Canada Insulin Delivery Devices Market to Surpass US$ 1,406.6 Mn by 2028 With CAGR of 3.0% | Medtronic, Novo Nordisk, Eli Lilly, Sanofi.

Insulin is used by people with type 1 and type 2 diabetes to help manage their blood sugar levels. The purpose of using insulin is to maintain a normal blood sugar level. The body can be injected with insulin in a variety of ways. There are several choices for delivering insulin to patients with diabetes, including syringes, pens, pumps, and jet injectors. Insulin enables the storage of blood glucose for later use as fuel in adipose and muscular tissue. Controlling it with timely and enough insulin delivery continues to be essential for people with type 1 diabetes to have normal lives. Thus, there is a rising need for insulin delivery devices globally.

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Market Statistics

 

By the end of 2022, the market for insulin delivery devices in Canada is anticipated to be worth US$ 1,192.4 million.

 

Market Drivers

 

The rising incidence of diabetes is likely to increase the need for insulin delivery devices, which will fuel the market’s expansion in Canada over the course of the forecast period. For instance, in December 2020, Medtronic Canada ULC got approval from Health Canada for their MiniMed 770G insulin pump system, which has increased age indication to include children as young as two years old and smartphone connection.

 

The solution enables more efficient telehealth visits and product trainings by securely sharing data automatically with physicians, and it gives consumers the option to upgrade to cutting-edge technology by downloading software updates.

 

Market Opportunities

 

The Canadian market for insulin delivery devices is anticipated to present businesses with significant development prospects due to a favourable reimbursement environment and government backing. Due to the fact that diabetes is a severe illness that affects Canadians of all ages, the Public Health Agency of Canada (PHAC), in partnership with all of the provinces and territories, carries out national surveillance of the disease to aid in the planning and evaluation of associated policies and programmes.

 

Market Restraints

 

Some significant challenges that are anticipated to constrain market growth for insulin delivery devices in Canada include patients’ increased preference for oral insulin, inadequate reimbursement in developing nations, and patient needle fear.

 

Impact

 

People with diabetes should take extra measures since they are more likely than the general population to become infected with COVID-19. Patients with diabetes have a higher risk of developing major COVID-19 problems because their immune systems are less healthy than those of the general population who do not have any co-morbid conditions. Patients with diabetes mellitus with COVID-19 infection who are critically unwell are typically advised to take insulin. It is anticipated that this would lead to an increase in demand for insulin delivery systems.

 

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Key Takeaways

 

The market for insulin delivery devices in Canada was estimated to be worth US$ 1,142.4 million in 2021 and is anticipated to expand at a CAGR of 3.0% from 2021 to 2028 to reach US$ 1,406.6 million.

 

Cartridges in reusable pens, a subsegment of insulin delivery devices, held a dominant position in the Canada insulin delivery devices market in 2021, accounting for 58.5% of the market’s value. Increasing approval and the introduction of new products are anticipated to fuel segment growth over the course of the forecast period.

 

Market Trends

 

The population’s growing knowledge of insulin delivery devices is anticipated to support the market’s expansion in Canada. Diabetes Canada is a supplier of information, resources, and services related to diabetes. For instance, Diabetes Canada is pushing Canadians to take action to help eliminate diabetes by expanding education to improve learning about diabetes management during Diabetes Awareness Month (in November 2021).

 

The market for insulin delivery devices in Canada is anticipated to expand faster due to a greater emphasis on diabetes treatment. For instance, in January 2021 Roche Diabetes Care announced a partnership with Montméd Inc. to offer Canadians with diabetes who inject insulin access to the ground-breaking SiteSmart pen needle technology from coast to coast.

 

Competitive Landscape

 

Becton Dickinson and Company, Medtronic, Tandem, Novo Nordisk, F. Hoffmann-La Roche Ltd., Eli Lilly, Insulet Corporation, Sanofi, and Ypsomed Holding AG are a few of the major companies that compete in the Canadian insulin delivery devices industry.

 

Recent Developments

• NuGen Medical Devices’ InsuJet needle-free injection device and accessories were given the green light by Health Canada in December 2021. For the millions of diabetics using the system, medicine delivery is secure, painless, and economical.
• Roche Diabetes Care Canada and Montmed Inc. joined together in January 2021 to give Canadians with diabetes access to cutting-edge SiteSmart pen needles.
• The purchase of privately held Companion Medical, maker of the InPen, a smart insulin pen with built-in diabetes management software, by Medtronics was announced in August 2020.

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Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
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 Global Canada Insulin Delivery Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Canada Insulin Delivery Devices (Volume and Value) by Type
2.3 Global 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 Global 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 Global Canada Insulin Delivery Devices Market Forecast (2022-2028)
Chapter 7 Conclusions
Research Methodology