Canada Telemedicine Market to be Dominated by Services & Software Through 2028
The growing demand for
expanding healthcare access is expected to drive the growth of Canada telemedicine
market in the forecast period, 2024-2028.
According to
TechSci Research report, “Canada Telemedicine Market - By Region,
Competition, Forecast and Opportunities, 2028”, Canada telemedicine market
is anticipated to grow at an impressive rate in the forecast period, 2024-2028.
This can be ascribed to the growing need to reduce the cost of care,
consolidation across the industry, and other strategic initiatives by key
companies across the region. Similarly, rising adoption of telemedicine, rising
consumer demand & patient acceptance, and enhanced quality of care is one
of the major factors propelling the growth of Canada Telemedicine Market over
the years. Additionally, increased flow of investments, mergers &
acquisitions, and entry of new and large-scale companies will escalate the
growth of Canada telemedicine market in the coming years. Besides, rising
uptake of on-demand medical consultations, usage of mHealth and virtual video
visits, and service offerings by key market players can be expected to support
the Canada telemedicine market growth.
However, telemedicine involves the transmission and storage of
sensitive patient information, which can be vulnerable to security breaches.
There are concerns about data privacy and the potential for unauthorized access
to patient information which can lead to a lack of competition and higher
prices for consumers. Similarly, the telemedicine services are subject to
regulations that vary across provinces and territories in Canada which may
hamper the Canada telemedicine market growth during the forecast period. Also, telemedicine
relies on technology, and the availability and reliability of internet
connectivity can impact the quality of telemedicine services which can further
restrict the growth of Canada telemedicine market.
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Canada Telemedicine
market can be segmented by component, deployment mode, type, application, end
user and by region.
Based on component,
Canada telemedicine market can be divided into services & software and
hardware. The services & software segment dominated Canada telemedicine market
in 2022, and is expected to continue maintaining its dominance throughout the
forecast period. This can be ascribed to high adoption of medical peripheral
devices, microphones, display screens, videoconferencing devices, and audio
equipment to facilitate virtual visits. Similarly, the expanding field of
remote patient monitoring is one of the major factors influencing the growth of
Canada telemedicine market during the forecast period.
Based on end users,
Canada telemedicine market can be segmented into patients, provider, and payers.
The patient’s segment is expected to dominate Canada telemedicine market during
the forecast period as patients seek telemedicine services for various purposes
starting from mild or moderate health issues to emergencies and enhanced
quality of healthcare services. Also, ehealth solution offers great convenience
to healthcare professionals, in terms of patient scheduling and data management
and are expected to propel the growth of Canada telemedicine market over the
years.
Major companies operating in Canada Telemedicine
market are:
·
LifeWatch Technologies Inc
·
Honeywell Ltd Canada.
·
Hoffmann-La Roche Ltd
·
Cisco Systems Canada Co
·
McKesson Corp.
·
AMD Telemedicine Inc.
·
Teladoc Health Inc.
·
MDLIVE Inc
·
Medtronic of Canada Ltd.
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“Canada telemedicine
is expected to dominate the market during the forecast period on account of the
rising digitalization across healthcare, advanced facilities, and the adoption
of telemedicine solutions within the region. Also, increasing internet usage,
and rapid demand for healthcare assistance will further propel the growth of
Canada telemedicine market during the forecast period. Furthermore, product
upgrades, regional expansions, portfolio diversification, and mergers &
acquisition is a major factor influencing the growth of the Canada telemedicine
market over the years. Besides, intense competition, many startups is seeking
opportunities in this sector as well as large-scale, established companies are
entering the market to increase their portfolio to create a lucrative growth of
the Canada telemedicine market during the forecast period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Canada
Telemedicine Market – By Component (Services & Software, Hardware),
By Deployment Mode (Cloud, On-Premises), By Type (Tele-Hospitals, mHealth,
Tele-Homes), By Application (Tele-Psychiatry, General Consultations,
Tele-Radiology, Tele-Pathology, Others), By End User (Patients, Provider,
Payers), By Region, Competition, Forecast and
Opportunities, 2028F”, has evaluated the future growth potential of Canada
telemedicine 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 telemedicine market.
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