Europe Blood Glucose Monitoring Market Size (2023 to 2028)
The blood glucose monitoring market in Europe is projected to grow at a CAGR of 10.37% from 2023 to 2028 and the regional market size is anticipated to be valued at USD 5.41 billion by 2028 from USD 3.31 billion in 2023.
The growing prevalence of diabetes across Europe is one of the key factors propelling the Europe blood glucose monitoring market growth. With nearly 60 million Europeans affected by diabetes, the demand for blood glucose monitoring devices is on the rise. Factors such as lifestyle changes, unhealthy diet patterns genetic predisposition contribute to the growing incidence of diabetes. This chronic disease not only poses significant health risks but also leads to complications related to the heart, kidneys, and liver. As a result, the market for blood glucose monitoring devices experiences steady growth to meet the needs of the diabetic population.
The growing aging population and preventive measures across Europe further fuel the growth rate of the Europe blood glucose monitoring market. The incidence of diabetes in the European region is likely to accelerate in the coming years due to the growing aging population in this region. Healthcare providers recommend the use of blood glucose monitoring devices for regular monitoring of blood glucose levels to curb the risk of severe complications. This enables individuals to take preventive measures and manage their diabetes effectively. The increasing awareness among the European population about the importance of diabetes management and the rising mortality rate associated with diabetes drive the adoption of blood glucose monitoring devices for early diagnosis and timely intervention and propel the European market growth.
The continuous development of glucose monitoring devices with the latest technologies promotes the Europe blood glucose monitoring market growth. Manufacturers are dedicated to creating devices that incorporate cutting-edge technologies, such as sensors and efficient data storage capabilities, to provide users with accurate glucose level measurements. The emphasis is on delivering devices that are affordable and user-friendly, ensuring widespread accessibility and ease of use. The robust research and development initiatives, strong support from medical device companies, favorable reimbursement policies and the steady approval of new products further fuel the growth rate of the European market.
The stringent regulatory requirements imposed by authorities such as the European Medicines Agency (EMA) and national regulatory bodies for blood glucose monitoring is one of the major factors hampering the growth of the European market. Limited reimbursement coverage for blood glucose monitoring devices in some European countries and high costs associated with advanced blood glucose monitoring devices impede the regional market growth. Limited awareness and education about the importance of blood glucose monitoring and diabetes management and intense competition in the European market further result negatively on the European market growth.
This research report on the Europe blood glucose monitoring market has been segmented and sub-segmented into the following categories.
By Product:
By Application:
By End User:
By Country:
The Europe region accounted for a substantial share of the global blood glucose monitoring market during the forecast period owing to increasing awareness among the population and rising healthcare expenditure. The UK led the market in the European region in 2022 and is anticipated to grow at a healthy CAGR during the forecast period owing to the presence of several prominent market players and top-selling diabetes care companies. Germany is predicted to witness a promising cAGR during the forecast period. Germany, known for its manufacturing facilities and clinical trial centers, plays a key role in the market's growth. The government in both countries has taken initiatives to approve blood glucose monitoring devices, further drive the German market.
KEY MARKET PLAYERS:
Bayer Healthcare AG, F. Hoffmann-La Roche Ltd, Sanofi, GlySure Ltd, Sphere Medical Holding plc., Dexcom, Inc., LifeScan, Inc., Novo Nordisk, Abbott Laboratories and Arkay, Inc. (US) are some of the major players in the Europe blood glucose monitoring market.
Frequently Asked Questions
The growth of the Europe Blood Glucose Monitoring Market is primarily driven by factors such as the increasing prevalence of diabetes, rising awareness about the importance of glucose monitoring, technological advancements in monitoring devices, and the growing geriatric population.
The Europe Blood Glucose Monitoring Market is projected to experience steady growth in the coming years. Factors such as the increasing prevalence of diabetes, technological advancements in monitoring devices, and rising healthcare expenditure are expected to contribute to market growth.
Bayer Healthcare AG, F. Hoffmann-La Roche Ltd, Sanofi, GlySure Ltd, Sphere Medical Holding plc., Dexcom, Inc., LifeScan, Inc., Novo Nordisk, Abbott Laboratories, and Arkay, Inc. (US) are some of the major players in the Europe blood glucose monitoring market.
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