Europe Diabetes Care Devices Market
Europe Diabetes Care Devices Market to Surpass USD 9.86 Billion by 2028
Published | 21 July 2022
Europe Diabetes Care Devices Market is flourishing owing to the rising rates of diabetes and obesity, the growing prevalence of diabetes along with the constant introduction of new goods…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Europe Diabetes Care Devices Market was worth USD 6.93 billion in the year 2021. The market is projected to grow at a CAGR of 5.3%, earning revenues of around USD 9.86 billion by the end of 2028. The Europe Diabetes Care Devices Market is booming because of the increasing development of diabetes technology and rising consumer awareness of these devices. The market for diabetes treatment devices in Europe is growing significantly despite the rapid advancement in technology. While numerous government efforts and different awareness campaigns are also accelerating the market's growth for diabetes care devices in Europe. Moreover, increasing levels of physical inactivity, bad eating, and the prevalence of diabetes among the elderly. Additionally, significant investments in R&D, rising public awareness, and an increasing elderly population all contribute to the market's expansion. However, during the forecast period, the low per-person diabetes spending and numerous consequences paired with insulin delivery devices are anticipated to restrain the expansion of the Europe Diabetes Care Devices Market.
Increasing Levels of Obesity, Unhealthy Lifestyles, and Inactivity
The amount of actual work has decreased as cities and roads become more motorized. More than 60% of Europeans, according to the WHO, are not adequately dynamic. Active employment is one of the things that keeps people alive, according to the World Health Organization. As a result, it offers protection from any enduring medical conditions, such as different types of cardiovascular disease or diabetes, at any stage of life. At any age, gaining weight raises the risk of type 2 diabetes. In persons who are obese, type 2 diabetes is three to ten times more common than it is in people of normal weight, and it is more likely to happen in those whose body mass index (BMI) is higher than 35 kg/m2.
Rising Prevalence of Diabetes
Diabetes is a long-term condition in which the pancreas fails to make enough insulin or uses it inefficiently to regulate blood sugar. Diabetes presently affects 59.8 million individuals in Europe, and by 2040, that number is projected to rise to 73.8 million. Type 2 diabetes, commonly referred to as non-insulin-dependent diabetes or adult-onset diabetes, is a condition where the body uses insulin inefficiently. Type 2 diabetes affects more than 90% of those who have the disease. Having an excessive amount of body weight and not exercising are the main causes of diabetes. Diabetes is also growing more and more common. The dramatic increase in the number of diabetics is mostly a result of the nation's rising obesity rates as well as sedentary lifestyles characterized by bad meals and little physical activity.
Challenge: Some Adverse Effects of Diabetes Care Devices
Blood glucose monitoring devices, on the other hand, do not measure the exact level of glucose in the blood but rather provide a range of blood glucose levels. Furthermore, adverse effects associated with some diabetes care devices impede the market growth. Diabetes Care Devices Market Opportunity is expected to be provided by an increase in awareness about diabetes monitoring devices and untapped market opportunities in developing regions.
Europe Diabetes Care Devices Market - By Sales Channel
Based on the sales channel, the Europe Diabetes Care Devices Market is segmented into Institutional Sales and Retail Sales. The institutional sales segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Institutional sales have been further subdivided into hospitals, clinics, and others. Hospital pharmacies, retail pharmacies, and online pharmacies are the three types of retail sales. All these factors boost the growth of the Europe Diabetes Care Devices Market during the forecast period (2022-2028).
Impact of COVID-19 on Europe Diabetes Care Device Market
The impact of COVID-19 on the Europe Diabetes Care Device Market remains positive. This was due to patients with various health issues, such as diabetes and high blood pressure, being at a higher risk of contracting this virus. Diabetes patients had a higher mortality rate than the general population. Diabetes patients require continuous insulin administration (via syringes or pens) and care. As a result, the use of insulin pens and continuous glucose monitoring devices increased the demand for close monitoring and optimal diabetes management. However, due to lockdowns and travel restrictions, the market experienced a supply chain disruption, resulting in a scarcity of diabetes care devices; however, this had only a temporary impact on the diabetic care devices market.
The leading market players in the Europe Diabetes Care Devices Market are Abbott, AgaMatrix, MEDISANA, F. Hoffmann-La Roche AG, Novo Nordisk, Ascensia Diabetes Care, Eli Lilly, Rossmax, Bionime Corporation, Dexcom, and other prominent players. The Europe Diabetes Care Devices Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe Diabetes Care Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Diabetes Care Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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