Canada Blood Glucose Monitoring Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.05 Billion |
| Market Size (2029) | USD 2.12 Billion |
| CAGR (2024 - 2029) | 15.11 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Blood Glucose Monitoring Market Analysis
The Canada Blood Glucose Monitoring Market size is estimated at USD 1.05 billion in 2024, and is expected to reach USD 2.12 billion by 2029, growing at a CAGR of 15.11% during the forecast period (2024-2029).
According to Health Canada, the prevalence of diabetes is anticipated to significantly increase in the next three decades, with the number of affected individuals more than doubling from approximately 529 million to 1.3 billion by 2050. This silent epidemic, impacting around 6.1 percent of the global population, is identified as a major contributor to mortality and morbidity worldwide by The Lancet. It is estimated that by 2050, one out of every ten individuals globally will be affected by diabetes.
Diabetes is a persistent ailment that arises when an excessive amount of sugar (or glucose) is present in the bloodstream. Ordinarily, the pancreas generates a hormone called insulin, which aids in transferring glucose from the blood to the cells of the body, where it serves as an energy source. In instances where the pancreas fails to produce sufficient insulin or the body is incapable of utilizing it effectively, glucose accumulates in the blood, potentially resulting in severe health complications.
As the number of individuals diagnosed with diabetes continues to increase in Canada, the demand for blood glucose monitoring devices is also on the rise. These devices play a crucial role in helping individuals with diabetes manage their condition by allowing them to regularly monitor their blood sugar levels.
The market for blood glucose monitoring devices in Canada is expanding rapidly, with a wide range of products available to meet the diverse needs of individuals with diabetes. From traditional fingerstick glucose meters to continuous glucose monitoring systems, there are now more options than ever for individuals to choose from.
In addition to the growing prevalence of diabetes, advancements in technology have also contributed to the growth of the market for blood glucose monitoring devices. Newer devices are now more accurate, convenient, and user-friendly, making it easier for individuals to monitor their blood sugar levels regularly.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Canada Blood Glucose Monitoring Market Trends
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.
Canada Blood Glucose Monitoring Industry Overview
The blood glucose monitoring market is highly fragmented, with few major manufacturers present in the market. The CGM devices market is dominated by major players like Dexcom, Medtronics, Abbott, and Senseonics. The market for BGM devices comprises more generic players like Roche, LifeScan, Arkray, Ascensia, etc. Technological innovations in the recent past helped companies to strengthen their market presence.
Canada Blood Glucose Monitoring Market Leaders
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Abbott Diabetes Care
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Roche Holding AG
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Dexcom Inc.
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Medtronic PLC
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Lifescan
*Disclaimer: Major Players sorted in no particular order
Canada Blood Glucose Monitoring Market News
- July 2023: The Dexcom G7 has been authorized for use in Canada. This CGM system is now accessible to individuals aged two years and above who have any form of diabetes
- March 2022: DexCom announced the receipt of a CE Mark for its G7 CGM system in Europe, intended for people who have diabetes and are two years and older, including pregnant women. With this approval, the highly popular and best-selling real-time CGM in the world is now more powerful and easier to use with a small, all-in-one wearable and completely redesigned mobile app.
Canada Blood Glucose Monitoring Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Self-monitoring blood glucose devices
5.1.1 Glucometer Devices
5.1.2 Test Strips
5.1.3 Lancets
5.2 Continuous blood glucose monitoring devices
5.2.1 Sensors
5.2.2 Durables (Receivers and Transmitters)
6. MARKET INDICATORS
6.1 Type-1 Diabetes population
6.2 Type-2 Diabetes population
7. COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.1 Abbott Diabetes Care
7.1.2 Roche Holding AG
7.1.3 LifeScan
7.1.4 Dexcom Inc.
7.1.5 Medtronic PLC
7.1.6 Arkray Inc.
7.1.7 Ascensia Diabetes Care
7.1.8 Agamatrix Inc.
7.1.9 Bionime Corporation
7.1.10 Acon Laboratories Inc.
7.1.11 Trivida Functional Medicine
7.1.12 Senseonics
- *List Not Exhaustive
7.2 COMPANY SHARE ANALYSIS
7.2.1 Self-monitoring Blood Glucose Devices
7.2.1.1 Abbott Diabetes Care
7.2.1.2 Roche Holding AG
7.2.1.3 LifeScan
7.2.1.4 Others
7.2.2 Continuous Glucose Monitoring Devices
7.2.2.1 Dexcom Inc.
7.2.2.2 Medtronic PLC
7.2.2.3 Abbott Diabetes Care
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Blood Glucose Monitoring Industry Segmentation
Blood glucose monitoring is using a glucose meter to test the glucose concentration in the blood (glycemia). Canada's Blood Glucose Monitoring Market is segmented into Type and component. The report offers the value (in USD) and volume (in Units) for the above segments.
| Self-monitoring blood glucose devices | |
| Glucometer Devices | |
| Test Strips | |
| Lancets |
| Continuous blood glucose monitoring devices | |
| Sensors | |
| Durables (Receivers and Transmitters) |
Canada Blood Glucose Monitoring Market Research FAQs
How big is the Canada Blood Glucose Monitoring Market?
The Canada Blood Glucose Monitoring Market size is expected to reach USD 1.05 billion in 2024 and grow at a CAGR of 15.11% to reach USD 2.12 billion by 2029.
What is the current Canada Blood Glucose Monitoring Market size?
In 2024, the Canada Blood Glucose Monitoring Market size is expected to reach USD 1.05 billion.
Who are the key players in Canada Blood Glucose Monitoring Market?
Abbott Diabetes Care, Roche Holding AG, Dexcom Inc., Medtronic PLC and Lifescan are the major companies operating in the Canada Blood Glucose Monitoring Market.
What years does this Canada Blood Glucose Monitoring Market cover, and what was the market size in 2023?
In 2023, the Canada Blood Glucose Monitoring Market size was estimated at USD 0.89 billion. The report covers the Canada Blood Glucose Monitoring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Blood Glucose Monitoring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Blood Glucose Monitoring Industry Report
Statistics for the 2024 Canada Blood Glucose Monitoring market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Canada Blood Glucose Monitoring analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
