By 2025, the country is expected to account for 20 percent of the world's diabetic population. However, currently, more than 90 percent of the self-monitoring blood glucose (SMBG) market in India is untapped. This lack of penetration is largely due to the low awareness levels among clinicians and patients.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Self Monitoring of Blood Glucose Systems Market in India, finds that the market earned revenues of $49.7 million in 2009 and expected to grow at a CAGR of 17.4 percent in next 5 to 6 years.
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Clinicians' inadequate knowledge is one of the primary reasons for late detection of diabetes and poor disease monitoring. Therefore, access to quality healthcare and affordability are the issues that need to be addressed to accelerate the adoption of SMBG kits in India.
"General practitioners (GPs) tend to treat large numbers of diabetics in India but traditionally, companies have neglected this section and concentrated on specialists," says Frost & Sullivan Industry Analyst Swarna Sundar. "As patients repose the highest faith in GPs, and diabetes being diagnosed mainly by GPs, it is important to increase awareness of diabetes and the benefits of regular monitoring among GPs."
Market participants will be pleased to notice a shift in consumer mindset toward preventive medicine. The rise in income levels and the simultaneous increase in the diabetic population will also go a long way in augmenting the sales of these products.
Innovative marketing campaigns to educate clinicians and end users about the benefits of monitoring diabetes, attractive offers to distributors, retailers, and end users, as well as substantial price cuts in meters are likely to give a leg up to the INR 1.4 billion glucose meters and strips market.
"As Indian consumers are not well aware of the benefits of various features offered in a glucose meter, their purchase decision is influenced by retailers and/or clinician recommendations," notes Frost & Sullivan Industry Manager Jayant Singh. "Special offers play an important role in the decision making process."
Self Monitoring of Blood Glucose Systems Market in India is part of the Medical Devices Growth Partnership Services program. This also includes research in the following markets: Strategic Assessment of India Self Monitoring Blood Glucose Meters and Strips Market, Strategic Assessment of China Self Monitoring Blood Glucose Meters and Strips Market and Strategic Assessment of South Korea Self Monitoring Blood Glucose Meters and Strips Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Self-Monitoring of Blood Glucose Systems Market in India / P289
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