CANADA DIABETES CARE DRUGS AND DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

CANADA DIABETES CARE DRUGS AND DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

Canada Diabetes Care Drugs and Devices Market is expected to register a CAGR greater than 4% over the forecast period, 2022-2027.

Canada has 107,861 cases of coronavirus disease 2019 (COVID-19) (286 per 1,00,000 individuals) and 8787 COVID-19-related fatalities as of July 13, 2020. In Canada, public health is overseen at the federal, provincial, and regional levels, and the Canadian constitution delegates healthcare authority to the country's ten provinces and three territories. As a result, similar to the United States, where individual states generally defined the COVID-19 response, Canadian provinces have mostly selected containment and mitigation plans. Provincial public health authorities collaborated closely with regional public health officers and municipal governments to develop policies and recommendations, as well as to put services like testing and contact tracing in place. Blood pressure regulation is a critical component of diabetes management. Furthermore, even in the absence of high blood pressure, certain blood pressure lowering medications are frequently recommended for people living with diabetes to protect them from kidney and heart-related complications. There is currently no scientific evidence linking these blood pressure drugs to the likelihood of COVID-19 infection or associated consequences.

In Canada, During the pandemic, many healthcare providers have adopted a hybrid model of care, offering certain types of visits in-person at the clinic and others virtually, by phone, video chat, or secure messaging. Virtual diabetes care may be a new and different experience for you. For tips on preparing for your diabetes visit and managing virtual appointments.

Key Market TrendsThe Continuous Glucose Monitoring Devices Market Segment is Growing Fast with the highest CAGR Among Other Segments in Canada Diabetes Care Drugs and Devices Market.

The Diabetes Canada Clinical Practice Guidelines review committee updated its recommendations for glucose monitoring in 2021, stating that individuals with type 1 diabetes treated with basal-bolus insulin injections or an insulin pump should use real-time CGM, such as the Dexcom G6, to reduce A1C and increase time in range, reduce duration and incidence of hypoglycemia, and, in adults, improve quality of life. 5 The guidelines also suggest that persons with type 2 diabetes who are not on target with basal-bolus insulin can utilize real-time CGM to lower A1C and duration of hypoglycemia.

Some private plans provide CGM coverage in Canada. However, public funding is only currently available for people who have access to the Ontario Disability Support Program or the Non-Insured Health Benefits program for First Nations and Inuit. All others must pay the entire cost out-of-pocket and there are no other provinces or territories that currently publicly fund this technology. CGM systems typically range in price from USD 3,000 to USD 6,000 a year. Many people cannot afford this cost. The cost can vary between manufacturers and is based on the components of the system and the frequency with which equipment needs to be replaced.

Through Canadian government encouragement, the usage of Continuous Glucose Monitoring Devices increased over the forecast period.

Increasing Diabetes population in Canada

Diabetes Canada released new 2022 figures that show the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before and reasserts the need for further investment into diabetes research to help turn the tide. “The new diabetes figures show a steady, continued increase in diabetes in our country with 11.7 million Canadians living with diabetes or prediabetes,”.

In 2022, According to Canada Diabetes, there are more than 5.7 million Canadians living with diagnosed diabetes (type 1 or type 2 diabetes), however, there are 11.7 million Canadians living with diabetes or prediabetes, a condition that, if left unmanaged, can develop into type 2 diabetes. Diabetes is also costing the healthcare system USD 30 billion per year to treat people with diabetes. The high prevalence of diabetes and its overwhelming impact on Canadian communities and the healthcare system means that we must further diabetes research.

Diabetes Canada and the Canadian Pharmacists Association (CPhA) are actively monitoring coronavirus issues, in collaboration with the Canadian local government and diabetes devices manufacturers, to remain available for all Canadians, and stated that “based on the information from device manufacturers, there have been no COVID-19 related shortages reported in Canada”.

As a result, the diabetes drugs and devices market in Canada is predicted to expand gradually in the coming years.

Competitive Landscape

There have been constant innovations driven by manufacturers to compete in the market. The major players, such as Abbott and Medtronic, have undergone many mergers, acquisitions, and partnerships, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies. The manufacturers of insulin delivery devices are spending a massive amount on the R&D of the devices. For example, Novo Nordisk partnered with Abbott Diabetes Care, which may help to enable insulin data to be shared between Novo Nordisk connected insulin pens and digital health tools compatible with the FreeStyle Libre portfolio of products. Mega Blockbuster Lantus, manufactured by Sanofi, led the basal insulin field.

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