The Canada diabetes care devices market size is expected to reach USD 2.1 billion by 2028 and is anticipated to expand at a high CAGR during the forecast period, 2021- 2028. The growth of the market is attributed to increasing prevalence of diabetes in low- and middle-income countries.
A person’s body with diabetes commonly produce almost no insulin in pancreas. Obesity and inactive lifestyle are the major cause of diabetes. According to the data published by the Conference Board of Canada, around 2 million people in Canada are found with diabetes condition, which means one in 16 people have diabetes. As per the study conducted by Diabetes Canada, 12.1% or around 5 million of Canada-based population can be diagnosed with diabetes. Type-1 and type-2 are the two types of diabetes.
Market Trends Drivers, Restraints and Opportunities
- The rise in obesity population and prevalence of unhealthy lifestyle are some of the major factors that can propel the market growth.
- Increasing government funding for diabetes management and presence of reimbursement policies can spur the growth of the market.
- Technological advancements and increasing requirement for faster and safer diagnosis and treatment of diabetes are the key factors that can support the industry growth during the forecast period.
Scope of the Report
The report on the Canada Diabetes Care Devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report
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Attributes
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Details
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Report Title
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Canada Diabetes Care Devices Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Type of Management Devices (Insulin Pumps, Insulin Syringes, Insulin Disposable Pens, Insulin Cartridges in Reusable Pens, and Insulin Jet Injectors) and Monitoring Devices (Self-monitoring Blood Glucose and Continuous Glucose Monitoring)
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Country
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Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dexcom; Medtronic; Novo Nordisk A/S; F. Hoffmann-La Roche AG; Abbott Diabetes Care
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Canada Diabetes Care Devices Market Segment Insights
Diabetes management mobile applications segment is projected to exhibit high CAGR
On the basis of monitoring devices, the market is segmented into blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. The diabetes management mobile applications segment is accepted to grow at high rate during forecast period. Rising use of mobile phones to manage the diabetes is driving the market growth. On the other hand, the blood glucose monitoring systems segment is estimated to account a major market share in the coming years. Increasing demand for glucose monitoring devices to self-monitor the diabetes is propelling the segment growth.
Insulin syringes segment to account a major market share
Based on type of management devices, the Canada diabetes care devices market is divided into insulin pumps, insulin syringes, insulin disposable pens, insulin cartridges in reusable pens, insulin jet injectors. The insulin syringes segment is anticipated to account for a major market share during the forecast period. The cost-effectiveness and easy availability of insulin syringes are some of the factors driving the growth of the market segment.
The insulin jet injectors segment is anticipated to exhibit a high CAGR during the forecast period. Insulin jet injectors are claimed to be relatively-free, which is spurring the demand for them among diabetic patients.
Segments
The Canada diabetes care devices market has been segmented on the basis of:
Type of Management Devices
- Insulin Jet Injectors
- Insulin Pumps
- Insulin Syringes
- Insulin Disposable Pens
- Insulin Cartridges in Reusable Pens
Monitoring Devices
- Self-monitoring Blood Glucose
- Continuous Glucose Monitoring
Country
Key Players
- Dexcom
- Medtronic
- Novo Nordisk A/S
- F. Hoffmann-La Roche AG
- Abbott Diabetes Care
Competitive Landscape
Key players competing in the Canada Diabetes Care Devices Market are Dexcom; Medtronic; Novo Nordisk A/S; F. Hoffmann-La Roche AG; Abbott Diabetes Care. Companies are focusing on partnering with local manufacturers and collaborating with other industry players to expand their market share. Constant innovations are made by the manufacturers so that they can still remain into the market.
In April 2021, Medtronic announced the launch of the Medtronic Extended Infusion set in selected Europe-based countries. The set can be worn for up to seven days. It claims that it maintains the insulin flow and stability. However, the set is still in investigational use in the US.
In December 2020, Abbott introduced FreeStyle Libre 2, a sensor-based glucose monitoring technology, which has been already approved by Health Canada for individuals above 4 years. The technology allows the patients to get real-time alerts, which eliminates the use of painful needles.
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