Market Trends of Canada Insulin Delivery Devices Industry
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.
