Valued at USD 8.1 B, India's Diabetic Treatment Market is set to Grow

India is home to one of the largest diabetic patients in the world. In 2020, the total number of diabetic patients is around 77 million. Changed food behaviour and sedentary lifestyle in Indian metros are resulting in increased diabetic cases in the country. In the past 10 years, cases of diabetes have increased by a CAGR of 4.4% in the country.

The Current State of Diabetic Treatment in India

At present, the aggregate size of the diabetic treatment market in India is valued at USD 8.1 Billion, which includes the cost of medicine, consultation, and lab test. Out of this, the size of the medicine is around 43% amounting to USD 3.48 billion. Consultation and lab testing constitutes 31% and 26% respectively.

Amongst treatment, 52.8% of Indians prefer oral drugs, whereas 14.2% of Indians undertake insulin. 23.9% of Indians prefer a combination of insulin and oral medicines. The remaining prefer other alternative forms of medication such as homeopathy and Ayurveda.

Indian diabetes care market is highly varied across India. The average per capita cost of treatment is relatively cheaper in the South and Eastern parts of India. In South India, the average cost of per capita treatment is 44% lesser than in North India. Similarly, the average cost of treatment is dearer in urban India as compared to rural parts of India. The Average Cost of treatment in urban India is 51.1% more as compared to rural India.

Growth Driver of Diabetic Market in India

• India’s diabetic healthcare market is set for aggressive growth in the foreseeable future. Currently, 91% of the individuals are managing the expenses with their income, as insurance coverages are limited. However, with the rise of healthcare insurance, lifestyle diseases such as diabetic treatment will also get a positive thrust.

• Higher rates of urbanization, extension in healthcare facilities, and surge in public sector healthcare will result in steady growth for diabetic treatment in India.

• Rapid urbanization and lifestyle changes will, unfortunately, give way to a more sedentary lifestyle, thereby resulting in an elevated level of stress, anxiety, and obesity. This will feed into increased demand for treatment services.

• Currently, `~ 25% of the population are availing conventional diabetes treatment. However, a rise in disposable income in conjunction with growth in general awareness will give a big push to the diabetic therapeutic market in the country.