The Europe continuous glucose monitoring market is anticipated to register a CAGR of over 16% during the forecast period. The European countries are suffering from the burden of high diabetes expenditure. According to the IDF, the overall diabetes expenditure in Europe among the population aged 20-79 years was USD 156 billion, and it is expected to increase to USD 174 billion by 2040. According to other statistics of IDF, every year 21,600 children are added to the type-1 diabetic population pool. These figures indicate that approximately 9% of the total healthcare expenditure is spent on diabetes in Europe. For patients relying on insulin pumps or multiple daily injections (MDI) therapy, the CGMs prove to be an effective tool, which helps in the improvement of glycemic balance without aggregating the danger of severe hypoglycemia.
Key Market Trends
Continuous Glucose Monitoring Devices Prove to be an Instrumental Tool in maintaining Glycemic Balance
CGMs are used to deliver a further descriptive picture of blood glucose patterns and trends than what can be achieved by traditional routine checking of glucose levels at set intervals. The current CGM devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Most of the real-time CGMs can offer an alert to patients, parents, or caregivers during actual or pending glycemic visits, to facilitate timely management of blood glucose. This factor, along with the fact that CGM devices are becoming cheaper with the advent of new technologies, like cell phone integration, the CGM market is expected to witness steady growth during the forecast period.
Germany is Expected to Maintain Dominance in the Europe Continuous Glucose Monitoring Market
In the European continuous glucose monitoring market, Germany accounted for approximately 22% of the market value in 2019. Germany is having one of the highest diabetes populations in the European region with more than 9 million diabetes population in the year 2019. By 2025, the continuous glucose monitoring market in Europe is expected to be valued at USD 2.3 billion. The German Center for Diabetes Research (DZD) conducts extensive scientific research to develop effective prevention and treatment measures to halt the emergence or progression of diabetes. It is imperative that the CGM devices are used alongside insulin pumps. It is observed that there may be a potential increase in the diabetes population, which can be directly related to a higher number of diabetic patients using insulin pumps for diabetes management. Thus, the number of units of CGM devices sold is also expected to rise.
A significant share of the market studied is held by CGM manufacturers that are concurrent with strategy-based M&A operations, and these manufacturers are continuously entering new markets to generate new revenue streams and to boost existing ones. The market studied is consolidated with Dexcom, Abbott, and Medtronic, holding a high market share, followed by regional manufacturers accounting for a relatively smaller share.
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