Report : Europe Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
At 4.5% CAGR, the Europe Diabetes Care Devices Market is speculated to be worth US$ 11,914.05 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe diabetes care devices market was valued at US$ 8,371.49 million in 2022 and is expected to reach US$ 11,914.05 million by 2028, registering an annual growth rate of 4.5% from 2022 to 2028. Growing geriatric population and rising incidence of diabetes are the critical factors attributed to the market expansion.
Diabetes among the geriatric population is a growing public health burden. It is a major cause of morbidity and mortality in the aging population and leads to various chronic complications. Moreover, this population is growing exponentially. As per a report of the UN (2019), in 2019, there were 200.4 million people aged 65 and older across the region. Moreover, according to report of the UN (2019), the regional geriatric population is expected to double over the next three decades. The geriatric population is more likely to have diabetes than the younger population, and its effect on the quality of life is particularly more in the former population. With a rise in the geriatric population, the prevalence of diabetes has increased. Therefore, the growth of the diabetes care devices is increasing, thereby driving the market growth.
On the contrary, high cost of diabetes care devices hurdles the growth of Europe diabetes care devices market.
Based on type, the Europe diabetes care devices market is bifurcated into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment held 54.6% market share in 2022, amassing US$ 4,567.85 million. It is projected to garner US$ 6,609.77 million by 2028 to expand at 4.7% CAGR during 2022–2028. The glucose monitoring devices segment is further segmented into testing strips, glucometer, lancets, and others. Similarly, the insulin delivery devices segment is segmented into insulin pens, insulin syringes, insulin pumps, and others.
Based on end user, the Europe diabetes care devices market is bifurcated into homecare and hospitals & clinics. The homecare segment held 60.2% market share in 2022, amassing US$ 5,042.92 million. It is projected to garner US$ 7,265.37 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on country, the Europe diabetes care devices market has been categorized into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that rest of Europe captured 29.4% market share in 2022. It was assessed at US$ 2,462.26 million in 2022 and is likely to hit US$ 3,464.99 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the Europe diabetes care devices market are B. Braun Melsungen AG; BD; Dexcom, Inc.; Eli Lilly and Company.; F. Hoffmann-La Roche Ltd.; Insulet Corporation; Medtronic; Novo Nordisk A/S; Tandem Diabetes Care Inc.; and Terumo Corporation among others.
- In April 2022, BD (Becton, Dickinson and Company) a leading global medical technology company, announced that it has completed its spinoff of Embecta Corp. (embecta) , which holds BD's former Diabetes Care business and is now one of the largest pure-play diabetes management companies in the world.
- In March 2019, Novo Nordisk invested DKK 650 million in upgrading and expanding facilities at its production site in Kalundborg, Denmark.
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