Canada Blood Glucose Monitoring Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Market Size (2023)||USD 0.91 Billion|
|Market Size (2028)||USD 1.84 Billion|
|CAGR (2023 - 2028)||15.11 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Blood Glucose Monitoring Market Analysis
The Canada Blood Glucose Monitoring Market size is estimated at USD 0.91 billion in 2023, and is expected to reach USD 1.84 billion by 2028, growing at a CAGR of 15.11% during the forecast period (2023-2028).
As of July 13, 2020, Canada had 107,861 cases of coronavirus disease 2019 (COVID-19) (286 per 100,000 people) and 8787 COVID-19-related fatalities. In Canada, public health is overseen at the federal, provincial, and regional levels and the country's ten provinces and three territories are given healthcare authority under the Canadian constitution. As a result, similar to how individual states in the United States defined the COVID-19 response, Canadian provinces have mostly chosen containment and mitigation plans. Provincial public health officials worked closely with regional public health officers and municipal governments to develop policies and recommendations, as well as to implement services such as testing and contact tracing. Diabetes management relies heavily on blood pressure control. Furthermore, even if no high blood pressure is present, certain blood pressure-lowering medications are frequently recommended for diabetics to protect them from kidney and heart-related complications. There is currently no scientific evidence linking these blood pressure medications to the risk of COVID-19 infection or the consequences of infection.
During the pandemic, many Canadian healthcare providers adopted a hybrid model of care, providing certain types of visits in-person at the clinic and others virtually, via phone, video chat, or secure messaging. Virtual diabetes care may be an unfamiliar and novel experience for you. For information on how to prepare for your diabetes visit and how to manage virtual appointments.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Canada Blood Glucose Monitoring Market Trends
Increasing Type-1 diabetes population across Canada
Type 1 diabetes is a chronic disease affecting the lives and livelihoods of up to 300,000 Canadians. It places an enormous burden on individuals, their families, the healthcare system, and society as a whole. There is no cure for type 1 diabetes, but it can be treated with insulin, glucose monitoring, and lifestyle management. The data from Diabetes Canada for 2022 demonstrate the diabetes rate's persistent upward trajectory in Canada with no indications of leveling out or declining. More Canadians than ever are affected by Diabetes, highlighting the need for increased funding for research to help reverse the trend. Laura Syron, President and CEO of Diabetes Canada, states, "The new diabetes figures show a steady, continued increase in diabetes in our country with 11.7 million Canadians living with diabetes or prediabetes." Our commitment to funding cutting-edge research to advance medical innovations and discover a diabetes cure is reaffirmed by these figures. There are more than 5.7 million Canadians with type 1 or type 2 diabetes who have been diagnosed; however, there are an additional 11.7 million who have prediabetes, a disease that, if untreated, can progress to type 2 diabetes. Also, treating diabetic patients costs the healthcare system $30 billion annually. We must advance diabetes research because of the high incidence of Diabetes and its profound effects on our communities and the healthcare system.
Type 1 diabetes, or insulin-dependent Diabetes, is an autoimmune disease. Because their bodies attack the pancreas, people with type 1 diabetes cannot produce their insulin (and thus cannot regulate their blood sugar). Type 1 insulin-dependent diabetes affects approximately 10% of people with Diabetes. Type 1 diabetes usually appears in childhood or adolescence, but it can also appear in adulthood. Type 1 diabetics must inject or use an insulin pump to ensure their bodies receive the proper amount of insulin.
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Continuous Glucose Monitoring having the Highest CAGR in Canada Blood Glucose Monitoring Market.
CGMs are used to deliver a further descriptive picture of blood glucose patterns and trends than what can be achieved by traditional routine checking of glucose levels at set intervals. The current CGM devices can either retrospectively display the trends in blood glucose levels by downloading the data or give a real-time picture of glucose levels through receiver displays. Most real-time CGMs can alert patients, parents, or caregivers during actual or pending glycemic visits to facilitate the timely management of blood glucose. This factor, along with the fact that CGM devices are becoming cheaper with the advent of new technologies, like cell phone integration, the CGM market is expected to witness steady growth during the forecast period. The current CGM devices show a detailed representation of blood glucose patterns and tendencies compared to a routine check of glucose levels at set intervals. These technologies overcome many of the limitations of self-monitoring blood glucose (SMBG) by fingerprick, allowing it to go beyond HbA1c to check glucose control in diabetes. Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in blood glucose levels by downloading the data or give a real-time picture of glucose levels through receiver displays. The continuous glucose monitoring (CGM) sensors have opened new scenarios to assess, off-line, the effectiveness of individual patient therapeutic plans and stimulated the development of innovative online applications, such as hypo/hyperglycemia alert systems and artificial pancreas closed-loop control algorithms.
In June 2022, Cequr, the leader in wearable diabetes technology, released its newest and most innovative insulin delivery device yet, the Insulin Pen 2.0TM. The pen is small enough to be always worn on the user's body, and it also features a built-in blood glucose meter so that users can track their blood sugar throughout the day.
The rise in national awareness of diabetes is anticipated to drive the adoption of both SMBGs and CGMs on account of the prognostic and diagnostic treatment of diabetes.
Canada Blood Glucose Monitoring Industry Overview
The blood glucose monitoring market is highly fragmented, with few major manufacturers present in the market. The CGM devices market is dominated by major players like Dexcom, Medtronics, Abbott, and Senseonics. The market for BGM devices comprises more generic players like Roche, LifeScan, Arkray, Ascensia, etc. Technological innovations in the recent past helped companies to strengthen their market presence.
Canada Blood Glucose Monitoring Market Leaders
Abbott Diabetes Care
Roche Holding AG
*Disclaimer: Major Players sorted in no particular order
Canada Blood Glucose Monitoring Market News
March 2022: DexCom announced the receipt of a CE Mark for its G7 CGM system in Europe, intended for people who have diabetes and are two years and older, including pregnant women. With this approval, the highly popular and best-selling real-time CGM in the world is now more powerful and easier to use with a small, all-in-one wearable and completely redesigned mobile app.
February 2021: Roche announced the launch of the new Accu-Chek Instant system, a new "connected" blood glucose monitoring (BGM) system, which supports and enables Roche's approach of integrated Personalised Diabetes Management (iPDM). Accu-Chek Instant features Bluetooth-enabled connectivity to the mySugr app, allowing wireless transfer of blood glucose results to the mySugr app.
Canada Blood Glucose Monitoring Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
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
5.1 Self-monitoring blood glucose devices
5.1.1 Glucometer Devices
5.1.2 Test Strips
5.2 Continuous blood glucose monitoring devices
5.2.2 Durables (Receivers and Transmitters)
6. MARKET INDICATORS
6.1 Type-1 Diabetes population
6.2 Type-2 Diabetes population
7. COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.1 Abbott Diabetes Care
7.1.2 Roche Holding AG
7.1.4 Dexcom Inc.
7.1.5 Medtronic PLC
7.1.6 Arkray Inc.
7.1.7 Ascensia Diabetes Care
7.1.8 Agamatrix Inc.
7.1.9 Bionime Corporation
7.1.10 Acon Laboratories Inc.
7.1.11 Trivida Functional Medicine
- *List Not Exhaustive
7.2 COMPANY SHARE ANALYSIS
7.2.1 Self-monitoring Blood Glucose Devices
188.8.131.52 Abbott Diabetes Care
184.108.40.206 Roche Holding AG
7.2.2 Continuous Glucose Monitoring Devices
220.127.116.11 Dexcom Inc.
18.104.22.168 Medtronic PLC
22.214.171.124 Abbott Diabetes Care
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Blood Glucose Monitoring Market Research FAQs
How big is the Canada Blood Glucose Monitoring Market?
The Canada Blood Glucose Monitoring Market size is expected to reach USD 0.91 billion in 2023 and grow at a CAGR of 15.11% to reach USD 1.84 billion by 2028.
What is the current Canada Blood Glucose Monitoring Market size?
In 2023, the Canada Blood Glucose Monitoring Market size is expected to reach USD 0.91 billion.
Who are the key players in Canada Blood Glucose Monitoring Market?
Abbott Diabetes Care, Roche Holding AG, Dexcom Inc., Medtronic PLC and Lifescan are the major companies operating in the Canada Blood Glucose Monitoring Market.
Canada Blood Glucose Monitoring Industry Report
Statistics for the 2023 Canada Blood Glucose Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Blood Glucose Monitoring analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.