The Canada Human Insulin market size stood at around USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of 4.83% during the forecast period.
Eleven million, or one in three, Canadians have diabetes or prediabetes. By 2026, this number is expected to be 14 million. The risks and complications with diabetes are severe, making proper maintenance extremely important. However, rising costs have Canadians concerned. The monthly cost of insulin alone can exceed $840. Canadians pay approximately $35+ per vial of insulin & people with type 1 diabetes typically require 2 or 3 vials of insulin monthly, and for those who are more resistant to insulin, such as those with type 2 diabetes, 6 or more vials may be required. People with Type 2 diabetes who have some coverage report annual spend between $2,529-$2,868. For people with Type 1 diabetes, these costs can range between $531-$5,264. Canadians without any coverage report spending up to $15,000 annually in out-of-pocket costs.
The increasing prevalence of chronic diseases like diabetes in Canada and obesity are leading drivers for the demand for human insulin in Canada. The genetic factors and sedentary lifestyle along with the geriatric population share of the Canadian market are fuelling the demand for the human insulin market in Canada.