As per our report, the European insulin pump market size is forecasted to be worth USD 3.12 Billion by 2027, registering a CAGR of 6.4% from 2022 to 2027.
The healthcare industry is growing rapidly in the European region, mainly 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.
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.
Growing diabetes management care, expanding use of these products, and technological advancements are a few other key factors promoting the growth of the insulin pump market in the European region. Furthermore, insulin pumps are incredibly convenient to use, resulting in a significant increase in product usage and market growth. In addition, a rising number of diabetic patients throughout the EU region are requesting more insulin pumps to help them control their diabetes, which is projected to drive market growth to new heights.
Furthermore, factors such as rising diabetes prevalence, a variety of insulin kinds, and increased knowledge of diabetes and insulin delivery devices help drive the European insulin pump industry forward. In addition, the development of the artificial pancreas and home infusion therapy has aided the growth of this industry to some extent. Furthermore, insulin infusion pump manufacturers' professional and consumer education programs encourage the use of insulin delivery devices and, as a result, support the market's development.
In addition, increased demand for individualized medication and an increase in home healthcare infusion therapy are boosting the market's growth pace. Increased government assistance, such as investments in healthcare centers and improvements in legislation that benefit the general population, will help the industry flourish. The expansion of the European insulin pump market is accelerating due to the rising prevalence of cardiovascular illnesses, eye ailments, and other conditions.
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. In addition, the gradual advancement of insulin pumps and their rapid adoption by diabetic patients over conventional techniques opens up solid opportunities for the insulin pump market in Europe.
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. In addition, various worries about insulin delivery systems, including skin infections and the expensive cost of insulin analogs and pumps, are stifling the market's expansion. Furthermore, the shortage of qualified professionals for proper insulin pump handling limits the market's development to some extent. Moreover, research is underway on aerosolized insulin for inhalation, oral insulin, and insulin-producing stem cell implantation, with promising outcomes that slow the market's development.
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 significantly impacted the medical device industry, mainly with the increase in demand for protective equipment such as respiratory pumps, insulin devices, and mouth cover, which has again fuelled 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 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:
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 favorable 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.
Talk to our analyst and get customised report done according to your research needs
Check if you can avail any discount. Submit your details and our team will get back to you.
Request to avail a free sample report that reflects this market and its growth.