The Canada digital diabetes management market size stood at USD XX Billion in 2019 and is projected to reach USD xx Billion by the year 2025, exhibiting a CAGR of xx during the forecast period.
More than 11 million Canadians live with diabetes or prediabetes, making up 29% of the country’s population. Diabetes currently accounts for $3.8 billion in direct costs to Canada’s healthcare system and is expected to increase to $4.9 billion in the next 10 years. Digital diabetes management solutions are smartphone-connected diabetes management devices and software platforms used by patients suffering from Type 1, Type 2, and gestational diabetes. Various digital diabetes management devices such as smart glucose meters, continuous glucose monitoring systems, smart insulin pens, and smart insulin pumps/closed-loop systems, and smart insulin patches are used for glucose monitoring and insulin delivery.
Market Growth Drivers:
Major factors for diabetes include stress, sedentary lifestyles, unhealthy diets, and obesity. Aging-related physiological changes are also a significant contributor to the risk of diabetes. The prevalence of Canadians living with diagnosed diabetes went by an average of 5% every year from 2000 to 2020. Aging-related physiological changes are also a significant contributor to the risk of diabetes. Therefore, the growing geriatric population, coupled with increasing population exposure to key risk factors, is expected to drive the demand for digital diabetes management solutions across major markets.