According to Renub Research latest report, "Canada Diabetes Market, Size, Forecast 2023-2028, By Insulin Pump, CGM, Self-Monitoring Blood Device and Company Analysis" Canada Diabetes Market is estimated to grow at a CAGR of 3.85%by 2028. Diabetes is one of Canada's most ordinary chronic diseases, with over 3 million diabetics and 200,000 new cases identified yearly, according to the Government of Canada. Diabetes is a chronic disease that changes how ones body converts food into energy. It presents numerous challenges, such as severe complications and premature death for diabetics, and influences healthcare systems. The human body does not generate enough insulin or use the insulin it produces effectively in all types of diabetes.
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Even though Canada's indigenous community is the youngest in the country, it suffers from several chronic illnesses. According to Statista, 65.69% of people are between 15 and 64. In addition, young people today suffer from stress due to their poorly managed lifestyles or busy job schedules. A more engaged lifestyle affects a person's need for exercise to maintain blood sugar levels, and stress can impact a person's blood sugar levels. These are some of the primary causes of the increase in diabetes cases in the Canada Diabetes Market.
Also, the rising incidence of obesity, the rise of sedimentary lifestyle, and ineffective exercise in the nation all contribute to the growth of the Canadian diabetes market. In addition, the high demand for insulin has led to extensive R&D efforts to create a variety of painless types of deliverable devices, such as continuous glucose monitoring (CGM), integrated insulin pumps, improved new lancet products for a blood glucometer, and incredibly accurate blood glucose monitoring devices, is another factor supporting the industry. Finally, diagnosed diabetes and prediabetes in Canada were primarily prevalent among less educated individuals compared to the higher educated ones.
In Canada Diabetes Market, rise in type 2 diabetes is prevalent due to Sedentary Lifestyle and Less Physical Activity
Type 2 diabetes affects almost nine out of 10 diabetics. For many years, type 2 diabetes has been becoming more common in Canada. The prevalence of obesity, hypertension, prediabetes, alcohol consumption, immigration, and urbanization are the leading causes of the growth in Type 2 diabetes in Canada. Additionally, there was a decline in the consumption of fruits and vegetables, which may contribute to the rising incidence of type 2 diabetes. The rise in sedentary lifestyle, smoking, socioeconomic position, or less awareness might account for the increasing prevalence of type 2 diabetes in the Canada Diabetes Market.
Diagnosed diabetes is more common among individuals with lower-middle income than the highest income.In addition, as per the Government of Canada, 6.1% of Canadian adults aged 20-79 have prediabetes, increasing their risk of growing type 2 diabetes. Moving ahead, the rising culture of IOT, work-from-home, and online streaming can also contribute to the rise in lesser physical activity. Therefore, it can majorly contribute to rising in type 2 diabetes in Canada Diabetes Market.
Self-Monitoring of Blood Glucose (SMBG) will continue to grow in Canada Diabetes Market due to Technological Advancement and Rising Prevalence
Over 3 million Canadians, or 8.9% of the population, have been diagnosed with diabetes. Furthermore, the prevalence has been rising at an average rate of 3.3% each year, according to the Government of Canada's 2022 Report. The primary drivers influencing the growth of self-monitoring of blood glucose (SMBG) in the Canada Diabetes Market are the rise in the elderly population, the high prevalence of diabetes, and the increase in risk factors contributing to diabetes. Additionally, government initiatives aimed at raising public awareness can potentially help the market flourish.
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Technology development is a significant trend that is becoming increasingly popular in self-monitoring blood glucose (SMBG). As a result, major players in the self-monitoring blood glucose device market are concentrating on creating technologically cutting-edge goods to improve their market share. In addition, the proliferation of poor diets, particularly fast food, and the development of Self-Monitoring gadgets are other causes. In Canada, households spend over a quarter of their income on eating out, which may be contributing to the surge in diabetes cases that can contribute to self-monitoring blood glucose market (SMBG) to grow.
Competitive Landscape: -
Prominent companies competing currently in the Canada Diabetes Market are (Medtronic, Insulet Corporation, LifeScan Inc., Abbott Laboratories, Dexcom, Inc, Roche Diagnostic, and Tandem Diabetes Care)
Market Summary: -
Type: - Canada Diabetes Market is segregated into
Self-Monitoring Blood Glucose (SMBG) Devices – Market & Users
Continous Glucose Monitoring (CGM) Devices – Market & User
Insulin Pump – Market & Users
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