Canada Diabetes Market, Size, Forecast 2023-2028, By Insulin Pump, CGM, Self-Monitoring Blood Device and Company Analysis

Canada Diabetes Market, Size, Forecast 2023-2028, By Insulin Pump, CGM, Self-Monitoring Blood Device and Company Analysis

Canada's Diabetes Market will reach US$ 1.53 Billion by 2028 with a CAGR of 3.85% during the forecast period (2023-2028), according to Renub Research. Diabetes is one of Canada's most prevalent chronic diseases, with over 11.7 million people with diabetes or prediabetes each year. It poses many challenges, such as serious complications and premature death for those affected by diabetes, and impacts health care systems. In all types of diabetes, the human body does not produce enough insulin or use the insulin it makes effectively. Therefore, each type may differ concerning its potential causes, prognosis, and treatment.

The Canadian Diabetes Industry is driven by the growing rate of obesity, spurring stress levels, and inefficient exercise within the country. The industry is further aided by the increasing high demand for insulin, which has resulted in huge R&D activities in producing various painless types of deliverable devices, like continuous glucose monitoring (CGM), integrated insulin pumps, improved new lancets products for a blood glucometer, and enormously accurate blood glucose monitoring devices.

The Canadian diabetes market is witnessing tremendous growth due to various new advancements taking place in the diabetes industry. Initially, the insulin was given through syringes, which were considered painful and hard to use. The only drawback that might affect the Canadian diabetes industry growth is the high cost of insulin pens. Canadian diabetes market was valued at US$ 1.22 Billion in 2022.

Continued Rising Trend of Type 2 Diabetes Rates in Canada

Type 2 diabetes is one of the fastest-growing diseases in Canada. As a result, Canada has an unprecedented opportunity to implement innovative policy and exercise global leadership with bold action on diabetes. Approximately 90% of all diabetes diagnoses are type 2 diabetes. In addition, Type 2 has a substantial economic burden attributable to severe micro vascular and macro vascular complications.

Moreover, More than 300,000 Canadians live with Type 1 diabetes, a chronic disease requiring patients to inject insulin and test their blood sugar throughout the day. In Dec 2021, The UBC Faculty of Medicine launched Canada's first JDRF Centre of Excellence in Type 1 diabetes research.

SMBG Devices will grow more in the Upcoming Years

Canada's Diabetes industry was classified into CGM, SMBG, and Insulin Pumps. Self-Blood glucose monitoring (SBGM) devices are helpful for patients with diabetes. SMBG is subdivided into a blood glucose meter, testing strips, and lancets. SMBG systems are small and easy to use, require small blood sample volumes, and provide measurement results within seconds. In addition, devices are increasingly equipped with connectivity to other devices, digital diaries, and diabetes management tools. CGM and Insulin pumps are also growing daily due to growing awareness about diabetes preventive care, new product launches, and supportive government initiatives.

Canada Government Initiative

The high prevalence of diabetes and its overwhelming impact on Canadian communities and the healthcare system means that further diabetes research is needed. In 2021, Canadian Government announced US$ 35 Million for five years for prevention, surveillance, and research to work development of a national framework for diabetes.

Key Company

Some key players in the Canadian diabetes market are Medtronic, Insulet Corporation, LifeScan Inc., Abbott Laboratories, Dexcom, Inc, Roche Diagnostic, and Tandem Diabetes Care.

In March 2022, the Ontario government announced it would provide coverage for the Dexcom G6 CGM System through Ontario's Assistive Devices Program (ADP) for people in the province with type 1 diabetes over two years of age and who meet coverage criteria. As a result, Ontario joins six other provinces or territories, most recently Alberta, offering public coverage of CGM systems under provincial health plans.

Renub Research report titled ""Canada Diabetes Market & Volume Forecast by SMBG (Test Strips Market, Lancet Market, Meter Market and Forecast, Blood Glucose (SMBG) Users and Blood Glucose Devices Reimbursement), CGM (Glucose Sensor Market, CGM Transmitter Market, CGM User, and Reimbursement Policies of CGM devices) Insulin Pump (Insulin Pump Market, Insulin Pump User, and Reimbursement Policies Insulin Pump), Company Analysis (Medtronic, Insulet Corporation, LifeScan Inc., Abbott Laboratories, Dexcom, Inc, Roche Diagnostic, and Tandem Diabetes Care)"" provides a detailed analysis of Diabetes Market in Canada.

Canada Segments Market based on Devices

1. Continuous Glucose Monitoring (CGM)
2. Self-Monitoring Blood Glucose (SMBG)
3. Insulin Pump

Segments Market based on Devices: Breakup into three parts

1. Continuous Glucose Monitoring (CGM)
2. Self-Monitoring Blood Glucose (SMBG)
3. Insulin Pump

1. Self-Monitoring Blood Glucose (SMBG) Device: Breakup into five parts

1. Test Strips Market
2. Lancet Market
3. Meter Market
4. Blood Glucose (SMBG) Users
5. Blood Glucose Devices Reimbursement

2. Continuous Glucose Monitoring (CGM): Breakup into four parts

1. Glucose Sensor Market
2. CGM Transmitter Market
3. CGM User
4. CGM Reimbursement

3. Insulin Pump Market: Breakup into three parts

1. Insulin Pump Market
2. Insulin Pump Users
3. Reimbursement Policies

All the 7 Companies Studied in the Report have been Studied from 3 Points.

• Company Overview
• Recent Developments
• Financial Insight

Company Analysis

1. Medtronic
2. Insulet Corporation
3. LifeScan Inc.
4. Abbott Laboratories
5. Dexcom, Inc
6. Roche Diagnostic
7. Tandem Diabetes Care