Canada diabetes care devices market is expected to register a CAGR greater than 10.02% during the forecast period (2020-2025). Monitoring devices are anticipated to dominate the market during the forecast period, owing to the rising prevalence of diabetes and an increase in the number of device users in the country. There has been a significant rise in insulin delivery systems technology, from insulin injections to insulin pumps. Technological innovations and advances give many conveniences in measuring blood glucose levels. One such advancement in monitoring the blood glucose levels has established with continuous glucose monitoring devices. Therefore, the number of diabetic patients is expected to increase in the future. There is also a concern that diabetes might affect the youth, due to the sedentary lifestyle. This factor is expected to boost the adoption of continuous glucose monitoring devices. This factor, in turn, is expected to drive the growth of the market.
Key Market Trends
Test strips occupy the highest market share among the Monitoring devices for the year 2019
In Canada, the type-1 diabetes population is expected to witness a CAGR of 2.7%, by 2025. The users of glucometers will increase as type-1 diabetes patients will increase. It is estimated that in 2025 there will be 330 thousand people suffering from type-1 diabetes. Home use of test strip is also increasing because of initiatives of provincial governments across Canada. They have implemented the blood glucose test strip (BGTS) quantity limits to encourage proper testing practices for optimal patient outcomes. In Alberta, insulin-dependent patients are eligible for coverage of a USD 600 in a year, other regions also have reimbursement policies. Therefore, if a patient performs 5-6 tests in a day, the average expenditure on test strips would be more than USD 100/month. These expenses add to the already high diabetes management costs and are impeding the market growth. the growth in market volume and share of strips is expected to be higher than that of glucose meters, because of the difference in use-case frequency. Furthermore, the average life-span of glucose meter ranges between 6 months to 3 years.
Insulin Pumps Occupy the Highest Share in the Management Devices Segment
The use of Insulin pumps is rising among developed countries. These are the devices that mimic the human pancreas, i.e., there would be continuous subcutaneous insulin administration in small amounts. Insulin pumps deliver rapid- or short-acting insulin 24 hours a day through a catheter placed under the skin. The insulin pump usage among Canadian patients increased due to the accurate dosage of administration and patients who are not able to meet the insulin requirements accurately. Thus, the CAGR growth is expected to be more than 4.83% during the forecast period for insulin pumps in the Canada diabetes care devices market. The technological advancements in the infusion set of the insulin pump, like concealing the needle of the infusion set and the pre-loaded, disposable, and single-use inserter that enables the patients to change infusion sets without carrying a separate inserter, are likely to drive the market. Diabetes Canada and the Canadian Pharmacists Association (CPhA) are actively monitoring coronavirus issues, in collaboration with the Canadian local government and diabetes devices manufacturers, to remain available for all Canadians, and stated that “based on the information from device manufacturers, there have been no COVID-19 related shortages reported in Canada”.
There have been constant innovations driven by manufacturers to compete in the market. The major players, such as Abbott and Medtronic, have undergone many mergers, acquisitions, and partnerships, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies. The manufacturers of insulin delivery devices are spending a massive amount on the R&D of the devices. For example, in Feb 2020, Abbott and Insulet partnered to integrate Abbott's glucose-sensing technology with Insulet's tubeless system, the Omnipod Horizon Automated Insulin Delivery (AID) System (Omnipod Horizon System), to offer personalized automated insulin delivery and care for people living with diabetes.
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