The Europe diabetes devices market size is expected to reach 8.7 billion by 2026, according to a new report by Grand View research, Inc. registering a CAGR of 4.0% over the forecast period. The size of the market is justified by the contribution from developed European economies such as Germany, U.K., France, and Italy. The prevalence of diabetes is rising amongst all ages in the European countries, mainly due to the unhealthy lifestyle, obesity, overweight, and physical inactivity. According to the International Diabetes Federation (IDF), around 66.0 million people in Europe are suffering from diabetes and this number is expected to increase to around 81.0 million by 2045. Thus, rising diabetes population base in this region is anticipated to be a major driver for the Europe diabetes devices market.
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Additionally, the region is expected to witness high growth rate during the forecast period due to the continuous efforts towards diabetes control by the government and healthcare organizations such as the IDF. These organizations provide required expertise and support diabetes awareness campaigns through a network of stakeholders and partners. Also, increasing health care funding in the region is anticipated to propel the market’s growth.
Moreover, rising geriatric population is also anticipated to propel the market growth over the forecast period. In 2018, nearly one fifth of the Europe’s population was over 65 years age which is further fueling the diabetes device market. According to the United Nation report on World Population Aging, older population in Europe is projected to constitute 35.0% of total population by 2050. Furthermore, leading manufacturers are focusing on technological innovations and advanced product development to gain remarkable share in the market.
Europe Diabetes Devices Market Report Highlights
• Germany held the largest market share owing to favorable reimbursement policies, local presence of key market players, and supportive government initiatives.
• In the self-monitoring and diagnostic devices segment, digital glucose monitors held the largest market size of 1.2 billion in 2018 and is growing at a CAGR of over 4.6% during the forecast period.
• Insulin pens held the largest market share in 2018 and the segment is projected to grow at a CAGR of 3.7% over the forecast period. The growth in this segment is attributed to ease of use and the ability to deliver accurate dosage.
• Insulin pumps segment is expected to grow during the forecast period. The segment is primarily driven by its advantage such as need of fewer injections to deliver insulin.
• Some of the prominent players include in Europe diabetes devices market are Eli Lilly and Company, Medtronic, Inc., Novo Nordisk A/S, Sanofi, Becton, Dickinson and Company, F. Hoffmann-La Roche, Ltd., B.Braun Melsungen AG, Ypsomed Holding AG, Abbott Laboratories and others.
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Europe Diabetes Devices Market Segmentation
Grand View Research has segmented the Europe diabetes devices Market report on the basis of product and region.
Europe Diabetes Devices Product Outlook (Revenue, USD Million, 2015 - 2026)
• Monitoring and diagnostic devices
o Digital glucose monitors (DGM)
o Analog glucose monitors (AGM)
o Continuous Glucose Monitor (CGM)
• Insulin Delivery Devices
o Jet injectors
Europe Diabetes Devices Regional Outlook (Revenue, USD Million, 2015 - 2026)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.