Asian Economic Giants (India and China) Set to Spearhead the Growth of Diabetes Care Devices MarketPublished On: October 7, 2015
China and India provides significant opportunities for the diabetes care products market. Diabetes is an expensive and gradually increasing health problem all over the world, with around 386 million people with diabetes globally, of which 95% have type II diabetes. China is home to the world’s largest population with close to 1.4 billion inhabitants followed by India with approximately 1.2 billion people in 2014. According to the International Diabetes Federation, China had the largest number of diabetic patients with around 96.2 million diabetic patients followed by India with around 66.8 million and the U.S with 25.8 million diabetic patients in 2014. This represents a sizeable chunk of approximately 40-45% of the global diabetic population living in India and China.
Therefore, given the huge numbers of diabetics in India and China and the financial implications due to diabetes, there is a substantial business potential in these market segments. The diabetic care products market in India has witnessed significant growth in the past decade. With the growing healthcare spending, improved healthcare infrastructure and thereby diabetes diagnosis rate, and growing research and development activities in this market further expected to propel the growth in the coming years. Moreover, the Indian diabetes care devices market is still underpenetrated which provides significant opportunities for the market players. The Indian diabetes care devices market is consolidated at the top with half of the market dominated by the top five players. However, remaining half of the market is fragmented with the presence of several smaller players and few global market players which are aiming to strengthen their position in this lucrative market.
China on the other hand, shows tremendous price competitiveness for the diabetes care devices as the local players offer low cost products in the domestic market. However, in spite of availability of low cost products in the China, the diabetes care devices market in the country is dominated by the global players such as Roche and Johnson and Johnson with top five companies contributing around 70-80% share in 2014.
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