EUROPE DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

EUROPE DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Europe Diabetes Care Devices Market is expected to register a CAGR of more than 6%, during the forecast period 2022-2027.

The COVID-19 pandemic has substantially impacted the Europe Diabetes Care Devices Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver the diabetes care devices to diabetes patients with the help of local governments. Novo Nordisk stated on their website that “Since the start of COVID-19, our commitment to patients, our employees and the communities where we operate has remained unchanged, we continue to supply our medicines and devices to people living with diabetes and other serious chronic diseases, safeguard the health of our employees, and take actions to support doctors and nurses as they work to defeat COVID-19.” Doctors around the world suggested diabetes patients should check their diabetes levels more often to be careful and the intake of medicine has increased, which lead to an increase in the usage of diabetes care devices.

According to the diabetes category, the estimated cost per hospital admission during the first wave of COVID-19 in Europe ranged from EUR 25,018 for type 2 diabetes patients in good glycemic control to EUR 57,244 for type 1 diabetes patients in poor glycemic control, reflecting a higher risk of intensive care, ventilator support, and a longer hospital stay. The estimated cost for patients without diabetes was EUR 16,993. The expected total direct expenditures for COVID-19 secondary care in Europe were 13.9 billion euros. Diabetes treatment thus accounted for 23.5% of total expenditures.

The European countries are suffering from the burden of high diabetes expenditure due to its rising prevalence. Technological advancements have increased over the period in Diabetes care devices for safer and more accurate administration of insulin. Medtronic launched its first integrated smart insulin pen. The Medtronic Integrated Insulin Pen provides real-time glucose readings of patients along with insulin dose information to manage their glucose levels.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsContinuous Glucose Monitoring Segment is Expected to Witness Highest Growth Rate Over the Forecast Period

Continuous Glucose Monitoring Segment recorded more than USD 2.8 billion in revenue in 2021, which is expected to further increase with a CAGR of more than 12% during the forecast period.

Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period.

The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness. The frequency of monitoring glucose levels depends on the type of diabetes, which varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly. The current CGM devices show a detailed representation of blood glucose patterns and tendencies compared to a routine check of glucose levels at set intervals. Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays.

The use of CGM by Type-1 diabetic patients is very less, as compared to Type-2 diabetic patients. But the expenditure incurred by Type-1 diabetic patients on these devices is nearly double that of Type-2 diabetics. The newest CGM models, the Abbott Freestyle Libre and the Dexcom G6 overcame many technical barriers.

According to IDF, every year 21,600 children are added to the type-1 diabetic population pool. These figures indicate that approximately 9% of the total healthcare expenditure is spent on diabetes in Europe. Various initiatives by the Government such as the National Service Framework (NSF) program in the UK are improving services by setting national standards to drive up service quality and tackle variations in care. The Association of British HealthTech Industries (ABHI) launched a diabetes section, enabling diabetes technology companies to work together in the first forum of its kind. The ABHI group is for any health technology company with an interest in diabetes care, from CGM and insulin pumps to apps. Such advantages have helped the rise in the adoption of these products in the market.

Germany is expected to dominate the European Diabetes Care Devices Market in terms of Revenue

Germany is expected to dominate the market and register a CAGR of more than 6% in the forecast period 2022-2027.

Diabetes is a significant health problem and one of the astounding challenges for healthcare systems all over Germany. The prevalence of known type 1 & 2 diabetes in the German adult population is very high along with a high number of patients who are not yet diagnosed with the disease.

Due to an aging population and unhealthy lifestyle, the prevalence of type 2 diabetes is expected to increase steadily over the next few years. High-quality care, including adequate monitoring, control of risk factors, and active self-management are the key factors for preventing complications in German patients with type 2 diabetes. The growing incidence, prevalence, and progressive nature of the disease have encouraged the development of new drugs to provide additional treatment options for diabetic patients.

According to the German Diabetes Centre (DDZ), at least 7.2% of the population in Germany currently lives with diabetes which will increase significantly over the next two decades. German law requires public plans to cap out-of-pocket health care costs and to cover all medically necessary treatment, including insulin. Germany is one of the developed countries and advanced in terms of healthcare facilities. Moreover, the reimbursement policy and the pricing policy are highly regulated, which drives the market. The roll-out of many new products, increasing international research collaborations in technology advancement, and increasing awareness about diabetes among the people are some of the market opportunities for the players in the German market.

Competitive Landscape

There have been constant innovations driven by manufacturers to compete in the European Diabetes Care Devices Market. The major players, such as Abbott and Medtronic, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies. Omnipod insulin management system is now available for use in Europe, with fiasp fast-acting insulin. The two-part Omnipod system is a tubeless, waterproof insulin pump that simplifies the management of insulin-dependent diabetes.

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