CANADA INSULIN DELIVERY DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Market Drivers:

1. Increasing prevalence of diabetes in Canada is expected to drive growth of the Canada insulin delivery devices market during the forecast period. For instance, according to Diabetes Canada (March 2022), today, there are more than 5.7 million Canadians living with diagnosed diabetes (type 1 or type 2 diabetes), while 11.7 million Canadians living with diabetes or prediabetes, if left unmanaged, can develop into type 2 diabetes.
2. Increasing demand for insulin delivery devices is expected to augment growth of the Canada insulin delivery devices market over the forecast period. For instance, in January 2021, Insulet Corporation announced the launch of Omnipod DASH insulin management system for people with diabetes (type 1 or type 2 diabetes) in Canada to manage blood sugar levels.

Market Restraints:

1. Stringent government regulations is expected to hinder growth of the Canada insulin delivery devices market. Stringent rules and regulations governing the product approval process could hinder growth of the Canada insulin delivery devices market.
2. High cost of insulin pumps is expected to hamper the growth of the Canada insulin delivery devices market. In developing countries, the high out-of-pocket cost associated with diabetes treatment and management may affect the adoption rate of insulin delivery devices.

Market Opportunities:

1. Increasing adoption of advanced devices for insulin delivery is expected to provide lucrative growth opportunities for players in the Canada insulin delivery devices market. For instance, in January 2021, Roche Diabetes Care and Montméd Inc. teamed up to help people living with diabetes in Canada. SiteSmart is the insulin pen needle system designed and clinically proven to improve injection site rotation. It is designed to help health care professionals easily teach, and insulin users effortlessly implement a healthy injection site rotation routine.
2. Increase in research & development is expected to offer significant growth opportunities for players in the Canada insulin delivery devices market. For instance, in August 2018, JDRF and Ypsomed teamed up to develop new open technologies for next-generation automated insulin delivery systems. JDRF is the leading global organization funding type 1 diabetes research.