Canada Glucose Monitoring Device Market to be Led by Type 1 Diabetes Through 2028
The
Canada glucose monitoring device market is gaining significantly from the
increasing prevalence of diabetes in the country.
According
to the TechSci Research report, “Canada Glucose Monitoring
Device Market - By Region, Competition Forecast and
Opportunities, 2028,” the market is anticipated to grow at an
impressive rate during the forecast period. This can be ascribed to
the increasing prevalence of diabetes along with the growing demand for insulin
for maintaining the sugar level in the body. Additionally, the growing
awareness regarding new glucose monitoring devices among consumers is expected
to create lucrative opportunities for market players in the coming years.
Besides, the growing uptake of these devices due to the high prevalence of
diabetes and the increasing geriatric population is further expected to support
the Canada glucose monitoring device market over the forecast period.
Also,
continued product improvements by key companies are expected to propel the
market in the near future. However, the cost of glucose monitoring devices,
particularly continuous glucose monitoring (CGM) systems, can be too high for
some patients which can slow down the growth of this market during the forecast
period. Similarly, The accuracy and reliability of glucose monitoring devices
can vary, which can lead to inaccuracies in blood glucose readings and errors
in diabetes management, hampering the Canada glucose monitoring device market
growth during the forecast period. Also, The market is highly competitive,
with several major players vying for market share. This competition can lead to
mergers & acquisitions and consolidation, further restricting the market’s
growth.
Browse
over XX market data Figures spread through 70 Pages and an in-depth TOC on
the “Canada Glucose Monitoring Device Market.”
The
Canada glucose monitoring device market can be segmented by product type,
application, end user, and region. Based on product type, the market can
be divided into self-blood glucose monitoring devices and continuous
glucose monitoring devices. The self-blood glucose monitoring devices segment
dominated the market in 2022 and is expected to continue maintaining its
dominance throughout the forecast period. This can be ascribed due to growing
awareness of healthy life, fewer hospital checkups due to the pandemic, and an
easy way to check glucose levels independently.
Based
on application, the market can be segmented into Type 1 diabetes, Type 2
diabetes, and gestational diabetes. The hospital segment is expected to
dominate the market during the forecast period on account of the continued
development of hospital infrastructure and the growing usage of technically
advanced devices in hospitals across the region.
Major
companies operating in the Canada glucose monitoring device market are:
- Medtronic
of Canada Ltd
- Abbott
Canada.
- Johnson
& Johnson Inc/Canada
- Braun
of Canada
- Hoffmann-La
Roche Limited.
- Ascensia
Diabetes Care.
- Sanofi-Aventis
Canada Inc.
- Eli
Lilly Canada Inc.
In
March 2022, DexCom announced the receipt of a CE Mark for its G7 CGM system in
Europe, intended for people who have diabetes and are two years and older,
including pregnant women. With this approval, the highly popular and
best-selling real-time CGM in the world is now more powerful and easier to use
with a small, all-in-one wearable and completely redesigned mobile app.
In
Feb 2021, Roche announced the launch of the new Accu-Chek Instant system, a new
"connected" blood glucose monitoring (BGM) system, which supports and
enables Roche’s approach toward integrated Personalized Diabetes Management
(iPDM). Accu-Chek Instant features Bluetooth-enabled connectivity to the mySugr
app, allowing wireless transfer of blood glucose results to the mySugr app.
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“The
Canada glucose monitoring device market is expected to rise substantially over
the next few years due to the increasing prevalence of diabetes and the surge in
the aging population at risk of diabetes. The continued launches of new
products across the country are also aiding the market growth. Similarly,
increased awareness of diabetes preventive care has a significant impact on the
growth of the Canada glucose monitoring device market. Furthermore, the market
is expected to gain from the increasing number of people who are taking insulin
to recover, and the rising accessibility to quality healthcare services during
the forecast period.
Going
forward, the rising awareness regarding point-of-care testing and the
increasing government healthcare expenditure in the region are likely to aid
the market over the next few years. Besides, the increase in focus of key
market players on public access to glucose monitoring devices and the surge in
the number of training and awareness programs in the region is further expected
to create lucrative opportunities for market growth,” said Mr. Karan Chechi,
Research Director at TechSci Research, a research-based global management
consulting firm.
Canada
Glucose Monitoring Device Market, By Product Type (Self Blood Glucose
Monitoring Devices, Continuous Glucose Monitoring Devices), Application (Type 1
Diabetes, Type 2 Diabetes, Gestational Diabetes), End User (Home Care Settings,
Hospital, Others), Region, Competition, Forecast & Opportunities,
2028 has evaluated
the future growth potential of Canada Glucose Monitoring Device Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Canada glucose monitoring device market.
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