India Diabetes Care Market Competition, Forecast & Opportunities, 2027
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The Indian Diabetes Care Market was valued at USD1530.3 million in value terms in FY2020 and is forecast to grow at CAGR of 7.94% in value terms to reach USD2408.39 million by FY2026.
The Indian Diabetes Care Market is witnessing consistent growth, owing to the increasing geriatric population, increasing diabetic population and the adoption of an unhealthy lifestyle leading to obesity that further increases the diabetic population. Moreover, factors such as advancing technology and increasing cost of living are continuously fueling the diabetes care market in India.
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The Indian Molecular Diagnostics Market stood at an estimated 920 million in FY 2020 and is projected to grow at a CAGR of around 10% until FY 2026, predominantly on account of rising cases of fatal and chronic diseases.
Moreover, spread of COVID-19 pandemic is expected to create more opportunities, which is anticipated to drive the market growth during the forecast period. Furthermore, government initiatives of raising funds for the country s molecular department is also expected to positively influence the market in the coming years.
However, since the department requires high competence and professional skillset, absence of the same can pose a hurdle. Also, with over 25% of the country s population being below poverty line and the rest of the population is either middle-class or lower middle-class, lack of funds and high cost of molecular diagnostics is also expected to hinder the growth of the market