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.

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