Canada Medical Device Market

Canada Medical Device Market is predicted to grow at faster CAGR during the forecast period due to the rising chronic diseases and aging population.

Introduction of the Canada Medical Device Market Report

A medical device is an instrument, equipment, machine, or tool used to diagnose, mitigate, treat, or cure diseases or other conditions. Health devices are indispensable to advance health coverage, address health emergencies, and promote healthier populations. A medical device can be an instrument for in vitro use, software, or material intended by the producer to be used, alone or in combination for a medical purpose.

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Market Dynamic

Key Drivers and Emerging Trends

The Canadian medical device market factors include the rising chronic diseases and aging population. The rising price of existing products, the substitute of the new and more expensive products, and the use of medical supplies per patient are increasing, contributing to the growth of the medical device market. Moreover, the country is leaning towards technologies, emerging medical devices such as robotic surgery, mobile health, wearables that will influence the growth of Canada medical device market.

In addition, the healthcare industry is experiencing demand due to the increase in advanced chronic diseases and the aging population. The increasing more per-patient use of medical supplies continues to contribute to the industry’s growth. Technological advancements such as robotic surgery, surgical simulation, mobile health, and wearables are expected to propel the market growth for Canada’s medical device.

Restraint in the Canada Medical Device Market

However, the high cost of medical devices and additional expenses on the maintenance, training of professionals will restrict the market for medical devices in the Canadian market.

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Type – Segment Analysis

Based on the type, the diabetes care segment is expected to grow at the highest rate in the Canada medical device market during the forecast period. According to the Canadian Diabetes Association, diabetes is predicted to rise 5 million or 12.1% of the population by 2025, a 44% increase from 2015 to 2025. Companies are introducing different product offering in this segment to tackle the diabetic population in the country. Fror instance, Tandem Diabetes Care announced the approval from Health Canada of t: slim X2 insulin pump with Basal-IQ predictive low glucose suspend technology. It helps to reduce the frequency and duration of low-glucose events.

End-User – Segment Analysis

Based on the end-user, the hospital segment is projected to be the fastest growing market share over the Canada medical device market over the forecast period. The major focus of Health Canada under the “Regulatory Review of Drugs and Devices” initiative includes wireless medical devices, mobile medical apps, telemedicine, software as a medical device (SaMD), artificial intelligence, cybersecurity, and medical device interoperability. Manufacturers of medical devices such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemaker, hearing aids, electrocardiographs, drafting instruments, and others are propelling the growth for hospitals in Canada.

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Key Developments:

• • In 2021, Medtronic launched the Mazor X system in Canada for robotic-guided spine surgery. It offers real-time image guidance, visualization by interactive 3D planning and information system to deliver workflow predictability and flexibility.
  • In 2021, Abbott receives Health Canada authorization under interim order to expand the use of the FreeStyle Libre System for diabetes patients and pregnant women in the hospitals. It helps healthcare workers to monitor glucose status.

Segments covered in the Report:

The Canada medical device market has been segmented on the basis of type and end-user. Based on type, the market is segmented into Orthopaedic Devices, Cardiovascular devices, Diagnostic Imaging, Wound Management, Diabetes Care, Dental Devices, General Surgery, and Others. Based on End-User, the market is segmented into Hospital, Clinics, and Others.

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Key questions answered in this research report:

• • At what pace is Canada medical device market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Canada medical device market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What is the various end-user of Canada medical device market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Canada Medical Device Market by Type

• • Orthopaedic Devices
  • Cardiovascular devices
  • Diagnostic Imaging
  • Wound Management
  • Diabetes Care
  • Dental Devices
  • General Surgery
  • Others

Canada Medical Device Market by End-User

• • Hospital
  • Clinics
  • Others