Dublin, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The "Canada Diabetes Devices Market Forecast Report by Types, Distribution Channel and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Canada Diabetes Device market is expected to reach US$ 736.5 Million in 2023 to US$ 1.38 billion 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. 
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.
Company Analysis
- Overviews
- Key Personnel
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 75 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $0.74 Billion |
| Forecasted Market Value (USD) by 2032 | $1.38 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Canada |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Canada Diabetes Devices Market
6. Canada Diabetes Population
6.1 Type 1 Diabetes
6.2 Type 2 Diabetes
7. Market Share Analysis
7.1 By Types
7.2 By Distribution Channel
8. Types
8.1 Self-Monitoring Devices
8.1.1 Test Strips
8.1.2 Lancets
8.1.3 Blood Glucose Meters
8.2 Continuous Glucose-Monitoring Devices
8.2.1 Sensors
8.2.2 Transmitter
8.2.3 Receiver
8.3 Insulin Pumps
8.3.1 Patch Pumps
8.3.2 Tethered Pumps
8.3.3 Consumables
8.4 Insulin Pens
8.4.1 Disposable Insulin Pen
8.4.2 Reusable Insulin Pen
9. Distribution Channel
9.1 Hospital Pharmacies
9.2 Retail Pharmacies
9.3 Diabetes Clinics/Centers
9.4 Online Pharmacies
10. Porters Five Forces
10.1 Bargaining Power of Buyer
10.2 Bargaining Power of Supplier
10.3 Threat of New Entrants
10.4 Rivalry among Existing Competitors
10.5 Threat of Substitute Products
11. SWOT Analysis
11.1 Strengths
11.2 Weaknesses
11.3 Opportunities
11.4 Threats
12. Reimbursement Policies
12.1 CGM Devices in Canada
12.2 Blood Glucose Devices in Canada
12.3 Insulin Pump Products in Canada
12.4 Insulin Pen in Canada
13. Key Players Analysis
For more information about this report visit https://www.researchandmarkets.com/r/xbvhuc
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