Canada Blood Glucose Monitor Market Overview, 2028

Canada Blood Glucose Monitor Market Overview, 2028

Canada, like many other developed countries, is experiencing a rise in the prevalence of diabetes. According to the Canadian Diabetes Association, over 3 million Canadians were living with diabetes, and it was estimated that another 6 million had prediabetes. The increasing incidence of diabetes is a key driver for the demand for blood glucose monitoring devices. There are a number of government programs in Canada that help people with diabetes afford blood glucose monitors and CGM systems. The Non-Insulin-Dependent Diabetes Program (NIDDP) is a federal program that provides financial assistance to people with type 2 diabetes who cannot afford the costs of blood glucose monitoring supplies. The Ontario Diabetes Program is a provincial program that provides financial assistance to people with diabetes in Ontario who cannot afford the costs of blood glucose monitoring supplies. The average cost of a blood glucose meter in Canada is $50 to $100. Canada has an aging population, and diabetes is more prevalent among older individuals. As the population ages, there is a higher likelihood of diabetes diagnosis and management, leading to an increased need for blood glucose monitoring devices among the elderly. Patients are becoming more actively involved in their healthcare, and blood glucose monitoring devices empower individuals to take control of their diabetes management. The trend towards patient-centered care and self-monitoring supports the growth of the market. Obesity is a significant risk factor for diabetes, and Canada, like many other countries, is grappling with rising obesity rates. The correlation between obesity and diabetes contributes to an increased need for effective blood glucose monitoring among individuals at risk. Changing lifestyles and an increased focus on health and wellness contribute to the demand for tools that support a healthy lifestyle. Blood glucose monitors are not only used for diabetes management but are also adopted by individuals who prioritize regular health monitoring as part of a proactive approach to well-being.

According to the research report ""Canada Blood Glucose Monitoring Devices Market Overview, 2028,"" published by Bonafide Research, the Canada Blood Glucose Monitoring Devices market is expected to reach market size of more than USD 1 Billion by 2028. As of July 13, 2020, the coronavirus disease 2019 (COVID-19) recorded 107,861 cases (286 per 100,000 people) and 8787 deaths associated with the disease in Canada. In Canada, public health is overseen at the federal, provincial, and regional levels and the country's ten provinces and three territories are given healthcare authority under the Canadian constitution. Canada's provinces have thus far largely selected containment and mitigation measures, akin to how various states in the US defined the COVID-19 response. In order to establish policies and recommendations, as well as to put testing and contact tracing services into place, provincial public health officials collaborated closely with regional public health officers and local governments. Blood pressure regulation is essential for managing diabetes. Moreover, certain blood pressure-lowering drugs are often prescribed for diabetics even in the absence of high blood pressure in order to shield them against heart and kidney-related problems. As of right now, there is no scientific proof that these blood pressure drugs increase the risk of contracting COVID-19 or worsen the symptoms of infection. Hybrid approaches of care was used by several Canadian healthcare practitioners during the pandemic, with some visits conducted in person in the clinic and others conducted electronically via phone, video chat, or secure messaging. For you, receiving diabetes care virtually could be a strange and unique experience. For details on setting up virtual appointments and getting ready for your diabetic visit. As a result, growth in the investigated market is expected over the course of the investigation due to the aforementioned causes.

In terms of product the market is divided into Self-monitoring Devices and Continuous Blood Glucose Monitoring Devices. Continuous Blood Glucose Monitoring Devices leverage advanced sensor technologies and data analytics. Ongoing technological advancements in CGM devices, including improved accuracy, smaller form factors, and longer sensor lifespans, make them attractive to individuals with diabetes. CGM devices offer real-time monitoring of glucose levels, providing users with immediate feedback. The ability to receive alerts for both high and low glucose levels enhances proactive diabetes management, contributing to the segment's growth. CGM devices reduce the need for frequent fingerstick tests, providing a more convenient and continuous monitoring solution. Individuals with diabetes may prefer CGM devices for their non-invasive or minimally invasive nature compared to traditional blood glucose meters. CGM devices often integrate with digital health platforms and mobile applications. This connectivity allows users to track and analyze their glucose data, share information with healthcare providers, and receive personalized insights, fostering engagement and adherence. The capability of CGM devices to support remote patient monitoring is particularly relevant in the context of telehealth. Healthcare providers can remotely access real-time glucose data, enabling timely adjustments to treatment plans and interventions. CGM devices allow users to set customizable alerts and notifications based on their individual preferences. This feature enhances user engagement and adherence to monitoring schedules, contributing to improved glycemic management.

The Hospitals segment is anticipated to hold the highest market share in the Canada Blood Glucose Monitoring Devices Market, and several factors contribute to this expectation. Hospitals play a pivotal role in delivering comprehensive patient care, addressing both acute and chronic needs. They provide inpatient monitoring services, especially in emergency departments, where blood glucose levels are routinely assessed. The integration of hospitals into broader healthcare systems allows for seamless data sharing and coordinated care for individuals with diabetes. Specialized diabetes clinics within hospitals, often staffed by experienced healthcare professionals, further contribute to the widespread use of blood glucose monitoring devices. Hospitals are also at the forefront of diabetes research, clinical trials, and collaborations with pharmaceutical companies, leading to the early adoption of innovative monitoring technologies. Reimbursement policies, clinician preferences, and the integration of telehealth services further influence the prevalence of blood glucose monitoring devices within the hospital segment.

Considered in this report:
• Geography: Canada
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Canada Blood Glucose Monitoring Devices market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Self-monitoring Devices
• Continuous Blood Glucose Monitoring Devices

By End User
• Hospitals
• Home Care
• Diagnostic Centers

By Indication
• Diabetes
• Pregnancy
• Cardiovascular Disorders & Hypertension
• Cancer
• Respiratory Diseases
• Movement Disorders
• Hearing Disorders
• Wound Care
• Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Blood Glucose Monitoring Devices industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.