The Canada Continuous Glucose Monitoring Market is projected to grow at a CAGR of 18.06% during the forecast period to reach US$460.803 million by 2028, from US$144.122 million in 2021.
Continuous glucose monitoring or CGM is a wearable medical device that continuously tracks blood sugar levels for people with type 1 and type 2 diabetes. Tracking blood sugar levels is extremely essential for diabetic patients as they have to make sure when to take insulin and CGM devices help them in determining that. CGM is a widely used technology as it is advantageous for diabetics. Studies have shown that the use of CGM devices ensures a shorter duration of hypoglycemia or a lower level of glycated haemoglobin. In Canada, the continuous glucose monitoring market is segmented by application and end-user.
The growing prevalence of type 1 and type 2 diabetes along with rising government initiatives and programmes to educate people about diabetic health & care are some of the key determinants which are positively impacting the demand for CGM devices in this country.
During the anticipation period, the growing incidences of diabetes will support the growth of the Canadian continuous glucose monitoring market during the projection period.
One of the primary factors driving the growth of continuous glucose monitoring devices in Canada is the high prevalence of type 1 and type 2 diabetes among the population. According to the official statistics presented by the Government of Canada, 8.9 per cent of Canadians, or more than 3 million people, have diabetes in 2021, and after accounting for ageing trends over time, the prevalence has been rising at an average rate of 3.3 per cent year. In addition, prediabetes, which affects 6.1 per cent of Canadian adults, puts them at a greater risk of acquiring type 2 diabetes. Diabetes also reduces the life expectancy of a person by 5 to 15 years. According to estimates, the death rate for Canadians with diabetes is twice as high as it is for Canadians without diabetes. The majority of Canadians with diabetes spend more than 3 per cent of their income, or more than $1,500 annually, on necessary equipment, supplies, and prescription drugs. The prevalence of diabetes has alarmingly increased across Canada in recent years, reaching an all-time high mostly due to lifestyle changes. Diabetes patients must make several adjustments throughout the day to keep their blood glucose levels within acceptable ranges. Therefore CGM devices are extremely crucial for them. The decreasing cost of CGM devices in the country is also propelling market demand.
Various policies, programs and services related to diabetes by the government to spur growth during the projection period.
The Canadian government passed Bill C-237, An Act to Create a National Diabetes Framework, into law in June 2021. This law requires the Federal Minister of Health to engage in stakeholder discussions to create a national framework that will help lower the risk of type 2 diabetes and improve care for all those who have the disease. the framework will be introduced before Parliament by June 2022. The government also allocated CA$ 35 million over 5 years For research, monitoring, prevention, innovation, and the creation of a comprehensive diabetes framework.
In March 2023, the Manitoban government stated that it will invest $120 million in the Manitoba Pharmacare programme to increase coverage of diabetic equipment like insulin pumps and continuous glucose monitors. Any persons with a diagnosis of type 1 or type 2 diabetes and a prescription will now be able to participate in the programme.
Market Key Developments
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2021 | US$144.122 million |
| Market Size Value in 2028 | US$460.803 million |
| Growth Rate | CAGR of 18.06% from 2021 to 2028 |
| Base Year | 2021 |
| Forecast Period | 2023 – 2028 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Application and End-User |
| Companies Covered | Abbott Laboratories, Dexcom, Inc., Medtronic plc, Senseonics Holdings, Inc., Insulet Corporation, Roche Holding AG, Ascensia Diabetes Care, GlySens Incorporated, Tandem Diabetes Care, Inc., Echo Therapeutics Inc |
| Customization Scope | Free report customization with purchase |
Segmentation: