India has 50 million diabetes patients and this number is growing by the minute, making the country an important market for all segments of diabetes care and management, including monitoring equipment, reports CNBC-TV18's Archana Shukla.
India is home to nearly 22% of the world's diabetic population and the number is expected to shoot up alarmingly, from the current 50 million to 69 million by 2025. Not surprisingly, competition in the diabetes screening and monitoring market is heating up.
However, Roche Diagnostic, the leader in Rs 300 crore Indian diabetes monitoring devices market is not worried.
"With only 3-4% penetration of blood glucose monitoring devices, there is a huge scope for growth for all companies. We are all getting aggressive but there's place for all," said Vivek Kamath, head diabetes business unit at Roche Diagnostics.
Roche says device market is growing 15-20% annually and with awareness about the disease increasing, glucometer sales have surged sharply with both retail consumers and hospitals pitching in.
Roche and its closest competitor Lifescan still control over 65% of this devices market globally but players like Johnson & Johnson, Bayer, Abbott, Dr Morepen and even Indian companies like Wockhardt are aggressively trying for a bigger piece of the pie. But Roche says a price war is not imminent. Roche and the other manufacturers of devices that detect diabetes are on the verge of a boom in the Indian market.
The Indian government has launched ambitious initiatives to screen the population for diabetes and maintain a directory and more such initiatives are in the pipeline. And hence, the sale of these devices is going to get a serious shot in the arm.