For those with type 1 diabetes and type 2 diabetes, insulin is essential. Insulin delivery refers to the many methods of administering insulin to the body, including vials and syringes, insulin pens, and insulin pumps. Bolus and basal insulin administration are the two primary methods. Bolus insulin is the quick-acting dose that people often take before meals whereas basal insulin is longer-acting and helps maintain consistent glucose levels. Insulin is used by people with type 1 and type 2 diabetes to help manage their blood sugar levels. The main objective of using insulin is to maintain blood sugar levels as close as possible to normal. Despite being the preferred method of administering insulin, subcutaneous delivery is linked to noncompliance, lipodystrophy, needle phobia, injection pain, and peripheral hyperinsulinemia.
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The market for insulin delivery devices in Canada was estimated to be worth US$ 1,142.4 million in 2021 and is expected to expand at a 3.0% CAGR from 2022 to 2028 to reach US$ 1,406.6 million.
Millions of people with diabetes and other chronic conditions now have access to safe, painless, and economical medicine delivery thanks to NuGen Medical Devices’ needle-free injection system and accessories, commonly referred as InsuJet, which was approved by Health Canada in December 2021.
Diabetes MiniMed Mio Advance Infusion sets from Medtronic were made commercially accessible in Canada in July 2020 and offer a more streamlined and easy insulin pump experience.
The t: thin X2 insulin pump featuring control-IQ advanced hybrid closed-loop technology was approved by Health Canada, according to a November 2020 announcement from Tandem Diabetes Care.
During the projected period, the rising incidence of diabetes in Canada is anticipated to fuel market expansion for insulin delivery devices. For example, according to Diabetes Canada (March 2022), more than 5.7 million Canadians have type 1 or type 2 diabetes, and another 11.7 million have diabetes or prediabetes, which, if untreated, can progress to type 2 diabetes.
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Over the course of the projected period, a rise in demand for insulin delivery devices is anticipated to fuel market expansion in Canada. For instance, Insulet Corporation stated in January 2021 that the Omnipod DASH insulin management system will be available in Canada for persons with diabetes (type 1 or type 2 diabetes) to control blood sugar levels.
It is anticipated that strict government regulations would impede the market expansion for insulin delivery devices in Canada. The development of the Canadian market for insulin delivery devices may be hampered by strict rules and regulations guiding the product approval process.
The expansion of the Canadian market for insulin delivery devices is anticipated to be constrained by the high cost of insulin pumps. The significant out-of-pocket expenses related to managing and treating diabetes in poor nations may slow the use of insulin delivery devices.
For companies in the Canadian insulin delivery devices market, the rising use of cutting-edge devices for insulin delivery is anticipated to open up attractive potential prospects. For instance, Roche Diabetes Care and Montméd Inc. partnered in January 2021 to support Canadians with diabetes. The SiteSmart insulin pen needle system was created with better injection site rotation in mind, and it has been clinically validated. It is intended to make it simple for medical providers to teach and for insulin users to adopt a wholesome injection site rotation regimen.
The market for insulin delivery devices in Canada is anticipated to see considerable growth prospects as a result of increased R&D. For instance, JDRF and Ypsomed collaborated in August 2018 to create new open technologies for automated insulin administration systems of the future. The primary international funding source for type 1 diabetes research is JDRF.
Market Trends/Key Takeaways
The market for insulin delivery devices in Canada is anticipated to expand as a result of frequent approvals and introductions of innovative products. For instance, in December 2020, Health Canada granted Medtronic Canada a licence for their MiniMed 770G insulin pump system, which offers hybrid closed loop technology, smartphone connection, and increased age indication to children as young as two years.
The market’s participants are using a variety of methods to expand their product offerings, which is anticipated to fuel the market for insulin delivery devices in Canada’s expansion. To promote linked solutions and expedite treatment for individuals with diabetes, for instance, Eli Lilly and Company entered strategic international partnerships with Roche, myDiabby Healthcare, Glooko Inc., and DexCom, Inc. in May 2021.
Includes Medtronic, F. Hoffmann-La Roche Ltd, Insulet Corporation, Tandem, Ypsomed Holding AG, Sanofi, Becton Dickinson and Company, Eli Lilly, Novo Nordisk.
The Study Objectives are:
✔ A comprehensive insight into key players operating in the Canada Insulin Delivery Devices Market and their corresponding data.
✔ It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
✔ Regional analysis, which includes insight into the dominant market and corresponding market share.
✔ It also includes various socio-economic factors affecting the evolution of the market in the region.
✔ The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Canada Insulin Delivery Devices Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Canada Insulin Delivery Devices Industry Impact
Chapter 2 Canada Insulin Delivery Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Canada Insulin Delivery Devices (Volume and Value) by Type
2.3 Canada Insulin Delivery Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Canada Insulin Delivery Devices Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 Company Profiles and Key Figures in Canada Insulin Delivery Devices Business
Chapter 6 Canada Insulin Delivery Devices Market Forecast (2022-2028)
Chapter 7 Conclusions
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