Market Size of Canada Blood Glucose Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.05 Billion |
| Market Size (2029) | USD 2.12 Billion |
| CAGR (2024 - 2029) | 15.11 % |
Major Players
*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 1.05 billion in 2024, and is expected to reach USD 2.12 billion by 2029, growing at a CAGR of 15.11% during the forecast period (2024-2029).
According to Health Canada, the prevalence of diabetes is anticipated to significantly increase in the next three decades, with the number of affected individuals more than doubling from approximately 529 million to 1.3 billion by 2050. This silent epidemic, impacting around 6.1 percent of the global population, is identified as a major contributor to mortality and morbidity worldwide by The Lancet. It is estimated that by 2050, one out of every ten individuals globally will be affected by diabetes.
Diabetes is a persistent ailment that arises when an excessive amount of sugar (or glucose) is present in the bloodstream. Ordinarily, the pancreas generates a hormone called insulin, which aids in transferring glucose from the blood to the cells of the body, where it serves as an energy source. In instances where the pancreas fails to produce sufficient insulin or the body is incapable of utilizing it effectively, glucose accumulates in the blood, potentially resulting in severe health complications.
As the number of individuals diagnosed with diabetes continues to increase in Canada, the demand for blood glucose monitoring devices is also on the rise. These devices play a crucial role in helping individuals with diabetes manage their condition by allowing them to regularly monitor their blood sugar levels.
The market for blood glucose monitoring devices in Canada is expanding rapidly, with a wide range of products available to meet the diverse needs of individuals with diabetes. From traditional fingerstick glucose meters to continuous glucose monitoring systems, there are now more options than ever for individuals to choose from.
In addition to the growing prevalence of diabetes, advancements in technology have also contributed to the growth of the market for blood glucose monitoring devices. Newer devices are now more accurate, convenient, and user-friendly, making it easier for individuals to monitor their blood sugar levels regularly.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
