Canada Continuous Glucose Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Diabetic Patients, Critical Patients), And By End User Industry (Hospitals, Diagnostic Centers and Clinics, Home care) - Forecasts From 2023 To 2028

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

• In September 2022, the government of Ontario announced the FreeStyle Libre 2 system's coverage in the public medicare system. FreeStyle Libre 2 system is a Continuous Glucose Monitoring (CGM) device by Abbott Laboratories for both adults and kids with diabetes. Residents of Ontario can now receive the advanced CGM under the province's publicly-funded prescription benefit programme if they require insulin to treat their Type 1 or Type 2 diabetes.
• In October 2022, Dexcom introduced the Dexcom G7, a next-generation continuous glucose monitor (CGM), for diabetics two years of age and above. The Dexcom G7 improves on the Dexcom CGM by adding new features such as a 60as % smaller, all-in-one, discrete wearable and the quickest 30-minute sensor warm-up of any CGM on the market.
• In March 2022, The Dexcom G6 CGM System will be covered by the Ontario government's Assistive Devices Program (ADP), for residents of the province who have type 1 diabetes and who are at least two years old and meet the eligibility requirements.

Canada Continuous Glucose Monitoring Market Scope:

Segmentation:

• By Application
  • Diabetes Patients
  • Critical Patients
• By End User
  • Hospitals
  • Diagnostic Centers & Clinics
  • Home Care 

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY 

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. CANADA CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY APPLICATION

5.1. Introduction

5.2. Diabetes Patients

5.3. Critical Patients

6. CANADA CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY END-USER INDUSTRY

6.1. Introduction

6.2. Hospitals

6.3. Diagnostic Centers & Clinics

6.4. Home Care

7. COMPETITIVE ENVIRONMENT AND ANALYSIS

7.1. Major Players and Strategy Analysis

7.2. Emerging Players and Market Lucrativeness

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Vendor Competitiveness Matrix

8. COMPANY PROFILES          

8.1. Dexcom, Inc.

8.2. Abbott Laboratories

8.3. Medtronic plc

8.4. Roche Diabetes Care, Inc.

8.5. Senseonics Holdings, Inc.

8.6. Ascensia Diabetes Care

8.7. Insulet Corporation

8.8. Tandem Diabetes Care, Inc.

8.9. GlySens Incorporated

8.10. Echo Therapeutics, Inc.

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