The size of the insulin delivery devices market in Europe is estimated to value USD 5.68 billion by 2028 from USD 4.21 billion in 2023, registering a growth rate of 6.17% from 2023 to 2028.
The growing number of people who have diabetes in the European region is propelling the insulin delivery devices market growth in Europe. An estimated 60 million people in Europe have diabetes, says World Health Organization (WHO). Changing lifestyles, obesity, and consuming an unhealthy diet could cause diabetes. Diabetes can lead to significant health difficulties such as kidney failure, blindness, CVDs, and lower limb amputation. In Europe, compared to women, the incidence of diabetes can be seen more in men. Diabetic patients must take insulin to level the glucose level in the blood and prevent serious complications. The increasing number of people taking insulin promotes the demand for insulin delivery devices and results in market growth.
In addition, growing efforts from the EU governments are anticipated to favor the European insulin delivery devices market. In recent days, the governments of Europe have conducted several campaigns to promote awareness around diabetes and disease management and investing considerably in developing healthcare facilities. The growing R&D efforts by the manufacturers to develop advanced insulin delivery systems are supporting the market growth. In addition, technological developments increased role in manufacturing advanced products is also favoring the market to grow further.
The growing aging population from the European region is expected to promote the need for more insulin delivery devices and result in market growth. Aged people are much more likely to get diagnosed with diabetes. According to World Economic Forum, an estimated 30% of the European population will cross 65 years of age by 2100, and the aging population is growing significantly in Europe compared to many other regions. In Europe, many people who have turned 60 years old have type-2 diabetes and use prefilled syringes for insulin intake to reduce the high dose errors in taking the insulin shot.
The increasing incidence of diabetes among children is also expected to contribute to the growth of the insulin delivery devices market in Europe. In addition, due to genetic disorders or other reasons, children below 15 years of age are also diagnosed with diabetes and consuming insulin. Therefore, key market players focus on developing the device primarily for children with less pain and reducing the infection when injected and are also focused on manufacturing devices that reduce needle stick injuries when using insulin syringes.
However, limited insulin pump usage, restricted access to healthcare, and availability of high-cost management in Europe are majorly challenging the insulin delivery devices market. Sometimes, the abnormal insulin dose harms patients, hindering the European insulin delivery devices market. Also, the devices are not used for children who are less than 18 years. The number of insulin delivery devices that use short-acting insulin; is a big challenge for the market. Furthermore, high costs associated with insulin delivery devices, low awareness among people regarding the benefits associated with insulin delivery devices, and the availability of alternative products hamper the market’s growth rate.
This research report on the Europe Insulin Delivery Devices Market has been segmented and sub-segmented into the following categories:
Geographically, Europe had a substantial share of the global market in 2022, and the region is estimated to register healthy growth during the forecast period.
The UK insulin delivery devices market in Europe is expected to grow at a CAGR of 5.6% during the forecast period. Favorable reimbursement policies, growing healthcare expenditure on diabetes, and growing R&D activities on insulin delivery devices are driving the UK market forward. In addition, the increasing adoption of insulin delivery devices, increasing usage of diabetic testing devices, and continuous monitoring devices for diabetes are favoring the market in this country. Around 4 million people have type 1 diabetes, and 549000 people were diagnosed in the UK in 2019. Recently, Insulet Corp has developed a new Omnipol DASH insulin pump in the UK that can manage insulin instead of a daily multiple injector system.
Germany is one of the promising regions in the European region and is expected to showcase a healthy CAGR during the forecast period. The growing adoption of technological developments and the growing efforts from the German government to promote insulin awareness among people are propelling the insulin delivery devices market in Germany. In addition, in 2019, Medtronic had an agreement with Germany's statutory health insurance to provide a MiniMed 670G hybrid closed-loop insulin pump for the treatment of type 1 diabetes.
The insulin delivery devices market in France is expected to grow steadily during the forecast period. An increasing geriatric population and type 1 diabetes patients in France are driving the market. In addition, the French start-up has more funding for research and development activities to develop a hybrid loop system to manage glucose levels and maintain type 1 diabetes.
The Italian insulin delivery devices market is one of the countries with potential in the European region during the forecast period. Italy has more than 2 million patients with type 2 diabetes, and they are accelerating the growth of insulin delivery devices in the market. In addition, the national congress Italian society for metabolism diabetes obesity has announced the introduction of a V-Go wearable insulin delivery device to treat type 2 diabetes.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Europe Insulin Delivery Devices Market profiled in this report are Becton, Dickinson, and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland) and Biodel Inc. (U.S.).
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