Technology Comes to Rescue the Diabetes Capital of the World
Translating to a market size of ~$17 Bn in FY 21, the disease care market is expected to grow to ~$60 Bn in next 10 years
The increasing prevalence of diabetes in India has turned it into the “Diabetes capital of the world”. The need of the hour is comprehensive care and better management of the disease. Unfortunately, one of the biggest challenges we face is accessibility to such care. Could tech be the answer to India’s diabetes woes? It sure looks like the demand for better management of the disease is paving the way for an upsurge in India’s diabetes care market. In fact, our report suggests that by FY31, India’s Diabetes Care Market is set to grow ~3.5X to reach ~$60 Bn by FY31. Here’s more on this:
1. India, the diabetes capital of the world, is home to ~75mn diabetic patients, and another ~200mn are at high risk (prediabetic). Translating to a market size of ~$17 Bn in FY 21, the disease care market is expected to grow to ~$60 Bn in next 10 years
India only follows China to be home to the second biggest diabetic population in the world and contributes to ~15% of the world’s total diabetic population.
2. An average Indian spends ~INR 11k annually on Type-2 Diabetes care which rises exponentially with age
Type 2 diabetes is most common in India with ~90% diabetes cases falling in this category. For those who are diagnosed (~50%), the disease is generally detected late and only after the age of ~40 yrs. There is no dependence on insulin in initial stages, however if not taken proper care, patients need to take insulin injections in later years. Also with age health complications increase leading to ~3X rise in cost of care from the point of detection.
3. ~75% of India’s diabetic population has limited/poor access to diabetes care; accessibility to the care is the biggest challenge, especially in Tier 2 and 3 areas
4. A diabetic patient also needs to coordinate across platforms to take care of diabetic needs. Unavailability of a comprehensive diabetes care solution is another challenge India faces which ensures positive health impact
5. New Age innovations like continuous monitoring devices/connected devices and app based-doctor support are helping transform diabetes care in the western world and the same is expected in India soon! However, cost effectiveness will play a key role to see mass adoption and impact
Technological interventions are helping with the improvement of diabetes at a large scale. With this being said, the diabetes care market is set for unprecedented growth, translating to better care for diabetic and pre-diabetic patients in the country.