Canada Insulin Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Canada insulin delivery devices market accounted for USD 1,152.67 million in 2021 and is expected to grow with a CAGR of about 3.5% during the forecast period (2022 - 2027).
Diabetes is one of the top chronic and life-threatening diseases affecting Canadians. The negative effects of COVID-19 on people with diabetes have underscored the importance of diabetes management in the country in recent years. In Canada, about 0.32 million people were living with type 1 diabetes in 2021 and use insulin devices frequently to survive. The incidence of diabetes is expected to further rise in the country, which, in turn, is expected to increase the adoption of insulin delivery devices during the forecast period. However, significant challenges hinder the widespread adoption of insulin delivery devices in Canada. A significant proportion of Canadians are not undertaking diabetes treatments due to the high costs. Although several provincial governments offer reimbursement for insulin delivery devices, patients often face issues related to limited coverage or not meeting eligibility criteria for their provincial plans. These issues are expected to hinder the market's growth during the forecast period.Key Market TrendsSurge In Diabetic Population in Canada Driving the Market Growth
Diabetes is one of the top chronic and life-threatening diseases affecting Canadians. About 9% of the population has been diagnosed with diabetes, and over 6% of Canadian adults are at high risk of developing diabetes. While an immune system malfunction causes type 1 diabetes, type 2 diabetes is linked to leading a sedentary lifestyle, which develops inherent resistance to insulin. Hence, type 1 diabetes can be characterized as insulin-requiring, while type 2 diabetes can be characterized as insulin-dependent diabetes. In Canada, about 0.32 million people had been living with type 1 diabetes in 2021 and use insulin devices frequently to survive, and this number is increasing with a projected CAGR of about 1.5% during the forecast period. Patients with type 2 diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin and ingestion of additional carbohydrates. About 3.85 million people had been living with type 2 diabetes in 2021 in the country, and the number is rapidly increasing, with a projected CAGR of over 2.8% during the forecast period. Type 2 diabetes and its risk factors are more prevalent among Canadians experiencing marginalization and people with lower income and education levels. The incidence of diabetes is expected to rise in the country, which, in turn, is expected to increase the adoption of insulin delivery devices during the forecast period.Insulin Cartridges in Reusable Pens Segment Held the Largest Market Share in 2021
The Insulin cartridges in reusable pens currently have the highest demand among all the insulin delivery devices in the Canadian market. Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulins are manufactured in the form of cartridges, thus, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive when compared to disposable insulin pens in the long run. Due to the increasing demand for insulin cartridges, most insulin device manufacturing companies have produced reusable insulin pens that are compatible with various insulin manufacturers' cartridges. These insulin cartridges are considered to be more consumer-friendly, as they are smaller and less noticeable than the classic vial-and-syringe. These devices are also more portable for consumers on the go. Cartridges that are open do not need to be refrigerated, thus, making storage very easy for consumers. Thus, cartridges are the most cost-effective way to use insulin, as reusable pens are a one-time investment, unlike disposable pens. Such advantages have helped the growth in adopting these products in the Canadian market.Competitive Landscape
Some of the prominent players in the Canada Insulin Delivery Devices Market are Medtronic, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Ypsomed Holding AG , and Eli Lilly. Players are adopting several strategies to enhance their presence and market share in the Canadian market. Companies are collaborating to provide affordable health solutions for patients living with diabetes in Canada. Players are also focusing on launching new products with the latest features and technologies for insulin delivery and monitoring in the Canadian market. Such developments are expected to drive the growth of the players in the market during the forecast period.Additional Benefits:
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