Canada Insulin Delivery Devices Market Size
Study Period | 2018 - 2028 |
Base Year For Estimation | 2021 |
Forecast Data Period | 2023 - 2028 |
Market Size (2023) | USD 1.24 Billion |
Market Size (2028) | USD 1.44 Billion |
CAGR (2023 - 2028) | 2.99 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Canada Insulin Delivery Devices Market Analysis
The Canada Insulin Delivery Devices Market size is expected to grow from USD 1.24 billion in 2023 to USD 1.44 billion by 2028, at a CAGR of 2.99% during the forecast period (2023-2028).
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 used insulin devices frequently to survive. The incidence of diabetes is expected to further rise in the country, which 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.
Canada Insulin Delivery Devices Market Trends
This section covers the major market trends shaping the Canada Insulin Delivery Devices Market according to our research experts:
Surge in Canada's Diabetic Population is 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, 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. This number is projected to register a 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 likely to increase the adoption of insulin delivery devices during the forecast period.
The Insulin Cartridges in Reusable Pens Segment Held the Largest Market Share in 2021
Insulin cartridges in reusable pens currently have the highest demand among all 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, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive 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 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, 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 rise in the adoption of these products in the Canadian market.
Canada Insulin Delivery Devices Industry Overview
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.
Canada Insulin Delivery Devices Market Leaders
Medtronic
F. Hoffmann-La Roche Ltd.
Tandem Diabetes Care, Inc.
Ypsomed Holding AG
Eli Lilly and Company
*Disclaimer: Major Players sorted in no particular order
Canada Insulin Delivery Devices Market News
- In June 2021, Roche Diabetes Care Canada announced that it had received a Health Canada authorization for its new Accu-Chek Guide Link blood glucose meter. The blood glucose meter pairs exclusively with the Medtronic MiniMedTM 770G, the only insulin pump system in Canada that offers adaptive basal insulin delivery every five minutes for patients as young as two years of age.
- In January 2021, Roche Diabetes Care Canada announced a partnership with Montméd Inc., a Montreal-based company dedicated to helping people living with diabetes by improving insulin delivery, to provide coast-to-coast access to the innovative SiteSmart pen needle system for Canadians living with diabetes and who inject insulin. The SiteSmart pen needle system was developed through concerted efforts between Montméd, Canadian Diabetes Educators, and Pharmacists Experts in injection techniques. Roche Diabetes Care will contribute by providing access to the SiteSmart pen needle system across Canada.
Canada Insulin Delivery Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million and Volume - million units, 2018 - 2027)
5.1 Insulin Delivery Device
5.1.1 Insulin Pumps
5.1.1.1 Insulin Pump Device
5.1.1.2 Insulin Infusion Sets
5.1.1.3 Insulin Reservoirs
5.1.2 Insulin Syringes
5.1.3 Disposable Insulin Pens
5.1.4 Insulin Cartridges in Reusable Pens
5.1.5 Insulin Jet Injectors
6. MARKET INDICATORS
6.1 Type 1 Diabetes Population (2018-2027)
6.2 Type 2 Diabetes Population (2018-2027)
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Medtronic
7.1.2 F. Hoffmann-La Roche Ltd
7.1.3 Insulet Corporation
7.1.4 Tandem Diabetes Care Inc.
7.1.5 Ypsomed Holding AG
7.1.6 Sanofi
7.1.7 Becton, Dickinson and Company
7.1.8 Eli Lilly and Company
7.1.9 Novo Nordisk
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Insulin Delivery Devices Industry Segmentation
The Canada insulin delivery devices market is segmented by insulin delivery device into insulin pumps, insulin syringes, disposable insulin pens, insulin cartridges in reusable pens, insulin jet injectors. For each segment, the market sizes and forecasts are represented by value (USD million) and volume (million units).
A holistic study of the market studied has been carried out by incorporating various factors, extending from country-specific demographic conditions and business cycles to market-specific microeconomic influences, which are required to analyze the future trends.
Insulin Delivery Device | |||||
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Insulin Syringes | |||||
Disposable Insulin Pens | |||||
Insulin Cartridges in Reusable Pens | |||||
Insulin Jet Injectors |
Canada Insulin Delivery Devices Market Research FAQs
How big is the Canada Insulin Delivery Devices Market?
The Canada Insulin Delivery Devices Market size is expected to reach USD 1.24 billion in 2023 and grow at a CAGR of 2.99% to reach USD 1.44 billion by 2028.
What is the current Canada Insulin Delivery Devices Market size?
In 2023, the Canada Insulin Delivery Devices Market size is expected to reach USD 1.24 billion.
Who are the key players in Canada Insulin Delivery Devices Market?
Medtronic, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Ypsomed Holding AG and Eli Lilly and Company are the major companies operating in the Canada Insulin Delivery Devices Market.
Canada Insulin Delivery Devices Industry Report
Statistics for the 2023 Canada Insulin Delivery Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Insulin Delivery Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.