Canada Self-Monitoring Blood Glucose Market Insights Forecasts to 2033

• The Canada Self-Monitoring Blood Glucose Market Size was valued at USD 367.2 Million in 2023.
• The Market is growing at a CAGR of 6.63% from 2023 to 2033
• The Canada Self-Monitoring Blood Glucose Market Size is expected to reach USD 697.5 Million by 2033

The Canada Self-Monitoring Blood Glucose Market is anticipated to exceed USD 697.5 Million by 2033, growing at a CAGR of 6.63% from 2023 to 2033. The increasing prevalence of diabetes, technological advancements, government initiatives, and awareness about diabetes management are driving the growth of the self-monitoring blood glucose market in the Canada.     

Market Overview

Self-monitoring blood glucose is a method of assessing blood glucose control and preventing hypoglycemia. It is used to test blood sugar levels regularly in diabetes treatment. By giving users access to real-time data, these devices assist users in controlling their blood sugar levels and empower them to make well-informed decisions regarding their medicine, diet, and activity. With the development of glucose self-monitoring devices, the monitoring process is automated and reliable, allowing patients to continuously check their blood sugar levels and doctors to use the information to make informed decisions. The emerging technological advancement in self-monitoring blood glucose including CGM systems for diabetes care has bolstered the market growth opportunities.

Report Coverage

This research report categorizes the market for the Canada self-monitoring blood glucose 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 self-monitoring blood glucose 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 self-monitoring blood glucose market.

Driving Factors

According to the data by the Government of Canada, 9.4% (or 3.7 million) were living with diagnosed diabetes (10.1 % males and 8.7% females) and it was found that the prevalence of diabetes increased with age. The increasing prevalence of diabetes with the growing geriatric population in the country is significantly contributing to driving the market demand. The integration of several technological advancements that provide rapid testing with less painful and invasive are driving the market growth. For instance, Abbott's FreeStyle Libre 2 iCGM was cleared by Health Canada for people with diabetes four years and older. Further, government initiatives and awareness about the management of diabetes are propelling the market.

Restraining Factors

The high price of devices and consumables limiting its usage may lead to restrain the market growth of self-monitoring blood glucose. Further, the lack of expertise and knowledge is responsible for hindering the market demand.

Market Segmentation

The Canada Self-Monitoring Blood Glucose Market share is classified into component and end use.

• The glucometer devices segment is anticipated to register the fastest CAGR growth during the forecast period.

The Canada self-monitoring blood glucose market is segmented by component into glucometer devices, test strips, and lancets. Among these, the glucometer devices segment is anticipated to register the fastest CAGR growth during the forecast period. In glucometer devices, a tiny sample of blood drawn from a finger prick or other appropriate location is analyzed followed by a digital screen display. The rising awareness about diabetes management and growing healthcare expenditure are contributing to propelling the market.

• The home care segment dominated the market with the largest market share during the forecast period.

The Canada self-monitoring blood glucose market is segmented by end use into hospitals, ambulatory surgery centers, diagnostic centers, home care, and others. Among these, the home care segment dominated the market with the largest market share during the forecast period. Self-monitoring blood glucose is an important tool used for managing diabetes mellitus to detect hypoglycemia and adjust the insulin dose. The increased prevalence of diabetes and advancements in medical technology are driving the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada self-monitoring blood glucose 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

• Abbott Diabetes Care
• Roche Holding AG
• LifeScan
• Ascensia Diabetes Care Canada Inc.
• Agamatrix Inc.
• Bionime Corporation
• Arkray Inc.
• Trividia Health
• Acon Laboratories Inc.
• Others

Key Target Audience

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

Recent Developments

• In January 2022, Roche launched its new point-of-care blood glucose monitor designed for hospital professionals, with a companion device shaped like a touchscreen smartphone that will run its own apps.

Market Segment

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

Canada Self-Monitoring Blood Glucose Market, By Component

• Glucometer Devices
• Test Strips
• Lancets

Canada Self-Monitoring Blood Glucose Market, By End Use

• Hospitals
• Ambulatory Surgery Centers
• Diagnostic Centers
• Home Care
• Others