India blood glucose monitoring market size was valued at USD 185.1 million in FY2023, which is expected to reach USD 338 million in FY2031, with a CAGR of 7.8% for the forecast period between FY2024 and FY2031. The growth of the India blood glucose monitoring market can be attributed to key factors such as the rising incidence of diabetes, ongoing advancements in technology, preference among patients for less invasive monitoring techniques, increasing government initiatives and healthcare reforms, increase in healthcare spending, greater investments, growing elderly population, and the incorporation of glucose monitoring into telemedicine and digital health platforms.
India blood glucose monitoring market is being significantly driven by the escalating prevalence of diabetes. In 2019, approximately 77 million adults in the country were diagnosed with diabetes and is expected to climb to 134 million by 2045. The increasing prevalence of diabetes is spurring a growing demand for glucose monitoring devices. As the diabetic population in India is projected to expand substantially in the coming years, there is a surging need for dependable and efficient blood glucose monitoring solutions, indicating a promising future for the India blood glucose monitoring market.
Another factor contributing to market growth is the heightened recognition of the importance of glucose monitoring. People now prefer to regularly check their blood sugar levels as a preventive measure against diabetes-related complications. Moreover, technological advancements have ushered in a new era of blood glucose monitoring, introducing innovations such as continuous glucose monitoring (CGM) systems, intelligent glucose meters, and mobile health applications. These innovations offer real-time data and prioritize user-friendliness and convenience, ultimately leading to improved healthcare outcomes and further diversification of the India blood glucose monitoring market.
Growing Ageing Population
According to the United Nations Population Fund, India is expected to witness a nearly twofold increase in its elderly population, reaching approximately 192 million by 2030. By 2050, one in every five Indians will be in the elderly age category. Looking further into the future, by 2100, the proportion of individuals aged 65 and above is anticipated to soar to 30%, marking a substantial increase from 7%. Consequently, the median age is poised to rise from the present 28 years to 48 years. As individuals age, the occurrence of diabetes becomes more prevalent.
Additionally, there is a growing population of individuals displaying indicators of impaired fasting glucose (IFG) or impaired glucose tolerance (IGT), which are precursors to clinical diabetes and recognized as risk factors for vascular complications. As a result, approximately half of all diabetes cases are observed in individuals aged 55 years and above. The increasing elderly population will consequently boost the demand for glucose monitoring devices, contributing to the growth of the India blood glucose monitoring market.
Increased Investments are Driving the Market
There is a notable increase in financial investments in the India blood glucose monitoring market, with several companies such as Abbott, Dexcom, Medtronic, and Roche actively participating in this trend. These firms allocate significant resources to research and development initiatives focused on creating innovative, state-of-the-art glucose monitoring devices. This upsurge in investments has the potential to result in cost-effective devices that offer improved convenience.
Additionally, these companies are establishing manufacturing facilities in India. For instance, in May 2023, Roche Diabetes India commenced the production of its flagship glucose monitoring device, Accu-Chek Active, within India. The company has collaborated with Sanmina-SCI India and Parekh Integrated Services to manufacture and distribute the product, respectively. The production of Accu-Chek Active metres will take place in Sanmina’s multi-client manufacturing site in Chennai, in line with globally approved quality standards.
Government Initiatives
Government initiatives addressing diabetes in India represent a vital response to the escalating epidemic of diabetes within the country. These initiatives play a major role in the growth of India blood glucose monitoring market. These efforts comprise an extensive range of policies, programs, and strategies that target the multifaceted challenges posed by diabetes. They seek to raise public awareness, ensure widespread access to healthcare services, and provide complimentary glucose monitoring kits to needy individuals.
For instance, in February 2022, the Kerala Vayomadhuram Scheme 2022 was introduced, primarily benefiting diabetic patients residing in Kerala. This initiative enables patients to monitor their blood sugar levels, and as part of the program, the state government has pledged to provide each beneficiary with complimentary monitoring kits. Each kit includes more than 25 testing strips and one Glucometer set for the patients’ use.
Growing Popularity of Non-Invasive Devices
The burgeoning popularity of non-invasive blood glucose monitoring devices signifies a profound transformation in the realm of India blood glucose monitoring market. Over recent years, these groundbreaking instruments have gained substantial traction, providing an accessible, user-friendly, and painless alternative to the conventional fingerstick methods for tracking blood sugar levels. As these devices continue to progress and become more readily available, they hold the potential to revolutionize diabetes management completely, thereby enhancing the quality of life for countless individuals and contributing to the advancement of remote healthcare monitoring. Non-invasive glucose monitoring stands poised to supplant the current standards of invasive and minimally invasive approaches, offering painless, efficient, and accurate diabetes management in the foreseeable future.
Increasing Demand for BGM Services
In recent years, the market for diabetes management systems has witnessed a remarkable surge in growth, attributed to a confluence of factors reshaping the healthcare landscape, leading to growth in India blood glucose monitoring market. It helps to strengthen the care process, facilitates communication between patients and their healthcare team, and integrates digital tools that visualize and analyze data.
With the prevalence of diabetes rising, there is a growing demand for innovative and comprehensive solutions to assist individuals in effectively managing this chronic condition. For example, Roche Diabetes Care India introduced its newest Integrated Diabetes Management Solution in May 2019 by introducing the “mySugr” mobile application and the “Accu-Chek Instant” blood glucose monitoring system. When used in combination, the mySugr App and Accu-Chek Instant provide enhanced connectivity and precision, making it easier for individuals with diabetes to oversee their blood sugar levels effectively.
Impact of COVID-19
The pandemic has resulted in heightened demand for glucose monitoring devices, leading to drastic growth in the India blood glucose monitoring market. There was an increased susceptibility of individuals with diabetes to severe complications from COVID-19. The pandemic has raised awareness regarding diabetes and the significance of monitoring blood sugar levels. The pandemic-induced lockdown posed challenges for individuals with diabetes in accessing glucose monitoring devices and test strips, resulting in a scarcity of these products in the market. The pandemic resulted in a surge in the prices of glucose monitoring devices and test strips, primarily attributed to rising raw material costs and supply chain disruptions. Furthermore, the closure of physical stores and the growing trend of online shopping precipitated a shift towards online sales of these products.
India Blood Glucose Monitoring Market: Report Scope
“India Blood Glucose Monitoring Market Assessment, Opportunities and Forecast, FY2017-FY2031” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current scenario of the India blood glucose monitoring market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecast period between FY2024 and FY2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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