Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Europe Insulin Pens Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Europe Insulin Pens Market is undergoing significant growth as it is estimated to progress from a valuation of USD 2.13 billion in 2023 to USD 2.29 billion by 2028, advancing at a Compound Annual Growth Rate (CAGR) of 1.45% over the forecast period. Amidst the complexities of the COVID-19 pandemic, the market for insulin pens has observed notable fluctuations, especially with the vulnerability of Type-1 diabetes patients to the virus.
Trends Influencing the Europe Insulin Pens Market Growth
- The growth in the European Insulin Pens Market is primarily driven by the rising prevalence of diabetes across the continent. With an estimated 5% increase in the diabetic population expected over the forecast period, healthcare systems and manufacturers are aligning efforts to improve diabetes management and insulin delivery mechanisms.
- Increased Diabetes Prevalence: The International Diabetes Federation (IDF) 2021 report reveals a concerning statistic of approximately one in eleven adults living with diabetes in Europe, totaling around 61 million people. This demographic represents a significant 19.6% of global diabetes expenditure emanating from Europe, thus underscoring the importance of efficient diabetes management solutions such as insulin pens.
- Technological Advances: Technological advancements have enriched the functionality and user-friendliness of insulin pens, increasing their adoption across various patient demographics. Enhanced features and improved device sophistication align with the need for regular blood glucose level monitoring and insulin administration.
Geographic Spotlight: Russian Market Dominance
Russia stands as a dominant player within the Europe Insulin Pens Market, projecting a CAGR of over 0.8% during the forecast period. Initiatives by the Russian government to fully implement a comprehensive National Diabetes Plan are in motion, aiming to optimize diabetes care and significantly trim out-of-pocket expenses for citizens. Recent initiatives such as the Cities Changing Diabetes program launched in Moscow are testament to the concerted efforts aimed at mitigating diabetes challenges within urban centers, emphasizing early detection and specialized healthcare services.
Competitive Landscape
The market landscape in Europe is characterized by a moderate level of consolidation with key players such as Novo Nordisk, Sanofi, and Eli Lilly and Company taking forefront positions. These corporations not only compete on a global scale but also possess a strong regional footprint, underscoring their significant role in market dynamics.
Market Outlook
With the continued expansion of the European Insulin Pens Market, stakeholders anticipate witnessing further growth, backed by technological innovations, an uptick in diabetes occurrence, and governmental support. This considerable market advancement posits a promising future for insulin pen technology and diabetes management in Europe. For more information on this market and its evolving dynamics, additional benefits include a comprehensive market estimate sheet and continued analyst support beyond initial findings.
Driving Forces Behind Market Growth
- Rising cases of diabetes across Europe
- Significant government-led initiatives to combat the diabetes epidemic
- Persistent technological advancements within the insulin delivery sector
This comprehensive analysis of the Europe Insulin Pens Market provides valuable insights for healthcare professionals, policymakers, and market participants keen on understanding the shifting landscapes of diabetes management and the penetration of insulin pens across the region.
A selection of companies mentioned in this report includes
- Novo Nordisk
- Sanofi
- Eli Lilly
- Biocon
- Medtronic
- Wockhardt
For more information about this report visit https://www.researchandmarkets.com/r/7mcew9
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