The “Canada Diabetes Market, Size, Forecast 2023-2028, By Insulin Pump, CGM, Self-Monitoring Blood Device and Company Analysis” report from Renub Research states that the “Canada Diabetes Market” will expand at a CAGR of 3.85% by 2028. According to the Government of Canada, diabetes is one of the most common chronic diseases in Canada, with over 3 million diabetics and 200,000 new cases annually.
Diabetes is a long-term condition that affects the body’s ability to turn food into energy. It influences healthcare systems and presents numerous challenges, including severe complications and premature death for diabetics. In all forms of diabetes, the body doesn’t make enough insulin or use the insulin it does make well.
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Despite being the youngest in the nation, Canada’s indigenous population experiences a number of chronic illnesses. 65.69% of the population is aged 15 to 64, according to Statista. As a result of their chaotic lifestyles or demanding work schedules, today’s youth also experience stress. A person’s need for exercise to maintain blood sugar levels changes with their level of engagement in life, and stress has an effect on how they handle it. These are some of the main reasons for the rise in diabetes cases in Canada.
The rise of the Canadian diabetes market is further aided by the population’s growing sedentary lifestyle, rising obesity rates, and inadequate exercise. Significant R&D work has been done to create a variety of painless deliverable devices, such as continuous glucose monitoring (CGM), integrated insulin pumps, improved new lancet products for blood glucometers, and incredibly accurate blood glucose monitoring devices. Finally, in Canada, those with prediabetes and diabetes were more likely to have lower levels of education than people with higher levels of education.
In Canada Diabetes Market, rise in type 2 diabetes is prevalent due to Sedentary Lifestyle and Less Physical Activity
Type 2 diabetes affects about nine out of 10 patients. Type 2 diabetes has been increasing for a while in Canada. A large portion of Canada’s increase in Type 2 diabetes can be ascribed to elements including immigration, urbanisation, prediabetes, obesity, and alcohol use. In addition, less fruits and vegetables were consumed, which could contribute to the increased incidence of type 2 diabetes. The increasing prevalence of type 2 diabetes in the Canada Diabetes Market may be attributed to an increase in smoking, a more immobile lifestyle, higher income levels, or a lack of awareness.
People with lower middle-class incomes are diagnosed with diabetes more frequently than people with higher incomes. In addition, the Canadian government says that prediabetes, which raises the risk of type 2 diabetes, affects 6.1% of persons between the ages of 20 and 79. In the future, the proliferation of IOT, telecommuting, and online streaming could all contribute to the fall in physical activity. As a result, it may considerably contribute to the rise in type 2 diabetes in the Canada Diabetes Market.
Self-Monitoring of Blood Glucose (SMBG) will continue to grow in Canada Diabetes Market due to Technological Advancement and Rising Prevalence
According to the Government of Canada’s 2022 report, more than 3 million Canadians have been diagnosed with diabetes, or 8.9% of the population. Diabetes predominance has been ascending in Canada at a 3.3% yearly typical rate. The self-monitoring of blood glucose (SMBG) market is expanding in Canada due to a number of factors, including the aging population, the high prevalence of diabetes, and the rise in risk factors for the disease. Programs run by the government with the goal of increasing public awareness may also contribute to the market’s expansion.
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In self-monitoring blood glucose (SMBG), technological advancement is an important trend that is gaining popularity. Major competitors in the self-monitoring blood glucose device market are focusing on developing technologically advanced products as a consequence in order to increase their market share. Other causes include the development of Self-Monitoring technology and the spread of unhealthy diets, particularly those centred on fast food. Over a quarter of Canadian households’ income is spent on eating out, which may be a factor in the rise in diabetes cases and the expansion of the market for SMBG devices.
Competitive Landscape: –
Medtronic, Insulet Company, LifeScan Inc., Abbott Research Facilities, Dexcom, Inc., Roche Analytic, and Couple Diabetes Care are clear competitors now on the Canada diabetes market.
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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