EUROPE SELF-MONITORING BLOOD GLUCOSE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

EUROPE SELF-MONITORING BLOOD GLUCOSE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Europe Self-monitoring Blood Glucose Devices Market is expected to register a CAGR of more than 7% over the forecast period. The market is estimated to reach a value of more than USD 3.8 billion by 2027.

The COVID-19 pandemic has substantially impacted the Europe Self-monitoring Blood Glucose 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 diabetes care products 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 Self-monitoring Blood Glucose 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.

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 measurement of blood glucose levels.

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 2% during the forecast period.

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. These figures indicate that approximately 9% of the total healthcare 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. In high-income countries, diabetes is one of the leading causes of cardiovascular diseases, blindness, kidney failure, and lower limb amputation. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure are indications of the increasing usage of Self-monitoring Blood Glucose Devices.

The government along with the companies are working towards better diabetes management. For instance, the National Service Framework (NSF) program is 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 United Kingdom market.

Owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Germany is expected to dominate the European Self-monitoring Blood Glucose Devices Market

Germany is expected to dominate the market and register a CAGR of more than 7.7% in the forecast period.

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

The Europe Self-monitoring blood glucose devices market is fragmented, with a few major manufacturers having a global market presence and occupying a major share like Abbott, LifeScan, F. Hoffmann-La Roche AG, and Ascensia, while the remaining confined to the other local or region-specific manufacturers.

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• The market estimate (ME) sheet in Excel format
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