Market Trends of Europe Insulin Pens Industry
Increasing diabetes prevalence
The diabetes population in the European region is expected to rise by more than 5% over the forecast period.
According to the IDF 2021 report, about 1 in 11 adults have diabetes in Europe, accounting for approximately 61 million. These figures indicate that approximately 19.6% of global expenditure is spent on diabetes in Europe. Every year about 21,600 children are added to the type-1 diabetic population pool. The European region has witnessed an alarming increase in the prevalence of diabetes in recent years. Patients with diabetes require many daily corrections to maintain nominal blood glucose levels, such as anti-diabetic medication or ingest of additional carbohydrates by monitoring their blood glucose levels.
The government and 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.
Therefore, owing to the factors above, the studied market is anticipated to grow over the analysis period.
Russia holds the highest market share in the Europe Insulin Pens Market in the current year
Russia holds the highest market share in the Europe Insulin Pens Market this year and is expected to register a CAGR of more than 0.8% over the forecast period.
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.
Various initiatives have been launched to control diabetes in the country. For instance, in Moscow Urban Forum 2021, a Letter of Intent was signed between the Youth Council under the Moscow Department of Health, Moscow Urban Forum, Moscow Diabetic Association, Moscow Diabetic Association Medical Section, KB Strelka, and Novo Nordisk to implement the Cities Changing Diabetes program in Moscow. The program in Moscow is aimed at a comprehensive assessment of the features of diabetes challenges that are relevant for Moscow and the development of an action plan to combat this disease among the most vulnerable groups of the population.
Over the years, several technological innovations have been developed that have created new types of devices that are much less cumbersome and more comfortable for patients than traditional ones. Such advantages have helped the rise in the adoption of these products in the Russian market.
