EUROPE INSULIN SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
The Europe Insulin Syringe Market is expected to register a CAGR of more than 1% during the forecast period 2022-2027.
The COVID-19 pandemic has substantially impacted the Europe Insulin Syringe 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. Doctors around the world suggested diabetes patients should monitor and manage their blood glucose levels more often which leads to an increase in the usage of insulin syringes.
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. In high-income countries, diabetes is one of the leading causes of cardiovascular diseases, blindness, kidney failure, and lower limb amputation. Technological advancements have increased over the period in Diabetes care devices for safer and more accurate administration of insulin. A needle and syringe are a common and cost-effective way for many people to take insulin. 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 delivery devices but the usage of insulin is rising from time to time, even type-2 diabetes patients are using the insulin devices during COVID-19.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Key Market TrendsIncreasing diabetes prevalenceThe 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. 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 insulin.
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.
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 the viral illness. The frequency of insulin administration 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.
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. Such advantages have helped the rise in the adoption of these products in the market.
Russia held the highest market share in the European Insulin Syringe Market in 2021Russia held the highest market share of about 51% in the European Insulin Syringe Market in 2021 and is expected to register a CAGR of more than 1% in the forecast period 2022-2027.
According to Roscongress, Russia ranks fifth in the world in terms of the number of patients with diabetes mellitus in the age range of 20 to 79. In addition, during COVID-19, the mortality rate among patients with diabetes increased by 22%. 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 care products.
In May 2021, the World Health Assembly agreed on a Resolution on strengthening the prevention and control of diabetes. It recommends action in areas including increasing access to insulin; promoting convergence and harmonization of regulatory requirements for insulin and other medicines and health products for the treatment of diabetes; and assessing the feasibility and potential value of establishing a web-based tool to share information relevant to the transparency of markets for diabetes medicines and health products.
According to IDF, to reduce the diabetes epidemic in the country, the Russian government needs to fully implement a National Diabetes Plan that establishes a state budget that guarantees diabetes care to all Russian citizens. Russia is working towards improving the reimbursement system for all aspects of diabetes care, limiting out-of-pocket payments, and preventing households from incurring catastrophic expenditures. Also, implementing a national screening program to improve the early identification of disturbed carbohydrate metabolism and creating a specialized diabetes health service under the Ministry of Health of the Russian Federation.
The roll-out of many new products, increasing international research collaborations in technology advancement, and increasing awareness about diabetes among people are some of the market opportunities for the players in the market.
Competitive LandscapeThe European Insulin Syringe Market has been driven by constant innovations by manufacturers to compete in the market. The major players, such as Becton Dickinson 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.
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