CANADA INSULIN DELIVERY DEVICES MARKET ANALYSIS

Insulin is vital for people suffering from type 1 diabetes and type 2 diabetes. There are different ways to inject insulin into the body, such as vials and syringes, insulin pens, and insulin pumps, this is called insulin delivery. The two main ways to take insulin are bolus and basal. Basal insulin is longer-acting and helps keep glucose levels steady, while bolus insulin is the quick-acting delivery that people often take before mealtimes. People with type 1 and type 2 diabetes take insulin to help control their blood sugar levels. The goal of taking insulin is to keep blood sugar level in a normal range as much as possible. Though subcutaneous insulin delivery is the standard route of insulin administration, it is associated with noncompliance, lipodystrophy, needle phobia, injection pain, and peripheral hyperinsulinemia.

Market Statistics:

The Canada insulin delivery devices market was valued at US$ 1,142.4 Mn in 2021 and is forecast to reach a value of US$ 1,406.6 Mn by 2028 at a CAGR of 3.0% between 2022 and 2028.

Figure 1. Canada Insulin Delivery Devices Market Share (%), by Insulin Delivery Devices, 2021

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Recent Developments:

In December 2021, NuGen Medical Devices received Health Canada approval for its needle-free injection system and accessories, also known as InsuJet, which gives access to safe, pain-free, cost-effective drug delivery for the millions of patients who suffer from diabetes, or other chronic illnesses.

In July 2020, Medtronic launched MiniMed Mio Advance Infusion sets for diabetes that offer a more convenient and faster insulin pump experience made commercially available in Canada.

In November 2020, Tandem Diabetes Care announced Health Canada approval of the t:slim X2 insulin pump with control-IQ advanced hybrid closed-loop technology.

Market Drivers:

1. Increasing prevalence of diabetes in Canada is expected to drive growth of the Canada insulin delivery devices market during the forecast period. For instance, according to Diabetes Canada (March 2022), today, there are more than 5.7 million Canadians living with diagnosed diabetes (type 1 or type 2 diabetes), while 11.7 million Canadians living with diabetes or prediabetes, if left unmanaged, can develop into type 2 diabetes.
2. Increasing demand for insulin delivery devices is expected to augment growth of the Canada insulin delivery devices market over the forecast period. For instance, in January 2021, Insulet Corporation announced the launch of Omnipod DASH insulin management system for people with diabetes (type 1 or type 2 diabetes) in Canada to manage blood sugar levels.

Figure 2. Canada Insulin Delivery Devices Market Share (%) in Terms of Value, by Insulin Pump, 2021

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Market Restraints:

1. Stringent government regulations is expected to hinder growth of the Canada insulin delivery devices market. Stringent rules and regulations governing the product approval process could hinder growth of the Canada insulin delivery devices market.
2. High cost of insulin pumps is expected to hamper the growth of the Canada insulin delivery devices market. In developing countries, the high out-of-pocket cost associated with diabetes treatment and management may affect the adoption rate of insulin delivery devices.

Market Opportunities:

1. Increasing adoption of advanced devices for insulin delivery is expected to provide lucrative growth opportunities for players in the Canada insulin delivery devices market. For instance, in January 2021, Roche Diabetes Care and Montméd Inc. teamed up to help people living with diabetes in Canada. SiteSmart is the insulin pen needle system designed and clinically proven to improve injection site rotation. It is designed to help health care professionals easily teach, and insulin users effortlessly implement a healthy injection site rotation routine.
2. Increase in research & development is expected to offer significant growth opportunities for players in the Canada insulin delivery devices market. For instance, in August 2018, JDRF and Ypsomed teamed up to develop new open technologies for next-generation automated insulin delivery systems. JDRF is the leading global organization funding type 1 diabetes research.

Market Trends/Key Takeaways:

1. Frequent approvals and launches of novel products is expected to aid in the growth of the Canada insulin delivery devices market. For instance, in December 2020, Medtronic Canada received a licence from Health Canada for its MiniMed 770G insulin pump system, offering hybrid closed loop technology, with the added benefits of smartphone connectivity & expanded age indication to children as young as two years.
2. Players in the market are adopting various strategies to strengthen their product portfolio, in turn is expected to propel growth of the Canada insulin delivery devices market. For instance, in May 2021, to help streamline diabetes management, Eli Lilly and Company signed strategic international agreements with Roche, myDiabby Healthcare, Glooko Inc., and DexCom, Inc., to advance connected solutions and streamline care for people living with diabetes.

Competitive Landscape:

1. Medtronic
2. F. Hoffmann-La Roche Ltd
3. Insulet Corporation
4. Tandem
5. Ypsomed Holding AG
6. Sanofi
7. Becton Dickinson and Company
8. Eli Lilly
9. Novo Nordisk