Diabetes is a disease that everyone has heard of and understands what it means and how serious it has become today. It is a chronic disease that occurs when the pancreas does not produce enough insulin or when the body does not use the insulin that is produced effectively. Diabetes cases have been rapidly increasing in India as a result of several important causes and factors. We have a report analysis of the Indian Diabetes Market by a healthcare research firm here. So, let’s see what their report has to say.
About Redseer:
RedSeer Consulting has a stellar track record in the healthcare industry, having worked with over 50 clients and delivering more than $1 billion in revenue growth. They have a thorough understanding of the new eHealth marketplace and the value it can provide. Among their notable accomplishments in advising pharmaceutical companies, hospitals, and diagnostic labs on product portfolios and funding strategies. Redseer assisted an eHealth organisation in expanding into new categories and markets, as well as a courier company in developing new marketing strategies for major brand refreshes.
Redseeer’s Diabetes Report Analysis:
A new study released today by Redseeer, a research firm focused on the healthcare industry, forecasts that the diabetes care market in India will reach $60 billion in the next decade from $17 billion in the fiscal year 2021.
This represents an annual growth rate of 7.5 per cent. The study predicts that 75 million people in India suffer from diabetes, and another 200 million suffer from pre-diabetic symptoms.
People living in urban areas are more likely than those living in rural areas to develop Type 2 diabetes, the most common form of the disease.
Available statistics show that the cost of diabetes treatment increases from Rs 6,000 per year for those who are younger than 60 to as much as Rs 17,000 per year for those who are older.
New-age technologies such as connected blood glucose monitoring devices and app-based doctor guidance or coaching are playing a significant role in transforming diabetes care in western nations.
According to a report by Frost & Sullivan, chronic diseases, including diabetes, cardiovascular disease, and hypertension, are the most common causes of death in India; together these illnesses constitute more than $35 billion in annual healthcare costs.
Conclusion
To sum up, we can see that India is at a crucial stage of increasing the awareness of diabetes and its need for better care approaches. The market is expected to surge to $60 billion in the next decade from $17 billion today, driven by rising prevalence, advancing patient pool life expectancy, healthcare system maturity and penetration growth. In addition, opportunities for drug distribution companies and large hospitals for economies of scale, along with lean healthcare initiatives will provide decisive opportunities to increase profitability in this growing market.
As a result, these initiatives will help reduce the incidence of type 2 diabetes while also potentially increasing revenue growth in this sector.
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