Medical Technology - Canada

Canada

Canada's Medical Technology market market is forecasted to achieve a revenue of US$12.98bn by 2024.
Among the markets, Medical Devices holds the largest share, with an anticipated market volume of US$11.02bn in the same year.
The sector is expected to display a compound annual growth rate (CAGR 2024-2028) of 5.86%, leading to a market volume of US$16.30bn by 2028.
In comparison to other countries, the United States is projected to generate the highest revenue of US$215.80bn in 2024.
Canada's medical technology market is experiencing a surge in demand for innovative healthcare solutions due to its aging population and commitment to advancing healthcare infrastructure.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Canada is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Canada are increasingly seeking advanced medical technologies that can improve patient outcomes and enhance the efficiency of healthcare delivery. This includes a growing demand for innovative devices and equipment that can diagnose and treat a wide range of medical conditions. Additionally, there is a strong preference for technologies that are user-friendly, cost-effective, and have a positive impact on the overall healthcare system.

Trends in the market: One of the major trends in the Medical Technology market in Canada is the increasing adoption of digital health solutions. This includes the use of telemedicine, remote patient monitoring, and electronic health records. These technologies enable healthcare providers to deliver care to patients in remote areas, improve communication between healthcare professionals, and enhance the overall quality of care. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as it has highlighted the importance of remote healthcare delivery and the need for efficient data management. Another trend in the market is the growing focus on personalized medicine. Advances in genomics and molecular diagnostics have made it possible to tailor medical treatments to individual patients based on their genetic makeup. This has led to the development of targeted therapies and precision medicine approaches, which have the potential to revolutionize healthcare and improve patient outcomes. The increasing availability of genetic testing and personalized medicine options in Canada is driving the demand for related medical technologies.

Local special circumstances: Canada has a publicly funded healthcare system, which provides universal access to medical services. This creates a unique market environment for medical technology companies, as they need to navigate the complex regulatory landscape and demonstrate the value of their products to government agencies and healthcare providers. The Canadian market also has a strong focus on cost-effectiveness and value-based healthcare, which influences the adoption and reimbursement of medical technologies.

Underlying macroeconomic factors: The growth of the Medical Technology market in Canada is supported by several macroeconomic factors. Canada has a strong healthcare infrastructure and a well-educated workforce, which provides a conducive environment for the development and adoption of medical technologies. The country also has a high healthcare expenditure per capita, indicating a willingness to invest in advanced healthcare solutions. Additionally, the aging population in Canada is driving the demand for medical technologies, as older adults require more healthcare services and treatments. In conclusion, the Medical Technology market in Canada is experiencing growth and development due to customer preferences for advanced and user-friendly technologies, the adoption of digital health solutions, the focus on personalized medicine, the unique market environment shaped by the publicly funded healthcare system, and the underlying macroeconomic factors such as the healthcare infrastructure, healthcare expenditure, and aging population. These factors create opportunities for medical technology companies to innovate and provide solutions that improve patient outcomes and enhance the efficiency of healthcare delivery in Canada.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.