The European diabetes market has been forecast to exceed a value of €7.7 billion by 2019, driven by an increasing number of diabetics and improved education regarding the importance of blood glucose management.
Major products in this market consist of glucose monitors, test strips, lancets, continuous blood glucose meters, software programs for diabetes monitoring, artificial pancreas, syringes, insulin, insulin pumps and other insulin delivery devices and anti-diabetic drugs.
Of these, insulin devices, blood glucose monitoring devices, lancets and oral hypoglycemic agents are the most revenue generating products.
There are large numbers of diabetes patients left undiagnosed every year and this population is expected to grow further with rapid increase in population, in the coming future. This untapped market is likely to serve as an opportunity for market players within the European diabetes market.
The European diabetes market is on the threshold of a new major phase of growth. The population suffering from type 2 diabetes grows in number given their poor diet, high obesity rates, sedentary life-style and lack of physical exercises; thus driving the growth of demand for products available within the diabetes market.
The alarming prevalence rate of diabetes means that with a slew of effective formulations in the pipeline, competition in the market will be turned up a few notches.
In 2012, the incidence of diabetes was highest in Germany, with 7.4 million patients, followed by France, Italy and Spain. This is going to accelerate by 2030 and is estimated to increase in smaller regions such as the Benelux and Scandinavia.
New kinds of therapeutic classes, glucagon-like peptide-1 (GLP-1) receptor agonists and new combination therapies will take market prospects forward, while the old treatment will continue to be a strong competing product in Europe.
Sanofi, Abbott, Terumo, Johnson & Johnson Novo Nordisk, Roche, Medtronic and Becton Dickinson are amid the most prominent participants within the European diabetes market.
For more information on the European diabetes market, see the latest research: European Diabetes Market
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