The increasing prevalence of diabetes worldwide has led to a growing demand for innovative drug therapies. This demand is expected to rise shortly, particularly in low- and middle-income countries where the incidence of diabetes is increasing at a faster rate compared to high-income countries. The Asia Pacific region has been identified as the fastest-growing market for diabetes devices and therapeutics during the forecast period from 2023 to 2027.
According to BioIntel360, the Asia Pacific diabetes devices and therapeutics market is projected to reach a market size of US$44 billion by 2027, with a compound annual growth rate (CAGR) of 12.0% during the period from 2023 to 2027. This represents a significant increase from the market size of US$28 billion in 2023. Over the past five years, the sector has shown a CAGR of 11.9%, reaching US$25 billion in 2022. This growth can be attributed to several factors, including the rising prevalence of diabetes in developing countries, increased awareness about early diagnosis, the development of healthcare infrastructure, and a growing demand for novel drug therapies.
According to a study by the Indian Council of Medical Research (ICMR), the number of people living with diabetes in India has risen to over 101 million in recent years, compared to 70 million in 2019. Additionally, approximately 136 million individuals (15.3% of the population) have prediabetes, and more than 315 million people have high blood pressure. The diabetes devices and therapeutics market in India is projected to witness a CAGR of 12.0% from 2023 to 2027, with an estimated market size of US$5,173.0 million by 2027, compared to US$3,286.2 million in 2023. These figures emphasise the critical need for improved diabetes care and prevention initiatives in India.
In the coming future, India's pharmaceutical market is expected to remain fragmented, with multiple brands offering branded generics for the same molecule. This diversity provides customers with a wide range of options across various price segments. However, several challenges need to be addressed. Currently, there is a lack of awareness about healthcare, resulting in late diagnosis of diseases and limited access to appropriate treatment options. This situation often leads to complications associated with untreated or poorly managed conditions. While many countries in the Asia Pacific (APAC) region have healthcare costs reimbursed or supported by the government, India primarily operates as an out-of-pocket market. Despite this, healthcare providers and patients in India are open to embracing innovation and adopting new treatment approaches at an early stage. Recognizing this, Novo Nordisk considers India to be a crucial market.
Novo Nordisk recognizes the importance of the Indian market, both in the Asia Pacific region and globally.
Roche Diabetes Care India (RDC India) recently revealed a significant advancement in their operations, as their blood glucose monitoring gadget, 'Accu-Chek Active,' is now manufactured in India.
BioIntel360 anticipates that the increasing prevalence of diabetes worldwide and specifically in India has driven the demand for innovative drug therapies and improved access to diabetes care. The Asia Pacific region, including India, is experiencing significant growth in the diabetes devices and therapeutics market, presenting opportunities for pharmaceutical companies like Novo Nordisk and Roche Diabetes Care India. Novo Nordisk's focus in India is to assist individuals with diabetes in achieving optimal control of their sugar levels, while Roche Diabetes Care India's move to manufacture its blood glucose monitoring device locally aims to enhance accessibility and meet the growing needs of the Indian market. These initiatives, along with the development of oral semaglutide and the introduction of integrated personalized diabetes management solutions, demonstrate the commitment of these companies to revolutionize diabetes management and improve the lives of individuals with diabetes in India.