NEW YORK (GBI Research) - Huge diabetes patient pools, combined with comparatively low disease awareness in emerging countries such as India and China, are drawing the attention of international medical companies, finds a new report from healthcare industry specialists GBI Research.
The report* states that big firms such as Roche, Sanofi, Novo Nordisk and Lilly are increasing sales and marketing focus in these countries in an attempt to tap the vast potential they hold in the global diabetes devices market.
The Chinese diabetes devices market was valued at $776.2m in 2011, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.9% to reach $1,161.1 in 2018.
The Chinese government has been fighting to increase awareness of diabetes and spread the availability of treatment through schemes such as the National Diabetes Management Project. This is an important driver for the national diabetes devices market.
GBI Research predicts expansion in India to be even more impressive. The diabetes devices market in the country was worth $146.5m in 2011 and is forecast to climb at a CAGR of 10% to a value of $285.2m in 2018.
India has vast potential in this sector as it is home to the second highest population of diabetes sufferers in the world, after China. In 2011, over 61 million people in the country had the condition, and this figure is expected to climb to more than 101 million by 2030.
Improved diagnosis rates, an increase in government initiatives, and greater interest from diabetes device manufacturers are all expected to be major factors in growing the sector within India.
From a global perspective, the diabetes devices market is predicted to expand from a 2011 value of $17.7 billion to $25.3 billion in 2018, climbing at a CAGR of 5.2%.