Market Size of Canada Blood Glucose Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.05 Billion |
| Market Size (2029) | USD 2.12 Billion |
| CAGR (2024 - 2029) | 15.11 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Blood Glucose Monitoring Market Analysis
The Canada Blood Glucose Monitoring Market size is estimated at USD 1.05 billion in 2024, and is expected to reach USD 2.12 billion by 2029, growing at a CAGR of 15.11% during the forecast period (2024-2029).
According to Health Canada, the prevalence of diabetes is anticipated to significantly increase in the next three decades, with the number of affected individuals more than doubling from approximately 529 million to 1.3 billion by 2050. This silent epidemic, impacting around 6.1 percent of the global population, is identified as a major contributor to mortality and morbidity worldwide by The Lancet. It is estimated that by 2050, one out of every ten individuals globally will be affected by diabetes.
Diabetes is a persistent ailment that arises when an excessive amount of sugar (or glucose) is present in the bloodstream. Ordinarily, the pancreas generates a hormone called insulin, which aids in transferring glucose from the blood to the cells of the body, where it serves as an energy source. In instances where the pancreas fails to produce sufficient insulin or the body is incapable of utilizing it effectively, glucose accumulates in the blood, potentially resulting in severe health complications.
As the number of individuals diagnosed with diabetes continues to increase in Canada, the demand for blood glucose monitoring devices is also on the rise. These devices play a crucial role in helping individuals with diabetes manage their condition by allowing them to regularly monitor their blood sugar levels.
The market for blood glucose monitoring devices in Canada is expanding rapidly, with a wide range of products available to meet the diverse needs of individuals with diabetes. From traditional fingerstick glucose meters to continuous glucose monitoring systems, there are now more options than ever for individuals to choose from.
In addition to the growing prevalence of diabetes, advancements in technology have also contributed to the growth of the market for blood glucose monitoring devices. Newer devices are now more accurate, convenient, and user-friendly, making it easier for individuals to monitor their blood sugar levels regularly.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Canada Blood Glucose Monitoring Industry Segmentation
Blood glucose monitoring is using a glucose meter to test the glucose concentration in the blood (glycemia). Canada's Blood Glucose Monitoring Market is segmented into Type and component. The report offers the value (in USD) and volume (in Units) for the above segments.
| Self-monitoring blood glucose devices | |
| Glucometer Devices | |
| Test Strips | |
| Lancets |
| Continuous blood glucose monitoring devices | |
| Sensors | |
| Durables (Receivers and Transmitters) |
Canada Blood Glucose Monitoring Market Size Summary
The blood glucose monitoring market in Canada is experiencing significant growth, driven by the increasing prevalence of diabetes and advancements in monitoring technology. As the number of individuals diagnosed with diabetes continues to rise, the demand for blood glucose monitoring devices is expanding. These devices are essential for helping individuals manage their condition by regularly monitoring blood sugar levels. The market offers a diverse range of products, from traditional fingerstick glucose meters to advanced continuous glucose monitoring systems, catering to the varied needs of those with diabetes. Technological innovations have led to the development of more accurate, convenient, and user-friendly devices, further propelling market growth.
The market landscape is characterized by a high degree of fragmentation, with major players like Dexcom, Medtronic, Abbott, and Senseonics dominating the continuous glucose monitoring segment, while other companies such as Roche, LifeScan, Arkray, and Ascensia lead in the blood glucose meter market. The introduction of new technologies, such as cell phone integration and real-time monitoring capabilities, is expected to drive steady growth in the continuous glucose monitoring sector. Recent product launches, like Cequr's innovative insulin delivery device with a built-in blood glucose meter, highlight the ongoing advancements in the field. The increasing national awareness of diabetes is anticipated to further boost the adoption of both self-monitoring blood glucose devices and continuous glucose monitoring systems, supporting the market's expansion during the forecast period.
Canada Blood Glucose Monitoring Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.3 Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Self-monitoring blood glucose devices
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2.1.1 Glucometer Devices
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2.1.2 Test Strips
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2.1.3 Lancets
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2.2 Continuous blood glucose monitoring devices
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2.2.1 Sensors
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2.2.2 Durables (Receivers and Transmitters)
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Canada Blood Glucose Monitoring Market Size FAQs
How big is the Canada Blood Glucose Monitoring Market?
The Canada Blood Glucose Monitoring Market size is expected to reach USD 1.05 billion in 2024 and grow at a CAGR of 15.11% to reach USD 2.12 billion by 2029.
What is the current Canada Blood Glucose Monitoring Market size?
In 2024, the Canada Blood Glucose Monitoring Market size is expected to reach USD 1.05 billion.
