Canada Diabetes Market Report and Forecast 2024-2032

Canada Diabetes Market Size

The Canada diabetes market was valued at USD 4.52 billion in 2023, driven by the increasing prevalence of the disease and the rising initiatives to improve diabetes management in the region. The market is expected to grow at a CAGR of 8.46% during the forecast period of 2024-2032, with the values likely to rise from USD 4.91 billion in 2024 to USD 9.40 billion by 2032.

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Canada Diabetes Market Outlook

• Recent data reveals that 1 in 3 Canadians are affected by diabetes or prediabetes. This indicates the high burden of the chronic condition which directly impacts market demand for effective diabetes treatment and management solutions.

• The Canada diabetes market share is influenced by the rising innovations in diabetes care technology and increased awareness campaigns on diabetes management.

• One of the major market trends is the growing investment in diabetes research to develop more effective treatments and prevent the complications associated with this chronic disease.

Canada Diabetes Market Analysis

Diabetes is a chronic disease characterized by the inability of the body to produce sufficient insulin or when the body cannot respond to the effects of insulin effectively, leading to high blood glucose levels. Type 2 diabetes is the most common type of diabetes where the body doesn’t make enough insulin or shows insulin resistance. Around 10% of people have Type 1 diabetes in which the immune system attacks and destroys insulin-producing cells. The rising innovations in diabetes care technology, such as closed-loop (artificial pancreas) systems for automated insulin delivery and continuous glucose monitoring (CGM) devices, are expected to drive the Canada diabetes market growth.

The increasing prevalence of diabetes which can be attributed to factors such as the growing aging population along with obesity rates, and lifestyle changes are significantly contributing to the global diabetes drugs market expansion. Recent data reveals that 1 in 3 Canadians are affected by diabetes or prediabetes. The prevalence rate of this chronic condition is estimated to increase by 26% in the next 10 years. This indicates the high burden of the disease which directly impacts the need for effective diabetes treatment and management solutions, thereby augmenting the Canada diabetes market demand.

The market share is also influenced by the increased initiatives aimed at spreading awareness about the risks of diabetes and the importance of early diagnosis. For instance, in November 2023, Diabetes Canada, a registered national charity that works to improve the quality of life of people living with diabetes, launched the Let’s Make Time campaign. With an aim to raise awareness about the disease in Canadians, this initiative educates people regarding the prevalence and complexity of diabetes, along with highlighting the time and effort needed to self-manage the chronic condition including calculating insulin doses, testing blood sugar, and filling syringes, among others. Such awareness campaigns on diabetes management are poised to elevate the market value.

One of the major Canada diabetes market trends is the rising investment in diabetes research to develop more effective treatments and prevent the complications associated with this chronic disease. In July 2023, the Government of Canada, in collaboration with the organization focused on type 1 diabetes research, Juvenile Diabetes Research Foundation (JDRF) Canada, announced an investment of USD 33 million to support 12 research projects focused on the prevention, detection, management, and treatment of diabetes. To advance screening for early-stage, pre-symptomatic type 1 diabetes, the funding will also support a national screening research consortium in Canada. Such intensive research initiatives, aided by substantial government funding, are projected to accelerate market growth in the coming years.

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Canada Diabetes Market Segmentation

The report offers a detailed analysis of the market based on the following segments:

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Leading Players in the Canada Diabetes Market

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

Medtronic

A global leader in medical technology, services, and solutions, Medtronic has a significant presence in the diabetes care sector. The company focuses heavily on innovation in diabetes technology such as the introduction of the MiniMed™ 780G system which is intended for continuous delivery of basal insulin at selectable rates.

Insulet Corporation

This company is known for its innovative Omnipod Insulin Management System, a tubeless insulin pump that offers an alternative to traditional tubed pumps.

LifeScan Inc.

California-based LifeScan is a key player in the field of blood glucose monitoring systems. They are widely known for their OneTouch brand of products that includes blood glucose meters, testing strips, and digital solutions for diabetes management.

Abbott Laboratories

This American multinational medical devices and healthcare company has a strong portfolio in diabetes care, including its popular FreeStyle Libre system that allows users to monitor their glucose levels without routine finger pricks.

Other players include Dexcom, Inc., Roche Diagnostic, Tandem Diabetes Care, and F. Hoffmann-La Roche Ltd, among others.

Key Highlights of the Report