People with type 1 and type 2 diabetes take insulin to help control their blood sugar levels. The goal of taking insulin is to keep blood sugar level in a range. There are different ways to inject insulin into the body. Syringes, pens, pumps, and jet injectors give many people with diabetes options for their insulin delivery. Insulin allows glucose from the bloodstream to be stored in muscle and fat tissue and used as fuel. Controlling it by adequate and timely administration of insulin remains an indispensable measure for patients with type 1 diabetes to lead a normal life. Thus, there is an increasing demand for insulin delivery devices worldwide.
Market Statistics:
The Canada insulin delivery devices market is estimated to account for US$ 1,192.4 Mn in terms of value by the end of 2022.
Market Drivers:
Increasing demand for insulin delivery devices due to the increasing prevalence of diabetes is expected to propel the growth of the Canada insulin delivery devices market during the forecast period. For instance, in December 2020, Medtronic Canada ULC received licence from Health Canada for its MiniMed 770G insulin pump system that comes with a smartphone connectivity and an expanded age indication to children as young as two years.
The system allows data to be securely shared automatically with clinicians, facilitating more effective telehealth visits and product trainings and provides users with the ability to upgrade to future technology via software updates.
Market Opportunities:
Favorable reimbursement environment and government support is expected to offer lucrative growth opportunities for players in the Canada insulin delivery devices market. Diabetes is a chronic condition that affects Canadians of all ages, and thus, Public Health Agency of Canada (PHAC), in collaboration with all provinces and territories, conducts national surveillance of diabetes to support planning and evaluation of related policies and programs.
Market Restraints:
Increase in preference for oral insulin, needle anxiety in patients, and poor reimbursement in developing countries are some major factors expected to hamper growth of the Canada insulin delivery devices market.
To know the latest trends and insights prevalent in the Canada Insulin Delivery Devices Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/canada-insulin-delivery-devices-market-5048
Canada Insulin Delivery Devices Market - Impact of Coronavirus (Covid-19) Pandemic
Regulatory authorities have recommended diabetic populace to take extra precautions as they are at higher risk of acquiring COVID-19 infection as compared to normal populace. Diabetic patients have a higher chance of experiencing serious complications from COVID-19 as they have a compromised immune system as compared with the populace without any comorbidity. Insulin is mainly recommended for critically ill patients with diabetes mellitus infected with COVID-19. This in turn is expected to increase the demand for insulin delivery devices.
Key Takeaways:
The Canada insulin delivery devices market was valued at US$ 1,142.4 Mn in 2021 and is forecast to reach a value of US$ 1,406.6 Mn by 2028 at a CAGR of 3.0% between 2021 and 2028.
Among insulin delivery devices segment cartridges in reusable pens segment held dominant position in the Canada insulin delivery devices market in 2021, accounting for 58.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing awareness among population regarding insulin delivery devices is expected to aid in the growth of the Canada insulin delivery devices market. Diabetes Canada is a provider of diabetes education, research, resources, and services. For instance, during Diabetes Awareness Month (in November 2021), Diabetes Canada is urging Canadian people to take action to help end diabetes, increasing education to enhance learning about diabetes management.
- Increased focus on diabetes management is expected to boost growth of the Canada insulin delivery devices market. For instance, in January 2021, Roche Diabetes Care announced the partnership with Montméd Inc. to provide coast-to-coast access to the innovative SiteSmart pen needle system for Canadians living with diabetes and who inject insulin.
Competitive Landscape:
Major players operating in the Canada insulin delivery devices market include Medtronic, Novo Nordisk, Eli Lilly, Sanofi, Ypsomed Holding AG, Insulet Corporation, F. Hoffmann-La Roche Ltd., Tandem, and Becton Dickinson and Company, among others.
Recent Developments:
In December 2021, NuGen Medical Devices received approval from the Health Canada for its needle-free injection system and accessories, also known as InsuJet. The system gives access to safe, pain-free, cost-effective drug delivery for millions of people suffering from diabetes.
In January 2021, Roche Diabetes Care Canada and Montmed Inc. teamed up to provide access to innovative SiteSmart pen needles for Canadians with diabetes.
In August 2020, Medtronics announced the acquisition of privately- held Companion Medical, manufacturer of InPen, a smart insulin pen paired with an integrated diabetes management app.
