Market Size of Europe Diabetes Care Devices Industry
| Study Period | 2017- 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2023 - 2028 |
| Market Size (2023) | USD 7.56 Billion |
| Market Size (2028) | USD 10.21 Billion |
| CAGR (2023 - 2028) | 6.18 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Diabetes Care Devices Market Analysis
The Europe Diabetes Care Devices Market size is expected to grow from USD 8 billion in 2023 to USD 10.21 billion by 2028, at a CAGR of 6.18% during the forecast period (2023-2028).
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.
