Digital Health - Canada

Canada

The Digital Health market in Canada is expected to achieve a revenue of US$3.45bn by the year 2024.
This projection indicates an annual growth rate (CAGR 2024-2028) of 7.05%, resulting in a market volume of US$4.53bn by 2028.
The average revenue per user (ARPU) is estimated to be US$114.20.
In terms of global comparison, in China is anticipated to generate the highest revenue of US$53,070.00m in 2024.
Within the Canadian market, the Digital Treatment & Care segment is expected to dominate with a total revenue value of US$1.62bn in 2024.
Canada's digital health market is experiencing a surge in telehealth services, facilitating remote consultations and improving access to healthcare in rural areas.

Key regions: United States, China, Japan, Asia, Europe

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Analyst Opinion

The Digital Health market in Canada is experiencing significant growth and evolution, driven by various factors influencing consumer behavior and healthcare trends in the country.

Customer preferences: Consumers in Canada are increasingly seeking convenient and accessible healthcare solutions, leading to a rise in demand for digital health services. The preference for remote access to healthcare professionals, digital fitness platforms, and online consultations is on the rise as individuals prioritize convenience and efficiency in managing their health and well-being.

Trends in the market: One prominent trend in the Canadian Digital Health market is the growing popularity of digital fitness and well-being platforms. With the increasing focus on personal health and fitness, Canadians are turning to digital solutions such as fitness apps, virtual workout classes, and wearable devices to stay active and monitor their progress. This trend is reflective of a global shift towards proactive health management and preventive care. Another key trend in the Canadian Digital Health market is the expansion of online doctor consultation services. Virtual healthcare visits have become more widely accepted and utilized, especially in remote or underserved areas where access to in-person healthcare services may be limited. The convenience of consulting with healthcare providers from the comfort of one's home is driving the adoption of online doctor consultations across the country. Moreover, digital treatment and care solutions are gaining traction in Canada, with patients increasingly relying on telemedicine, remote monitoring devices, and digital therapeutics for managing chronic conditions and receiving ongoing care. This trend is reshaping the traditional healthcare delivery model and empowering patients to take a more active role in their treatment plans.

Local special circumstances: Canada's vast geography and dispersed population present unique challenges and opportunities for the Digital Health market. The country's telehealth initiatives aim to bridge the gap in healthcare access for remote communities and improve health outcomes for all Canadians. The regulatory environment in Canada also plays a crucial role in shaping the digital health landscape, ensuring the safety, privacy, and effectiveness of digital health solutions.

Underlying macroeconomic factors: The increasing healthcare costs, aging population, and technological advancements in Canada are driving the growth of the Digital Health market. As the healthcare system grapples with capacity constraints and rising demand for services, digital health innovations offer scalable and cost-effective solutions to improve healthcare delivery and outcomes. The government's investments in digital health infrastructure and initiatives further support the expansion of digital health services across the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.