According to the latest report by IMARC Group, titled “China Diabetes Market Report: 2018-2023”, the China diabetes market reached a value of more than US$ 3 Billion in 2017, exhibiting a CAGR of more than 15% during 2010-2017. Diabetes, also known as diabetes mellitus, is a long-term health condition which leads to an increase in the levels of blood sugar. During this chronic disease, the patient’s body does not produce enough insulin to break down the sugar available in food products. Currently, China has one of the largest diabetic population in the world with around 10% of the adult population living with the disease owing to unhealthy changes in lifestyles such as high level of smoking and alcohol consumption, particularly among the rural and middle-class population. Apart from this, the prevalence of diabetes is higher at a relatively young age and lower BMI level in China as compared to the western population.
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Market Trends:
The healthcare reforms undertaken by the Chinese government represent the major factor which has driven the market growth. Earlier, the healthcare system in the region operated under a rudimentary socialist system with little to no access to modern healthcare services. However, the government has encouraged foreign investments in recent years, allowing multinational companies to offer their services in the region. This has improved the access to treatment, enabling the patients to identify diabetes at earlier stages and manage it. Additionally, as people over the age of 65 years are at a higher risk of diabetes when compared to the younger generations, the aging population has further led to a growth in the demand for diabetes management products. Moreover, rising disposable incomes coupled with rapid urbanization have led to a rise in the consumption of junk food, lack of safe spaces to exercise, sedentary lifestyles, etc., further increasing the risk of diabetes. However, the geographical disparity in China, in terms of healthcare services provided to the eastern and western provinces and the rural and urban regions, hinders the growth of the China diabetes market. Looking forward, the market is projected to reach a value of nearly US$ 6 Billion by 2023.
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Market Summary:
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