Europe Diabetes Care Devices Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe diabetes care devices market is expected to register a CAGR of about 6.2% during 2018-2023 (the forecast period). Germany is likely to dominate the market during the forecast period, owing to the rising prevalence of diabetes and obesity in the country.
Rising Prevalence of Diabetes and Obesity
According to World Health Organization (WHO), about 60 million people live with diabetes in Europe. About 10.3% of men and 9.6% of women, aged 25 years and over, are suffering from diabetes. The prevalence of diabetes is growing among all ages in Europe, which can be attributed to the growing obese population, along with unhealthy diets and sedentary lifestyles of people. Furthermore, approximately 112,000 children and adolescents are estimated to live with Type 1 diabetes in the region. Countries, such as the United Kingdom and Germany, witness a huge number of Type 1 diabetics, especially among the youth population. Thus, rising prevalence of diabetes and obesity, growing awareness ,regarding diabetic care, healthcare expenditure, and technological advancements are a few factors that are further driving the market for diabetes care devices in Europe.
Sluggish Economy Scenario in Europe
The sluggish economy in most European countries and the short-term cost containment measures that followed have made Europe a tough place for most healthcare companies to establish in. In the largely publicly-funded European healthcare systems, the governments have been trying to drive down prices, which makes it difficult to obtain an apt price for new products that would justify the R&D costs involved. Moreover, reimbursement restrictions often prevent innovative products from reaching patients. The sluggish economic scenario, coupled with high cost associated with diagnosis and treatment, is the major restraint for this market growth.
Germany to Dominate the Market
Germany is dominating the Europe diabetes care devices market. This growth can be attributed to the fact that, patients and physicians are steadily adopting new technologically advanced products to regularly screen and monitor diabetic conditions. The United Kingdom is anticipated to grow tremendously during the forecast period, owing to the factors, such as a rising prevalence of diabetes and awareness, regarding preventive care, coupled with high healthcare expenditure.
Key Developments in the Market