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Increasing Geriatric Population Coupled with the Rising Prevalence of Chronic Diseases Driving the Growth of the Market

   December 23, 2022

Aging is associated with progressive deterioration in the structure and function of organs. According to United Nations’ World Population Ageing 2019 Report, the number of people aged 65 years and above in India was 87,149; this number is projected to reach 128,877 by 2030. The number of people aged 65 years and above in Indonesia was 16,374 in 2019, and this number is projected to reach 27,438 by 2030 (source: United Nations’ World Population Ageing 2019 Report). The geriatric population of France and Singapore is estimated to constitute 24.1% and 22.5%, respectively, of their total population by 2030. Similarly, Australia, Réunion, and Mauritius are estimated to have a geriatric population of 19.3%, 18.2%, and 18.0%, respectively, of their total population by 2030 (Source: United Nations’ World Population Ageing 2019 Report). The elderly population is more prone to various chronic diseases. The increasing prevalence of chronic diseases such as heart disease, cancer, type 2 diabetes mellitus, neurodegenerative diseases, and renal failure in the geriatric population drives the demand for various diagnostic tests, including rapid tests. According to the National Council on Aging (NCOA) (U.S.), around 80% of people over 65 worldwide have at least one chronic condition, while 68% have two or more. Hence, looking at the overall scenario, the increasing geriatric population in Indian Ocean region countries, coupled with the rising prevalence of chronic diseases, is expected to boost the demand for rapid diagnostics market in coming years.

The prevalence of chronic diseases and conditions such as diabetes, arthritis, and heart disease are on the rise globally, including the Indian Ocean region countries such as France, India, Australia, Singapore, Indonesia, Madagascar, Mauritius, Réunion, Comoros, Mayotte, and Seychelles. According to the WHO, in 2020, the prevalence of chronic diseases was estimated at 57% globally. Each year, 41 million people succumb to death due to chronic diseases (71% of all deaths globally). The increasing geriatric population and sedentary lifestyle are major factors leading to a rise in the number of people suffering from chronic diseases.

Non-communicable diseases (NCDs), such as cancer, cardiovascular diseases, diabetes, and mental illness, are becoming more prevalent. NCDs currently account for 70% of all deaths worldwide, with the majority recorded in low- & middle-income countries. for example, according to International Agency for Research on Cancer (IARC), in 2020, an estimated 1.32 million new cancer cases were reported in India, this number is projected to reach 1.69 million by 2030. Similarly, in 2020, an estimated 468,000 new cancer cases were reported in France, and it is projected to reach 531,000 by 2030 (Source: International Agency for Research on Cancer [IARC]). In Addition, there is a high prevalence of diabetes in this region. Doctors widely prescribe rapid diagnostic tests to diagnose and manage diabetes. For instance, according to the International Diabetes Foundation, India ranks second globally in the number of people with diabetes. This number is expected to increase in the future. For instance, in 2021, 74.2 million people in India had diabetes which is expected to increase to 124.9 million people by 2045.

Similarly, in 2020, Australia had an incidence of 16.4 people living with diabetes per 100,000 people. Countries such as Madagascar, Mayotte, Comoros and Singapore are estimated to have a fast rate of growth in their diabetic population. Mauritius had a high prevalence of 19.8% of its total population in 2021 and is estimated to reach 21.7% by 2030. Similarly, Singapore also has a high prevalence of diabetic population of 13.1% of its total population in 2021 (Source: International Diabetes Federation).

According to this latest publication from Meticulous Research®, the rapid diagnostics kits market for Indian Ocean region countries is expected to register a CAGR of 1.6% from 2022 to 2029 to reach $1.75 billion by 2029. Key companies operating in the rapid diagnostic kits market for Indian Ocean region countries are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), ACON Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland).

Meticulous Research’s Repository for Diagnostic Industry Include:

Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) - Global Forecast to 2029

https://www.meticulousresearch.com/product/rapid-diagnostics-market-5240

Point-of-care Diagnostics Market by Application (Influenza, Pneumonia, COVID-19, TB, HAI, Hepatitis, HIV, Glucose, Coagulation, Hematology, Cancer, Cardiac), Platform, Purchase Mode (Prescription, OTC), End User (Home Care, Hospital)—Global Forecast to 2029

https://www.meticulousresearch.com/product/point-of-care-diagnostics-market-4871

Tissue Diagnostics Market by Product Type (Antibodies, Kits, Reagents, Instruments [Slide Stainer, Scanner]), Technology (Digital Pathology, IHC, ISH, H&E Staining), Cancer Type (Breast, NSCLC, Colorectal, Prostate), and End user - Global Forecast to 2029

https://www.meticulousresearch.com/product/tissue-diagnostics-market-4971

 


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