EUROPE INSULIN PENS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

EUROPE INSULIN PENS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The European Insulin Pens Market is expected to register a CAGR of more than 1.4% over the forecast period.

The COVID-19 pandemic has substantially impacted the European Insulin Pens Market. Type-1 diabetes patients are impacted more during Covid-19. People with diabetes are having 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 have taken care during COVID-19 to deliver insulin 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 maintain normal blood glucose levels, which led to an increase in the usage of insulin pens.

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.

European countries are suffering from the burden of high diabetes expenditure due to its rising prevalence. Approximately 10% of the total diabetes population is having type-1 diabetes and approximately out of this 10% of people only 80-90% use Insulin but the usage of insulin is rising from time to time, even type-2 diabetes patients are using insulin drugs during COVID-19.Technological advancements have increased over the period in Insulin Pens.

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

Key Market TrendsIncreasing diabetes prevalence

The diabetes population in the European region is expected to rise by more than 15% during the forecast period. According to the IDF 2021 report, about 1 in 11 adults have diabetes in Europe which accounts for approximately 61 million. The overall diabetes expenditure in Europe was USD 189 billion. These figures indicate that approximately 19.6% of global expenditure is spent on diabetes in Europe.

The European region had witnessed an alarming increase in the prevalence of diabetes, in recent years. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as oral anti-diabetic medication or ingestion of additional carbohydrates by monitoring their blood glucose levels. The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure are indications of the increasing usage of diabetic drugs.

According to the IDF, the overall diabetes expenditure in Europe among the population aged 20-79 years was USD 156 billion, and it is expected to increase to USD 174 billion by 2040. According to other statistics from 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.

Russia held the highest market share in the European Insulin Pens Market in 2021

Russia held the highest market share of about 30% in the European Insulin Pens Market and is expected to register a CAGR of more than 0.09% in the forecast period.

Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulins are manufactured in the form of cartridges, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive compared to disposable insulin pens in the long run. Due to the increasing demand for insulin cartridges, most insulin device manufacturing companies have produced reusable insulin pens that are compatible with various insulin manufacturers' cartridges. These insulin cartridges are considered more consumer-friendly, as they are smaller and less noticeable than the classic vial-and-syringe. These devices are also more portable for consumers on the go. Cartridges that are open do not need to be refrigerated, making storage very easy for consumers.

According to Moscow Times, more than 90 percent of diabetes expenditures are for the treatment of diabetes-related complications. Russia's Federal Targeted Program on Diabetes states that diagnosing diabetes and treating its complications earlier can result in significant savings. Various initiatives are launched to control diabetes in the country. For instance, in Moscow Urban Forum 2021, a Letter of Intent was signed between the Youth Council under the Moscow Department of Health, Moscow Urban Forum, Moscow Diabetic Association, Moscow Diabetic Association Medical Section, KB Strelka, and Novo Nordisk to implement the Cities Changing Diabetes program in Moscow. The program in Moscow is aimed at a comprehensive assessment of the features of diabetes challenges that are relevant for Moscow, and the development of an action plan to combat this disease among the most vulnerable groups of the population.

The increased diabetic prevalence in Russia and the aforementioned factors are likely to drive segment growth during the forecast period.

Competitive Landscape

The European Insulin Pens Market is consolidated in nature due to the presence of only a few major companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international companies including Novo Nordisk, Sanofi, Eli Lilly and Company, and Biocon among others as well as local companies which hold the market shares and are well-known.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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