Canada Diabetes Devices Market Forecast Report by Types (Self-Monitoring Devices, Continuous Glucose-Monitoring Devices, Insulin Pumps, Insulin Pens), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacie

Canada Diabetes Devices Market Forecast Report by Types (Self-Monitoring Devices, Continuous Glucose-Monitoring Devices, Insulin Pumps, Insulin Pens), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacies) and Company Analysis 2024-2032

Canada Diabetes Device Market Size

The Canada Diabetes Device market is expected to reach US$ 736.5 Million in 2023 to US$ 1,384.7 Million by 2032, with a CAGR of 7.27 % from 2024 to 2032. The growing prevalence of diabetes, greater public awareness of health issues, and technological improvements are driving growth in the Canadian diabetic device market. Patient management is improved by insulin delivery devices, continuous glucose monitors, and upgraded glucose monitoring systems. Further propelling market expansion are government measures that are supportive and a focus on individualized medicine.

Canada Diabetes Device Overview

A wide range of medical devices intended to assist people in efficiently managing their diabetes are available in the Canadian market for diabetic devices. Important goods in this industry include insulin pumps, continuous glucose monitors (CGMs), glucose monitoring systems, and insulin delivery devices. These gadgets are necessary to help patients administer insulin and check blood sugar, which will ultimately improve diabetes care and treatment compliance.

The market is expanding as a result of the growing incidence of diabetes, which is being caused by sedentary lifestyles, bad eating habits, and an aging population. The development of creative, user-friendly technologies that enhance patient outcomes is a result of technological breakthroughs. Public awareness efforts and government programs supporting improved diabetes care also aid in the market's growth. The Canadian diabetic gadget market is changing to satisfy patient demands as they look for more effective ways to manage their illness.

According to Diabetes Canada, almost 5.7 million Canadians have been diagnosed with type 1 or type 2 diabetes this year. On the other hand, 11.7 million Canadians have prediabetes, a disease that can progress to type 2 diabetes if left untreated. Additionally, treating diabetics costs the healthcare sector USD 30 billion annually.

Growth Drivers for the Canada Diabetes Device Market

Increasing incidence of diabetes

The market for diabetes devices in Canada is growing as a result of an increase in the prevalence of diabetes, particularly Type 2 diabetes. This tendency is influenced by elements including rising obesity rates, inactive lifestyles, and poor eating habits. Further contributing to the rise in diabetes diagnoses in Canada is the aging population's increased susceptibility to the disease. With the increasing knowledge of diabetes care, people are looking for practical ways to track and manage their disease. The industry's need for improved management tools is seen in the spike in demand for diabetes devices, which is fueling market growth and innovation.

In the years preceding the pandemic (2016–2019), 9 percent of Canadian individuals between the ages of 20 and 79 have diabetes. Diabetes affected 1% of Canadians between the ages of 20 and 39 and nearly one in five seniors (18%) between the ages of 60 and 79. The Canadian Health Measures Survey, which integrated self-reported data on diagnosed diabetes with blood glucose levels measured directly, supports this.

Developments in technology

Higher adoption rates in the Canadian diabetic device industry are being driven by considerable improvements in patient outcomes and experiences brought about by technological developments in diabetes care. Better blood sugar control is made possible by innovations like continuous glucose monitors (CGMs), which provide real-time glucose readings. While insulin pumps provide automatic administration, easing the strain of everyday maintenance, smart insulin pens provide precise dosing and measure insulin usage. Patients are given more control over their health thanks to these cutting-edge technologies, which also encourage adherence to treatment plans and enhance user convenience. As technology develops further, it makes managing diabetes easier and stimulates market expansion.

Canada Diabetes Device Company Analysis

The major participants in the Canada Diabetes Device market includes Novo Nordisk A/S, Eli Lilly, Roche, Abbott Laboratories, Dexcom Inc., Medtronic, Terumo Corporation, Ypsomed AG.

Canada Diabetes Device Company News

In July 2022, Health Canada has approved NuGen Medical Devices Inc.'s needle-free injection device and accessories, also known as InsuJet, for the purpose of needle-free insulin delivery.

In March 2022, The Dexcom G6 CGM System will be covered by the Ontario government's Assistive Devices Program (ADP) for residents with type 1 diabetes who are at least 2 years old and meet eligibility requirements. Children of First Nations and Inuit descent are also covered by the Non-Insured Health Benefits Program. More patients will have access to this standard care device and be better able to manage chronic illnesses that are lifelong thanks to extended public coverage for CGM.

Types- Industry is divided into 4 viewpoints:

1. Self-Monitoring Devices
2. Continuous Glucose-Monitoring Devices
3. Insulin Pumps
4. Insulin Pens

Distribution Channel - Industry is divided into 4 viewpoints:

1. Hospital Pharmacies
2. Retail Pharmacies
3. Diabetes Clinics/Centers
4. Online Pharmacies

All companies have been covered with 5 Viewpoints

1. Overviews
2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue

Company Analysis

1. Novo Nordisk A/S
2. Eli Lilly
3. Roche
4. Abbott Laboratories
5. Dexcom Inc.
6. Medtronic
7. Terumo Corporation
8. Ypsomed AG