYOMING, UNITED STATES, August 22, 2022 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled "Indian Diabetes Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The Indian diabetes market size reached US$ 3.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.7 Billion by 2027, exhibiting a growth rate (CAGR) of 16.64% during 2022-2027.
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 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.
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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 full report with detailed TOC and list of figures and tables: https://bit.ly/3gfTmoj
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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