Market Trends of Canada Blood Glucose Monitoring Industry
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.
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. 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.
