Canada
Glucose Monitoring Device Market is anticipated to witness impressive growth
during the forecast period. This can be ascribed to the growing prevalence of
type 1 and type 2 diabetes among the aging population along with growing
initiatives by the government and programs to educate people about diabetic
health and care across the region. Similarly, according to the official
statistics presented by the Government of Canada, 8.9 percent of Canadians, or
more than 3 million people, have diabetes in 2021, and after accounting for
aging trends over time, the prevalence has been rising at an average rate of
3.3 percent per year. Also, the growing prevalence of obesity and high
blood pressure, high cholesterol, smoking, and physical inactivity are the
major factors influencing the growth of the Canada glucose monitoring device
market during the forecast period.
According
to Canada Diabetes Association, in 2022, more than 5.7 million Canadians are
living with diagnosed diabetes (type 1 or type 2 diabetes), and11.7 million
Canadians are living with diabetes or pre-diabetes, a condition that, if left
unmanaged, can develop into type 2 diabetes.
Rising
Prevalence of Diabetes
The
rising prevalence of diabetes is one of the key drivers of the glucose
monitoring device market in Canada. Diabetes is a chronic disease that affects
an estimated 3.3 million Canadians, and this number is expected to continue to
rise in the coming years. As the prevalence of diabetes increases, the demand
for glucose monitoring devices also increases, which in turn drives the growth
of the market. Glucose monitoring devices are essential tools for people with
diabetes to manage their condition effectively. Regular blood glucose
monitoring allows individuals to track their blood sugar levels and adjust
their medication or lifestyle choices accordingly.
Glucose
monitoring devices also help to prevent complications associated with diabetes,
such as kidney disease, blindness, and neuropathy. As the prevalence of diabetes
continues to rise, there is an increasing need for glucose monitoring devices
that are accurate, easy to use, and affordable. This has led to a growing
demand for continuous glucose monitoring (CGM) systems, which provide real-time
glucose readings and are particularly useful for people with type 1 diabetes or
those on intensive insulin therapy.
In
addition, advances in technology have led to the development of non-invasive
glucose monitoring devices, which are less invasive and more convenient for patients.
The increasing prevalence of diabetes is also driving innovation in the
glucose-monitoring device market. Companies are investing in research and
development to bring new products to the market, such as improved glucose
monitoring devices and integrated diabetes management systems that allow
patients to track their glucose levels, medication, and diet in one place. In
2021, around 7.3 percent of Canadians reported that a health professional had
diagnosed them as having diabetes.
Growing
Technological Advancements
Technological
advancements are a key driver of the glucose monitoring device market in
Canada. Advancements in technologies have led to the development of new and
innovative glucose monitoring devices that are more accurate, convenient, and user-friendly
than ever before. These devices are essential tools for people with diabetes to
manage their condition effectively, and they are driving the market.
One
of the most significant technological advancements in the Canada glucose
monitoring device market is the development of continuous glucose monitoring
(CGM) systems. CGM systems provide real-time glucose readings and are
particularly useful for people with type 1 diabetes or those on intensive
insulin therapy. CGM systems help individuals to manage their diabetes more
effectively by providing them with information about their glucose levels
throughout the day, which allows them to make informed decisions about their
medication and lifestyle choices. In addition to CGM systems, there have been advances
in the development of non-invasive glucose monitoring devices. These devices
use technologies, such as infrared spectroscopy, Raman spectroscopy, and
electrochemical sensors to measure glucose levels without the need for a blood
sample.
Non-invasive
glucose monitoring devices are less invasive and more convenient for patients,
which can improve patient compliance and lead to better diabetes management.
Advances in mobile and wireless technology also have had a significant impact
on the glucose-monitoring device market in the country. Many glucose monitoring
devices now have wireless capabilities, allowing individuals to transmit their
glucose data to healthcare providers and caregivers in real time. This allows
for better coordination of care and more effective management of diabetes.
there have been advances in the integration of glucose monitoring devices with
other diabetes management tools, such as insulin pumps and diabetes management
apps. These integrated systems allow individuals to track their glucose levels,
medication, and diet in one place, which can improve diabetes management and
lead to better outcomes.
Growing
Awareness About Glucose Monitoring Devices
Increasing
awareness of the importance of glucose monitoring is a key growth driver in the
glucose monitoring device market in Canada. As more people become aware of the
risks associated with diabetes and the benefits of glucose monitoring, the
demand for glucose monitoring devices is increasing, which is driving the
growth of the market. One of the main factors driving awareness about the
importance of glucose monitoring is the rising prevalence of diabetes. With an
estimated 3.3 million Canadians currently living with diabetes, many people are
becoming more aware of the importance of monitoring their glucose levels to
manage their condition effectively.
In
addition, initiatives from the government, healthcare providers, and patient
organizations are helping to raise awareness of diabetes and the importance of
glucose monitoring. The availability of information on the internet and social
media platforms is also contributing to increased awareness of glucose
monitoring. Patients and caregivers can easily access information on the latest
glucose monitoring devices, best practices for diabetes management, and patient
experiences through online resources, social media platforms, and patient
support groups.
Furthermore,
healthcare professionals play a crucial role in raising awareness of the
importance of glucose monitoring. Healthcare providers are educating their
patients about the importance of glucose monitoring and several types of
glucose monitoring devices available, which is driving demand for these devices.
advances in technology are also contributing to increased awareness of glucose
monitoring. The development of continuous glucose monitoring (CGM) systems and
other innovative glucose monitoring devices has garnered significant media
attention, which has helped to raise awareness of the importance of glucose
monitoring.
Growing
Geriatric Population
The
geriatric population is a key driver of the glucose monitoring device market in
Canada. As the population ages, the incidence of diabetes increases, and the
demand for glucose monitoring devices is expected to rise, which is driving the
growth of the market. Diabetes is more prevalent in older age groups, with the
highest rates of diabetes occurring in individuals aged 65 years and older. As
the aging population grows, the number of individuals with diabetes is also
expected to increase, which is driving the demand for glucose-monitoring
devices.
Older
adults are also more likely to require assistance with diabetes management,
which can increase the demand for glucose monitoring devices that are easy to
use and require minimal intervention. For example, continuous glucose
monitoring (CGM) systems can provide real-time glucose readings without the
need for frequent finger sticks, which can be particularly beneficial for older
adults who may have difficulty with manual glucose monitoring.
In
addition, older adults are more likely to have comorbidities, such as
cardiovascular disease and hypertension, which can complicate diabetes
management. Glucose monitoring devices can help individuals with diabetes
manage their condition more effectively, which can reduce the risk of
complications associated with comorbidities. older adults may also have more
disposable income than younger individuals, which can increase their
willingness to invest in glucose monitoring devices that can improve their
quality of life and reduce the risk of complications associated with diabetes.
Increasing
Government Funding
The
government support is a key driver of the glucose monitoring device market in
Canada. The Government of Canada has implemented various policies and
initiatives to support the development and adoption of glucose monitoring
devices, which is driving the growth of the market. One of the most significant
ways that the government supports the glucose monitoring device market is
through healthcare funding. The government provides funding for glucose
monitoring devices through various healthcare programs, including provincial
healthcare plans and federal programs such as the Non-Insured Health Benefits
(NIHB) program, which provides coverage for eligible First Nations and Inuit
people.
In
addition to funding, the government also plays a role in regulating the glucose
monitoring device market. Health Canada is responsible for regulating medical
devices in Canada, including glucose monitoring devices. The agency sets
standards for safety and efficacy and provides approval for devices before they
can be marketed in Canada. This regulatory oversight helps to ensure that only
safe and effective glucose monitoring devices are available on the market. The
government also supports research and development in the glucose monitoring
device market through funding for academic and industry research.
The
Canadian Institutes of Health Research (CIHR) is one organization that provides
funding for diabetes research in Canada, including research into new glucose
monitoring technologies. the government supports public awareness campaigns and
education programs to promote diabetes prevention and management, which can
drive demand for glucose monitoring devices. For example, the Public Health
Agency of Canada runs campaigns to raise awareness of the importance of
diabetes prevention and management, and the Canadian Diabetes Association
provides educational resources for patients and healthcare providers.
Recent
Developments
- FreeStyle
Libre 3: Abbott launched the FreeStyle Libre 3 continuous glucose
monitoring system in Canada in early 2021. This device provides continuous
glucose readings without the need for finger pricks, has a smaller sensor
size, and has a longer wear-time than previous versions.
- Dexcom
G6: Dexcom launched its G6 continuous glucose monitoring system in Canada
in 2018. This system provides real-time glucose readings every five
minutes and can send alerts to a patient's smartphone or smartwatch.
- OneTouch
Verio Reflect: Lifescan launched the OneTouch Verio Reflect glucose
monitoring system in Canada in 2018. This meter allows patients to track
their blood glucose results over time and provides personalized insights
to help them manage their diabetes.
- CONTOUR
NEXT ONE: Ascensia Diabetes Care launched the CONTOUR NEXT ONE glucose
monitoring system in Canada in 2018. This meter can sync with a smartphone
app to provide personalized insights and can also send alerts for high or
low blood glucose levels.
- mySugr:
Roche Diabetes Care launched the mySugr app in Canada in 2019. This app
allows patients to track their blood glucose levels, medications, and
meals and provides personalized insights and coaching to help them manage
their diabetes.
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Market
Segmentation
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. Based on application, the market can be segmented into Type
1 diabetes, Type 2 diabetes, and gestational diabetes. Based on end user, the
market can be segmented into home care settings, hospital, and others.
Market
Players
Medtronic
of Canada Ltd, Abbott Canada., Johnson & Johnson Inc/Canada, B. Braun of
Canada, Hoffmann-La Roche Limited., Ascensia Diabetes Care., Sanofi-Aventis
Canada Inc., and Eli Lilly Canada Inc. are some of the leading players operating
in the Canada glucose monitoring device market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
|
2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
By Product
Type
By
Application
By End User
By Region
|
|
Regional
Scope
|
Ontario
region; Quebec region; Alberta region; British Columbia region; Saskatchewan
and Manitoba region; Rest of Canada
|
|
Key
Companies Profiled
|
Medtronic of
Canada Ltd, Abbott Canada., Johnson & Johnson Inc/Canada, B. Braun of
Canada, Hoffmann-La Roche Limited., Ascensia Diabetes Care., Sanofi-Aventis
Canada Inc., and Eli Lilly Canada Inc.
|
|
Customization
Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report
Scope:
In this report,
the Canada glucose monitoring device market has been segmented into the
following categories, in addition to the industry trends which have also been
detailed below:
·
Canada
Glucose Monitoring Device Market, By Product Type:
o
Self-Blood
Glucose Monitoring Devices
o
Continuous
Glucose Monitoring Devices
·
Canada
Glucose Monitoring Device Market, By Application:
o
Type
1 Diabetes
o
Type
2 Diabetes
o
Gestational
Diabetes
·
Canada
Glucose Monitoring Device Market, By End User:
o
Home
Care Settings
o
Hospital
o
Others
·
Canada
Glucose Monitoring Device Market, By Region:
o
Ontario
o
Quebec
o
Alberta
o
British
Columbia
o
Saskatchewan
and Manitoba
o
Rest
of Canada
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Canada Glucose Monitoring Device
Market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
The Canada
glucose monitoring device market is an upcoming report to be released soon. If
you wish an early delivery of this report or want to confirm the date of
release, please contact us at [email protected]