Market Trends of Canada Insulin Delivery Devices Industry
Rising Diabetes Prevalence in Canada is anticipated to boost the market studied.
The diabetes prevalence in Canada is expected to rise by about 2.7% over the forecast period.
In the current year, according to Diabetes Canada, more than 5.7 million Canadians are living with diagnosed diabetes (type-1 or type-2 diabetes); however, 11.7 million Canadians are living with diabetes or prediabetes, a condition that, if left unmanaged, can develop into type-2 diabetes. Diabetes also costs the healthcare system USD 30 billion annually to treat people with diabetes.
Diabetes care can be most effective when combined with an education program that incorporates instruction for people with diabetes on healthy behavior changes in response to blood glucose values and for healthcare providers on how to adjust antihyperglycemic medications in response to blood glucose readings. As part of this education, people with diabetes should receive instruction on how and when to perform self-monitoring, record the results in an organized manner, the meaning of various blood glucose levels, and how behavior and actions affect blood glucose results.
The Canadian Diabetes Strategy is a national partnership that includes the provinces and territories, many national health organizations and interest groups, and Aboriginal communities nationwide. The purpose of the Canadian Diabetes Strategy is to articulate and establish effective diabetes prevention and control strategies for Canada. With access to the collective knowledge and experience of its various partners, the Canadian Diabetes Strategy is well-positioned to determine the needs and gaps and ensure that resources are deployed accordingly.
Therefore, the studied market is anticipated to grow over the analysis period due to rising prevalence and increasing awareness through government initiatives.
The Insulin Cartridges in Reusable Pens Segment holds the highest market share in the Canada Insulin Delivery Devices Market in the current year
The Insulin Cartridges in Reusable Pens Segment holds the highest market share in the Canada Insulin Delivery Devices Market in the current year and is expected to register a CAGR of about 2.9% in the market over the forecast period.
Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulins are manufactured in the form of cartridges, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive compared to disposable insulin pens in the long run. Due to the increasing demand for insulin cartridges, most insulin device manufacturers have produced reusable insulin pens compatible with various insulin manufacturers' cartridges. Technological advancements have increased over the period in Insulin delivery devices for safer and more accurate insulin administration. Some pens are smart insulin pens that easily connect to an app on the phone to monitor blood sugar levels and remind when to take the next insulin dose.
The World Health Assembly Resolution 2022 recommended the integration of prevention and treatment of diabetes into primary health services, developing pathways for a substantial increase in access to insulin, promoting convergence and harmonizing regulatory requirements for diabetes medicines and technologies, and improving diabetes monitoring and surveillance. Furthermore, it involves the WHO to advise the Member States to ensure the uninterrupted treatment of people living with diabetes in humanitarian emergencies. This important milestone provides a global mandate for diabetes efforts for the next decade.
Thus, the abovementioned factors are expected to drive segment growth over the forecast period.
