Canada Insulin Delivery Devices Market Insights Forecasts to 2033

• The Canada Insulin Delivery Devices Market Size was valued at USD 1.25 Billion in 2023.
• The Market is growing at a CAGR of 2.50% from 2023 to 2033
• The Canada Insulin Delivery Devices Market Size is expected to reach USD 1.60 Billion by 2033

The Canada Insulin Delivery Devices Market is anticipated to exceed USD 1.60 Billion by 2033, growing at a CAGR of 2.50% from 2023 to 2033. The increasing prevalence of diabetes and technological advancements in these devices are driving the growth of the insulin delivery devices market in the Canada.     

Market Overview

Insulin delivery devices are medical devices that aid in delivering insulin among diabetic patients in order to manage glucose levels in the body. These devices include syringes, pens, jet injections, oral insulin, and pumps. As per the report by Diabetes Canada, in 2022, more than 5.7 million Canadians have diabetes (type 1 and type 2 diagnosed plus type 2 undiagnosed). Insulin therapy is essential for patients with type 1 diabetes to replenish the insulin that is unable to make in the body. Insulin therapy is necessary for people with type-2 diabetes or gestational diabetes if other therapies, such as diabetic medicines and other lifestyle modifications, are ineffective in maintaining blood glucose levels within the target range. Further, there is increased government initiative for providing universal, single-payer coverage for diabetes devices and supplies that include insulin delivery devices. In addition, the development of technologically advanced insulin delivery devices for precise dose measurement of insulin enables better control and flexibility providing a lucrative market opportunity for insulin delivery devices. 

Report Coverage

This research report categorizes the market for the Canada insulin delivery devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada insulin delivery devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada insulin delivery devices market.

Driving Factors

The increasing prevalence of diabetes especially among Canadians adults aged 20 to 79 surges the demand for medication, ultimately driving the market for insulin delivery devices. The evolving research and development in devices including insulin pumps, CGM systems, and predictive algorithms to create closed-loop systems for effective administration routes for insulin are significantly contributing to market growth.

Restraining Factors

The high cost of these devices, particularly insulin pumps leads to restrict its adoption, resulting in restraining the Canada insulin delivery devices market.

Market Segmentation

The Canada Insulin Delivery Devices Market share is classified into product, disease indication, and distribution channel.

• The insulin pump segment accounted for the largest market share during the forecast period.

The Canada insulin delivery devices market is segmented by product into insulin pump, insulin syringes, insulin disposable pens, insulin cartridges in reusable pens, and insulin jet injectors. Among these, the insulin pump segment accounted for the largest market share during the forecast period. Insulin pumps are compact, electronic devices that are created and programmed to give diabetics doses of insulin that have been predetermined. The increasing awareness and adoption of these devices and technological advancements are contributing to driving the market growth.

• The type 1 diabetes segment dominated the market with the largest market share in 2023.

The Canada insulin delivery devices market is segmented by disease indication into type 1 and type 2. Among these, the type 1 diabetes segment dominated the market with the largest market share in 2023. The increased number of type 1 diabetes diagnosed patients and the adoption of insulin delivery devices for treatment are driving the market. For instance, Hybrid closed-loop insulin delivery systems (HCLs) comprising of insulin pump with a continuous glucose monitor (CGM) and a computer program are used for managing type 1 diabetes.

• The retail pharmacies segment dominated the Canada insulin delivery devices market during the forecast period.       

Based on the distribution channel, the Canada insulin delivery devices market is divided into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the retail pharmacies segment dominated the Canada insulin delivery devices market during the forecast period. Retail pharmacies provide various insulin delivery devices along with instruction and training on the use of these devices. The accessibility of insulin delivery devices for the majority of patients is contributing to driving the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada insulin delivery devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Medtronic
• Hoffmann-La Roche Limited
• Insulet Corporation
• Sanofi
• Tandem Diabetes Care
• Ypsomed Holding AG
• Eli Lilly and Company
• Becton, Dickinson and Company
• Novo Nordisk
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2024, Insulet announced that its Omnipod 5 Automated Insulin Delivery System has been cleared by the US Food and Drug Administration (FDA) for the indication of type 2 diabetes.
• In July 2024, Tandem Diabetes Care, Inc. and Dexcom, Inc. announced the updated t:slim X2 insulin pump software is compatible with both Dexcom G7 and Dexcom G6 Continuous Glucose Monitoring (CGM) Systems and is authorized for sale by Health Canada.
• In December 2023, Beta Bionics, Inc., a pioneering leader in the development of advanced diabetes management solutions, announced the nationwide launch of the iLet Bionic Pancreas automated insulin delivery system with the Dexcom G7 Continuous Glucose Monitoring (CGM) System.
• In June 2023, Novo Nordisk entered into exclusive negotiations with BIO JAG, BIOCORP’s main shareholder, for the purchase of its entire stake in BIOCORP, representing 45.3% of its share capital and 62.19% of its theoretical voting rights, for 35.00 Euros per share.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Insulin Delivery Devices Market based on the below-mentioned segments:

Canada Insulin Delivery Devices Market, By Product

• Insulin Pump
• Insulin Syringes
• Insulin Disposable Pens
• Insulin Cartridges in Reusable Pens
• Insulin Jet Injectors

Canada Insulin Delivery Devices Market, By Disease Indication

• Type 1
• Type 2

Canada Insulin Delivery Devices Market, By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies