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 Devices2. Continuous Glucose-Monitoring Devices
3. Insulin Pumps
4. Insulin Pens
Distribution Channel - Industry is divided into 4 viewpoints:
1. Hospital Pharmacies2. Retail Pharmacies
3. Diabetes Clinics/Centers
4. Online Pharmacies
All companies have been covered with 5 Viewpoints
1. Overviews2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue
Company Analysis
1. Novo Nordisk A/S2. Eli Lilly
3. Roche
4. Abbott Laboratories
5. Dexcom Inc.
6. Medtronic
7. Terumo Corporation
8. Ypsomed AG
Table of Contents
Companies Mentioned
- Novo Nordisk A/S
- Eli Lilly
- Roche
- Abbott Laboratories
- Dexcom Inc.
- Medtronic
- Terumo Corporation
- Ypsomed AG
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 75 |
| Published | November 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 0.74 Billion |
| Forecasted Market Value ( USD | $ 1.38 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Canada |
| No. of Companies Mentioned | 8 |
