Market Insights Health Medical Technology

Medical Devices - Canada

Canada

The projected revenue for the Medical Devices market market in Canada is expected to reach US$11.02bn by 2024.
Among the markets, Cardiology_Devices is projected to be the largest, with a market volume of US$1.56bn in the same year.
The market is expected to grow at an annual growth rate of 6.36% (CAGR 2024-2028), resulting in a market volume of US$14.10bn by 2028.
In comparison to other countries, the United States is projected to generate the highest revenue of US$182.00bn in 2024.
Canada's medical device market is experiencing significant growth due to increasing demand for advanced healthcare technologies.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

The Medical Devices market in Canada is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Canada are influenced by several factors. Firstly, there is a growing demand for technologically advanced and innovative medical devices that offer improved patient outcomes and convenience. Consumers are increasingly seeking devices that are easy to use, portable, and provide accurate and real-time health monitoring. Additionally, there is a rising preference for personalized healthcare solutions, driving the demand for wearable devices and remote monitoring systems. Trends in the market further contribute to the growth of the Medical Devices market in Canada. One key trend is the increasing adoption of digital health technologies, such as telemedicine and electronic health records. These technologies enable healthcare professionals to remotely monitor and diagnose patients, improving access to healthcare services and reducing healthcare costs. Another trend is the focus on preventive healthcare, with a shift towards early detection and intervention. This has led to the development of innovative medical devices for screening and diagnosis, such as imaging systems and diagnostic tests. Local special circumstances also play a role in the development of the Medical Devices market in Canada. The country has a well-established healthcare system that provides universal access to healthcare services. This, coupled with a growing aging population, has led to an increased demand for medical devices that cater to the needs of elderly patients. Additionally, the Canadian government has implemented policies and regulations to promote the use of innovative medical technologies, creating a favorable environment for market growth. Underlying macroeconomic factors contribute to the overall development of the Medical Devices market in Canada. The country has a stable economy and a high level of healthcare expenditure, providing a strong foundation for market growth. Furthermore, Canada has a strong research and development sector, fostering innovation and technological advancements in the medical devices industry. The presence of leading medical device manufacturers and a skilled workforce also contribute to the growth of the market. In conclusion, the Medical Devices market in Canada is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for technologically advanced and innovative medical devices, along with the adoption of digital health technologies and a focus on preventive healthcare, are driving the market. The country's well-established healthcare system, aging population, favorable government policies, and strong economy further contribute to the growth of the market.

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.