Canada Cardiovascular Devices Market to be Dominated by Diagnostic and Monitoring Devices through 2028
The increasing burden of cardiovascular diseases is expected to drive
the growth of Canada Cardiovascular Devices market in the forecast period
2024-2028.
According to TechSci Research report, “Canada Cardiovascular Devices Market
- By Region, Competition, Forecast, and Opportunities, 2028F”, the Canada cardiovascular
devices market is anticipated to grow at an impressive rate in the forecast
period 2024-2028. This can be ascribed to the rising rate of sedentary
lifestyle adoption, majorly due to work from home culture and unhealthy routine
habits across the region. Additionally, growing cases of hypertension, smoking,
and rising consumption of alcohol will potentially escalate the growth in
coming years. Besides, growing geriatric population and growing demand for the usage
of technology advancements such as wearable smart devices equipped with heart
monitoring capabilities, rising healthcare expenditure, and trending home
healthcare are further expected to support the market growth. Similarly,
growing investments by the government in cardiac rhythm management device will
further drive the growth of Canada cardiovascular devices market during the
forecast period. Also, increasing number of patients being managed with
cardiology devices will further propel the growth of Canada cardiovascular
devices market over the years. Additionally, integration of the latest
technologies like AI in the cardiovascular devices is demanding the growth of Canada
cardiovascular devices market over the years. Rising investments by the top
market players in the development and clinical trials of advanced
cardiovascular devices is propelling the growth of Canada cardiovascular
devices market during the forecast period. However, cardiovascular
devices are often expensive, making them difficult for some patients to afford.
This aspect can create affordability issues, thereby, slowing down the growth
of Canada cardiovascular devices market in the forecast period. Similarly, the Canadian
government has strict regulations around the approval and use of medical
devices, including cardiovascular devices, which may hamper the Canada cardiovascular
devices market growth during the forecast period.
While awareness on the importance of cardiovascular
health is growing in Canada, there are still many patients who are not aware of
the risks and symptoms of cardiovascular disease. This factor can further
restrict the growth of Canada cardiovascular devices market.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on "Canada Cardiovascular Devices Market.”
The Canada cardiovascular devices market can be segmented by device
type, application, end user and by region.
Based on device type, the Canada cardiovascular devices market can be divided
into diagnostic and monitoring devices v/s surgical devices. The diagnostic and
monitoring devices segment dominated the market in 2022 and is expected to
continue maintaining its dominance throughout the forecast period. This can be
ascribed to increasing high prevalence of cardiovascular diseases (CVD) in
Canada wherein long-term ECG monitoring is necessary. With the introduction of
wireless ECG, doctors can monitor and diagnose the patient remotely, on time, across
the region.
Based on end user, the market can be segmented into Hospitals,
Diagnostic Centers, and Others. The cardiovascular segment is expected to
dominate during the forecast period on account of the rising awareness related
to the commercially available products, growing penetration of advanced
surgical products, and increasing rate of geriatric population. Also, growing
healthcare expenditure and favorable initiatives by government bodies are
expected to create lucrative growth during the forecast period.
Major companies operating in Canada Cardiovascular Devices market are:
- Abbott Canada
- Cardinal Health Canada Inc.
- GE Healthcare Canada Inc.
- W L Gore & Associates Canada Inc.
- Medtronic of Canada Ltd.
- Biotronik Canada Inc.
- Siemens Healthcare Limited.
- Canon Medical Systems Canada Ltd.
- B. Braun of Canada.
- LivaNova PLC.
In December 2022, CardioComm Solutions Inc., a Canada-based company,
confirmed a technology integration agreement with Utah-based CareXM LLC. Under
the agreement, CareXM integrated ECG monitoring capabilities through the
TouchPointCare telemedicine platform.
In November 2022, Abbott received Health Canada's approval for Aveir VR
leadless pacemaker. The Aveir VR leadless pacemaker is implanted directly
inside the heart’s right ventricle via a minimally invasive procedure to treat
slower-than-normal heart rates.
In December 2020, Philips acquired BioTelemetry, Inc. and integrated
patient monitoring services of Philips with cardiac diagnostics and monitoring
services of the BioTelemetry in hospitals.
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“The Canada is expected to dominate in the Canada Cardiovascular Devices
market on account due to the increasing adoption of the new generation of
portable and compact ECGs and necessitating long-term ECG monitoring across the
region. Furthermore, with the increasing introduction of wireless ECG, doctors
can remotely monitor and diagnose the patient on time, which is a factor further
contributing to the demand for Cardiovascular Devices market. Besides, with increasing
development of novel products and technologies to compete with existing
products, while others acquire and partner with other companies trending in the
market, the region is further expected to create lucrative opportunities for
the market growth” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Canada Cardiovascular Devices Market By Device Type (Diagnostic and
Monitoring Devices v/s Surgical Devices), By Application (Coronary Artery
Disease, Cardiac Arrhythmia, Heart Failure, Others), By End User (Hospitals,
Diagnostic Centers, Others) and By Region and Competition. Forecast &
Opportunities, 2018-2028F”, has evaluated the future
growth potential of Canada cardiovascular devices market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada cardiovascular devices market.
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