Canada Insulin Delivery Devices Market – Growth, Trends, Impact of COVID-19 and Forecasts (2021
The Canadian insulin delivery device market accounted for $1,152. 67 million in 2021 and is projected to grow at a CAGR of about 3.5% over the forecast period (2022 – 2027). Diabetes is one of the most common chronic and life-threatening diseases affecting Canadians.
New York, Feb. 11, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Canada Insulin Delivery Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https: //www.reportlinker.com/p06227805/?utm_source=GNW
The adverse impact of COVID-19 on people living with diabetes has underscored the importance of diabetes management in the country in recent years. About 0.32 million people were living with type 1 diabetes in Canada in 2021 and often use insulin devices to survive. The incidence of diabetes in the country is expected to continue increasing, which in turn is likely to increase the adoption of insulin delivery devices over the forecast period. However, significant challenges are hampering the widespread adoption of insulin delivery devices in Canada. A significant portion of Canadians do not seek diabetes treatment because of the high cost. Although several provincial governments offer reimbursement for insulin delivery devices, patients often have issues related to limited coverage or not meeting eligibility criteria for their provincial plans. These issues are expected to hamper the growth of the market over the forecast period.
Key Market Trends
Increase in diabetic population in Canada drives market growth
Diabetes is one of the most common chronic and life-threatening diseases affecting Canadians. About 9% of the population has been diagnosed with diabetes, and over 6% of Canadian adults are at high risk of developing diabetes. While immune system dysfunction causes type 1 diabetes, type 2 diabetes is associated with a sedentary lifestyle that develops inherent resistance to insulin. Therefore, type 1 diabetes can be characterized as insulin dependent, while type 2 diabetes can be characterized as insulin dependent diabetes. About 0.32 million people in Canada were living with type 1 diabetes and frequently using insulin devices to survive in 2021, and this number is increasing at a projected CAGR of about 1.5% over the forecast period. Patients with type 2 diabetes require many corrections throughout the day to maintain nominal glucose levels, such as: B. giving extra insulin and ingesting extra carbohydrates. About 3.85 million people living with type 2 diabetes lived in the country in 2021 and the number is increasing rapidly with a projected CAGR of over 2.8% over the forecast period. Type 2 diabetes and its risk factors are more common among Canadians who experience exclusion and those with lower income and educational levels. The incidence of diabetes is expected to increase in the country, which in turn is likely to increase the adoption of insulin delivery devices during the forecast period.
Insulin cartridges in the reusable pen segment held the largest market share in 2021
The insulin cartridges in reusable pens currently have the highest demand of any insulin delivery device in the Canadian market. Insulin cartridges in reusable pens are an improved version of insulin bottles. Most types of insulin are manufactured in cartridge form, making them easily accessible. These devices have all the functional advantages of reusable pens and are cost-effective as these cartridges are cheaper in the long run compared to disposable insulin pens. Due to the increasing demand for insulin cartridges, most insulin device manufacturers have produced reusable insulin pens that are compatible with the cartridges of different insulin manufacturers. These insulin cartridges are considered more consumer-friendly as they are smaller and more unobtrusive than the classic vial and syringe. These devices are also more portable for consumers on the go. Opened cartridges do not need to be refrigerated, making storage very easy for consumers. Therefore, cartridges are the most cost-effective way to use insulin, since reusable pens are a one-time investment, unlike disposable pens. These advantages have contributed to the increasing adoption of these products in the Canadian market.
Some of the leading players in the Canadian insulin delivery device market are Medtronic?, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc.?, Ypsomed Holding AG? and Eli Lilly?. Players employ various strategies to increase their presence and market share in the Canadian market. Companies work together to provide affordable healthcare solutions for patients with diabetes in Canada. Players are also focused on launching new products with the latest features and technology for insulin delivery and monitoring in the Canadian market. Such developments are expected to drive the growth of market players over the forecast period.
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