As per our report, the European insulin pump market size is forecasted to worth USD 3.12 Billion by 2026, registering a CAGR of 6.4% from 2021 to 2026.
Y-O-Y growth in the prevalence of diabetes in various age groups in the European region is due to obesity, unhealthy diet and physical inactivity is one of the primary factors driving the European insulin pump market growth. The prevalence of autoimmune type 1 diabetes is also increasing in Europe, and, according to sources, Europe has the highest number of children with type 1 diabetes patients. The other significant factors contributing to the growth of the European insulin pump market are the increasing aging population, growing prevalence of diabetes, awareness of the benefits of an insulin pump, increasing disposable income per capita, and progressive diabetes infrastructure.
The gradual advancement of insulin pumps and their rapid adoption by diabetic patients over conventional techniques opens up strong opportunities for the insulin pump market in Europe.
The healthcare industry is growing rapidly in the European region, particularly 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 a large number of insulin pump manufacturers in Europe that, from time to time, launch new products with great advancements and features.
High costs associated with the insulin pumps, inadequate reimbursement policies, and the availability of other substitutes may hamper the growth rate of the insulin pump market in Europe.
Impact of COVID-19 on the European Insulin Pump Market:
The impact of COVID-19 on the insulin pump market has been such that the increase in the number of diabetic patients leads to high use of insulin pumps, leading to increased sales in the insulin pump market. Diabetic patients search for essential health products in several ways, such as hospital pharmacies, online portals, and emergency drug stores. The COVID-19 pandemic has had a huge impact on the medical device industry, mainly with the increase in demand for protective equipment such as respiratory pumps, insulin devices, and mouth cover, which has once again fueled the market snowball.
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 are taking 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:
By End User:
Regionally, the European insulin pumps market is predicted to account for a significant share in the global market during the forecast period.
In Europe, Germany is one of the largest markets for insulin pumps due to its large number of diabetic patients, type 1 diabetes patients, and improved reimbursement policies. Germany held a 34% market share of the European insulin infusion pump market in 2019 and is expected to register a CAGR of 4.2% during the forecast period due to favorable reimbursement policies.
The UK has many reimbursement policies which contribute to a promising growth rate for the UK insulin pump market during the forecast period.
The France insulin pump market is expected to showcase a prominent CAGR due to advanced health infrastructure during the forecast period.
Due to the increasing number of diabetic patients and the growing awareness of blood sugar control and advanced insulin delivery devices in these regions like Sweden, the Netherlands, Norway, etc., notable growth in the insulin pump market is expected.
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.