Canada Self-Monitoring Blood Glucose Market Size (2024 - 2029)

The Canada Self-Monitoring Blood Glucose Market is projected to experience significant growth over the forecast period, driven by the increasing need for effective diabetes management solutions. The market's expansion is influenced by the rising awareness of the importance of blood glucose monitoring in preventing diabetes-related complications. Innovative technologies, such as digital health applications and integrated monitoring systems, are enhancing patient self-management capabilities, thereby improving health outcomes and reducing the disease's burden. These advancements are expected to contribute positively to the market's growth trajectory.

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Market Size of Canada Self-Monitoring Blood Glucose Industry

Canada Self-Monitoring Blood Glucose Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 391.84 Million
Market Size (2029) USD 542.16 Million
CAGR (2024 - 2029) 6.71 %

Major Players

Canada Self-Monitoring Blood Glucose Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada Self-Monitoring Blood Glucose Market Analysis

The Canada Self-Monitoring Blood Glucose Market size is estimated at USD 391.84 million in 2024, and is expected to reach USD 542.16 million by 2029, growing at a CAGR of 6.71% during the forecast period (2024-2029).

Diabetes Canada 2021 says that since the start of the COVID-19 pandemic, studies showed that diabetes was one of the major comorbidities linked to severe COVID-19-related negative outcomes and death.When adults with diabetes got COVID-19, they were more likely to get adult respiratory distress syndrome, pneumonia, excessive, out-of-control inflammatory responses, and a state called "hypercoagulable."Early reports placed the odds of in-hospital death from COVID-19 at 2.85 times higher in adults living with diabetes compared to patients without diabetes. Experts say that inpatient use of diabetes technology in patients who followed the institution's rules was safe, improved inpatient glycemic outcomes, and was a key part of managing hypoglycemia and hyperglycemia in hospitalized patients.

Blood glucose monitoring increases patients' awareness of glucose values, which supports healthy lifestyle choices. Blood Glucose Monitoring values help in providing feedback and guidance on how to make health behavior changes when needed. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. Appropriate and timely monitoring of blood glucose allows the successful management of out-of-range blood glucose levels, minimizing diabetic-related health complications.

Innovative technologies, such as digital health apps that show and summarize each person's blood glucose readings and add other relevant data like insulin doses, meals or snacks, and physical activity, can help people better manage their own diabetes while reducing the burden of the disease and improving care overall. Integration of Blood Glucose Monitoring with insulin calculators, automated insulin titration software, and remote coaching are all new developments that give patients with poorly controlled diabetes the extra help they need to improve critical outcomes, which will improve the market prospects in the years to come.

Canada Self-Monitoring Blood Glucose Industry Segmentation

Diabetic patients can measure their own blood sugar levels using a glucometer, test strips, and lancets by self-monitoring their blood glucose. Based on the readings, patients can adjust or check the effect of their treatment. The Canadian self-monitoring blood glucose market is segmented into components (glucometer devices, test strips, and lancets). The report offers the value (in USD million) and volume (in million units) for the above segments.

Component (Value and Volume, 2017 - 2028)
Glucometer Devices
Test Strips
Lancets
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Canada Self-Monitoring Blood Glucose Market Size Summary

The Canadian self-monitoring blood glucose market is poised for significant growth over the forecast period, driven by the increasing prevalence of diabetes and the rising awareness of its management. The market is characterized by the adoption of innovative technologies, such as digital health applications and advanced glucometers, which facilitate better self-management of diabetes. These technologies not only empower patients by providing real-time feedback on their glucose levels but also integrate with insulin calculators and remote coaching to enhance treatment outcomes. The Canadian Diabetes Strategy, along with government initiatives, plays a crucial role in addressing the diabetes epidemic, ensuring that resources are allocated effectively to prevent and control the disease. This collaborative approach is expected to bolster market expansion as more individuals become aware of diabetes management options.

The market landscape is moderately fragmented, with key players like Abbott, LifeScan, F. Hoffmann-La Roche AG, and Ascensia holding significant shares. These companies are actively engaging in strategic collaborations and technological advancements to enhance their market presence. For instance, partnerships such as Roche Diabetes Care Canada's collaboration with Ellerca Health highlight the trend towards integrating diabetes care with digital health solutions. The glucometer segment, in particular, is anticipated to experience robust growth due to its increasing use in home care settings and the introduction of advanced devices. As the market evolves, the focus on improving patient outcomes through comprehensive glucose monitoring and education programs remains a central theme, promising to drive the market forward.

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Canada Self-Monitoring Blood Glucose Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Component (Value and Volume, 2017 - 2028)

      1. 2.1.1 Glucometer Devices

      2. 2.1.2 Test Strips

      3. 2.1.3 Lancets

Canada Self-Monitoring Blood Glucose Market Size FAQs

The Canada Self-Monitoring Blood Glucose Market size is expected to reach USD 391.84 million in 2024 and grow at a CAGR of 6.71% to reach USD 542.16 million by 2029.

In 2024, the Canada Self-Monitoring Blood Glucose Market size is expected to reach USD 391.84 million.

Canada Self-Monitoring Blood Glucose Report Snapshots

Canada Self-Monitoring Blood Glucose Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)