As per our report, the European insulin pump market size is forecasted to be worth USD 3.31 Billion by 2028, registering a CAGR of 6.4% from 2023 to 2028.
The healthcare industry is growing rapidly in the European region, mainly because the healthcare provider is well aligned, and the institutional diabetes network is sufficiently dispersed to capture all demographics. Thus, the service is accessible to all diabetes training for certified health professionals (HCP), assistants, and new patients. In addition, there are many insulin pump manufacturers in Europe that, from time to time, launch new products with significant advancements and features.
The growing patient population suffering from diabetes and obesity and the increasing adoption of unhealthy diets and physical inactivity are majorly contributing to the growth of the insulin pump market in Europe.
Increasing diabetes cases is the major factor that helps the growth of the market. Lifestyle changes, neglecting workouts, increasing consumption of sugar-based foods and alcohol, hormonal changes, and genetic issues are the main reason for the occurrence of diabetes. According to the survey by IDF Diabetes Atlas, nearly 61 million people who are aged above 20 are living with diabetes in the European region and 295,000 children below 20 years also suffer from diabetes 1. Additionally increasing mortality rate among diabetes patients due to a sudden high or low level of glucose in the body is the main reason for the adoption of an insulin pump which helps to maintain the glucose level continuously in a day and results in a reduction of complications among the diabetic patients. These devices can be used by adults, teens, and children who are suffering from type 1 and type 2 diabetes.
The increasing geriatric population and increasing awareness about insulin pump devices also help the development of the market. With increasing age, 80 percent of the older population are suffering from diabetic problems due to low consumption of healthcare diet, increasing obesity caused by some medications, and increasing digestion issues. Due to low resistance power among older people, they face severe situations due to diabetes. As a result, healthcare provider suggests, these types of people use insulin pumps leading to market growth.
Increasing advancement in the manufacturing of insulin pumps is another factor that drives the market growth. In the year 2022, Medtronic company has developed an insulin pump named MiniMed 780G system by taking real-world data from Europe. This system is an advanced hybrid closed-loop system with meal detection technology and provides automatic adjustments and corrections to glucose levels every five minutes. Increasing research and development, increasing government investment and increasing product approvals are the other factors for market demand.
The high cost of the devices is the major factor leading to normal people not being able to afford them. Lack of awareness about the insulin pump is another factor that hampers the market growth during the forecast period. The availability of alternative methods for inulin delivery such as injections, and insulin pens, along with strict rules for the approval of the insulin pump, and the lack of availability of insulin pumps in every pharmacy store also impedes the market growth in Europe.
There have even been numerous government actions to manage the pandemic by manufacturing insulin pump supply chains, as diabetic patients are at increased risk of being affected by COVID-109. Therefore, with constant access to essential drugs, technologies, and treatments, smart insulin manufacturing companies take various steps to make the product available to patients, which has been well suited to the market valuation.
This research report on the European insulin pump market has been segmented and sub-segmented into the following categories:
By Pump Type:
The disposable pump segment had the major share of the European insulin pump market in 2021 and is estimated to witness a healthy CAGR during the forecast period.
By End User:
The hospital segment led the insulin pump market in Europe in 2022.
Europe holds the maximum share in the market growth due to increasing advancement in healthcare infrastructure. People in the region are showing interest in using advanced devices for their diseases to lead a quality life. As a result, diabetic people are using an insulin pump to maintain glucose levels which helps the development of the market growth. Increasing awareness programs and advertainment about the benefits of the insulin pump among the population also helps for the development of the market. Manufacturers are advertising through televisions and social media platforms further promoting growth.
The UK insulin pump had the leading share of the European market in 2021 and is predicted to continue playing a dominating role in the European region during the forecast period. As per the survey, nearly 57% of the population in Wales and 40% of the population in England are using an insulin pump for better control of blood glucose levels. In England, children are using these insulin pumps for the better management of sugar levels and giving a quality life to the children.
During the forecast period, the German insulin pump market is predicted to grow at a notable role. An increasing number of clinics for insulin pump installation is the major factor for the market growth. In Germany, nearly 8.5 million people are suffering from diabetes. Among those people, patients with severe diabetes are adopting insulin pumps leading to market growth in the country.
KEY MARKET PLAYERS:
Animus Corporation, Asante, Cellnovo Ltd., Insulet Corporation, Medtronics, Inc., Nipro Diagnostic, Inc., Ypsomed, Roche, Sooil Development Co., Ltd., and Tandem Diabetes Care, Inc. are some of the noteworthy companies in the European insulin pump market.
The Europe Insulin Pump Market is predicted to grow at a CAGR of 6.4% from 2022 to 2027.
The growth of the Europe Insulin Pump Market is primarily driven by factors such as the increasing prevalence of diabetes, the growing adoption of insulin pumps over conventional methods, and advancements in insulin pump technology.
The major players operating in the Europe Insulin Pump Market include Medtronic, Insulet Corporation, Roche, Ypsomed, and Tandem Diabetes Care, among others.
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