Canada remote patient monitoring device market is anticipated to
witness impressive growth during the forecast period. This can be ascribed to the rising
population in the country which is likely to contract various chronic diseases
such as cancer, cardiovascular diseases, diabetes, hypertension, respiratory
changes, and other diseases due to lifestyle changes as well as environmental
changes. This is expected to increase the adoption of monitoring devices to
regularly monitor their condition and status, thereby propelling the growth of the Canada remote patient
monitoring device market. Additionally, the rise in company activities in
developing advanced patient monitoring devices is influencing the growth of the
Canada remote patient monitoring device market. Increase in the number of
geriatric population and rise in disposable income are expected to increase the
demand for remote patient monitoring devices in Canada, which, in turn, will fuel
the growth of the market through 2028. For instance, as per the July 2021
update by the Government of Canada, 6.3 million Canadians aged 65 or more were
living with chronic conditions in 2021. Furthermore, advancements in
technology in the healthcare sector and rise in the adoption of newly developed
remote patient monitoring device installations are further expected to increase
the demand for remote patient monitoring devices, which, in turn, will support
the growth of the market during the forecast period.
Growing Aging Population
The aging population is one of the key
drivers of Canada remote patient
monitoring market. As the Canadian population ages, the prevalence of chronic
conditions such as heart disease, diabetes, and chronic obstructive pulmonary
disease (COPD) is increasing. These conditions often require ongoing
monitoring, which can be time-consuming and costly for healthcare providers. Remote patient monitoring
technology allows healthcare providers to remotely monitor patients with
chronic conditions, reducing the need for in-person visits and
hospitalizations. This can save time and money for both healthcare providers
and patients, while also improving the quality of care. Furthermore, the aging population is
contributing to a shortage of healthcare professionals, particularly in rural
and remote areas. Remote patient monitoring technology can help address this
shortage by allowing healthcare providers to remotely monitor patients,
reducing the need for in-person visits and allowing healthcare professionals to
care for more patients. In
addition, as the aging population grows, there is an increasing demand for
healthcare services. remote patient monitoring technology can help meet this
demand by allowing healthcare providers to provide more efficient and effective
care to a larger number of patients.
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Shortage of Healthcare Professionals
The shortage of healthcare professionals
in Canada is one of the key factors driving the growth of the Canada remote patient monitoring device market.
In Canada, the shortage of healthcare professionals is particularly acute in
rural and remote areas, where it can be difficult to attract and retain
healthcare workers. This can lead to limited access to healthcare services and
longer wait times for appointments. Remote
patient monitoring technology can help
address this shortage by allowing healthcare professionals to remotely monitor
patients. This reduces the need for in-person visits, which can be
time-consuming and costly. With
remote patient monitoring technology, healthcare providers can monitor multiple
patients simultaneously, reducing the need for individual appointments and
allowing providers to care for more patients in less time. The shortage of healthcare
professionals is expected to worsen in the coming years due to factors such as growing
aged population and increasing demand for healthcare services. This is likely
to drive the growth of the remote patient monitoring device market as
healthcare providers seek to find innovative solutions to address the shortage
of healthcare workers.
Technological Advancements
Technological advancements have played a
significant role in the growth of the Canada remote patient monitoring device
market. As new technologies have emerged, they have enabled healthcare
providers to monitor patients remotely, improving the quality of care and
reducing the cost of healthcare. Advancements
in wireless and mobile technology have been particularly important for the
growth of the Canada remote patient monitoring device market. Wireless and
mobile technologies have made it possible for healthcare providers to remotely
monitor patients in real-time, using a variety of devices such as smartphones,
tablets, and wearables. These devices can transmit data on a patient's vital
signs, medication adherence, and other health metrics to healthcare providers,
who can then use this data to make informed decisions about patient care. In addition, the increase in
the demand for cloud computing and big data analytics has a significant impact
on the Canada remote patient monitoring device market. These technologies allow
healthcare providers to store and analyze large amounts of patient data, making
it easier to identify trends and patterns in patient health. This can help
healthcare providers to intervene earlier, before a patient's condition
worsens, and can also help healthcare providers to develop more personalized
treatment plans.
Impact of the COVID-19 pandemic
The COVID-19 pandemic has significantly
impacted the Canada remote patient monitoring device market, which has
increased the demand for remote healthcare solutions. The pandemic has caused
healthcare providers to re-evaluate the way they deliver care, with many
turning to telehealth and remote patient monitoring technologies to reduce the
risk of infection and ensure that patients can continue to receive care even
during periods of lockdown and physical distancing. One of the main ways in which the
pandemic has influenced the growth of the Canada remote patient monitoring
device market is by accelerating the adoption of remote healthcare
technologies. With many patients unable or unwilling to attend in-person
appointments due to the risk of infection, healthcare providers have turned to remote
patient monitoring technologies to remotely monitor patients and deliver care.
This has led to a surge in the demand for remote patient monitoring devices
such as wearable sensors and remote monitoring software, which can allow
healthcare providers to monitor patients' vital signs, track their symptoms,
and communicate with them remotely. In
addition, the pandemic has highlighted the need for remote patient monitoring technologies
to support patients with chronic conditions who may be at higher risk of severe
illness from COVID-19. Remote patient monitoring devices can enable healthcare
providers to monitor these patients more closely, allowing for earlier
intervention if their condition deteriorates.
Government Support
Government support has played a
significant role in driving the growth of the Canada remote patient monitoring
device market. The Canadian government has recognized the potential of remote
patient monitoring technologies to improve healthcare delivery, reduce costs,
and improve patient outcomes, and has taken steps to support the adoption of
these technologies. One
of the keyways in which government support has influenced the growth of the
Canada remote patient monitoring device market is through funding and
incentives. The government has provided funding for research and development of
remote patient monitoring technologies, as well as incentives for healthcare
providers to adopt these technologies. For example, the government has provided
funding for pilot projects to test the effectiveness of remote patient
monitoring technologies in delivering care to patients and has offered financial
incentives to healthcare providers who adopt remote patient monitoring technologies
as part of their practice. In
addition, the government has also played a role in developing standards and
regulations for remote patient monitoring technologies, ensuring that they meet
safety and quality standards. This has helped to build trust in remote patient
monitoring technologies among healthcare providers and patients, encouraging
greater adoption of these technologies. The government has also supported the
development of digital infrastructure, such as broadband internet and mobile
networks, which are necessary for the effective use of remote patient
monitoring technologies. This has helped to ensure that patients in even the
most remote and underserved areas of Canada have access to remote patient
monitoring technologies and can receive high-quality care.
Recent Development
- BioIntelliSense: In 2020,
BioIntelliSense launched its BioSticker, a single-use wearable sensor designed
to monitor patients' vital signs, activity levels, and other health data. The
BioSticker can be worn for up to 30 days and can transmit real-time data to
healthcare providers through a secure cloud-based platform.
- Philips Healthcare: In 2019,
Philips Healthcare launched its IntelliVue Guardian Solution, an remote patient
monitoring platform that uses predictive analytics to identify patients at risk
of deterioration and alert healthcare providers in real-time. The platform uses
a combination of wearable sensors, bedside monitors, and predictive algorithms
to continuously monitor patients' vital signs and identify early warning signs
of potential health problems.
- Medtronic: In 2018, Medtronic
launched its Guardian Connect continuous glucose monitoring (CGM) system in
Canada. The Guardian Connect system uses a wearable sensor to continuously
monitor patients' glucose levels and transmit real-time data to a mobile app.
The system also includes personalized alerts and insights to help patients
manage their diabetes more effectively.
Market
Segmentation
The Canada remote
patient monitoring device market can be segmented
by product, application, end user, and region. Based on product, the Canada remote
patient monitoring device market can be divided into special
monitors v/s vital sign monitors. Based on application, the Canada remote
patient monitoring device market can be segmented into diabetes, hypertension,
cardiovascular diseases, weight management & fitness monitoring, and others.
Based on end user, the Canada remote patient monitoring device market can be
segmented into hospital-based patients, ambulatory patients, and home
healthcare.
Market Players
Medtronic of Canada Ltd, Abbott Canada., Omron Canada
Inc, GE Healthcare Canada Inc, Cerner Canada ULC., Siemens Healthcare
Diagnostics Ltd/Canada., Philips Canada Ltd , and Welch Allyn Canada Ltd are some of the leading players operating in the Canada
remote patient monitoring device market.
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Attribute
|
Details
|
|
Base
Year
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2022
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|
Historic
Data
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2018 – 2021
|
|
Estimated
Year
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2023
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|
Forecast
Period
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2024 – 2028
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|
Quantitative
Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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|
Report
Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
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By Product
By
Application
By End User
By Region
|
|
Regional
scope
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Ontario
region; Quebec region; Alberta region; British Columbia region; Saskatchewan
and Manitoba region; and Rest of Canada
|
|
Key
companies profiled
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Medtronic of Canada Ltd, Abbott Canada., Omron Canada Inc, GE
Healthcare Canada Inc, Cerner Canada ULC., Siemens Healthcare Diagnostics
Ltd/Canada., Philips Canada Ltd, and Welch Allyn Canada Ltd
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|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report Scope:
In this report, the Canada remote
patient monitoring device market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
Canada Remote Patient Monitoring Device Market, By Product:
o Special Monitors
o Vital Sign Monitors
Canada Remote Patient Monitoring Device Market, By Application:
o Diabetes
o Hypertension
o Cardiovascular Diseases
o Weight Management & Fitness Monitoring
o Others
Canada Remote Patient Monitoring Device Market, By End User:
o Hospital Based Patients
o Ambulatory Patients
o Home Healthcare
Canada Remote Patient Monitoring Device Market, By Region:
o Ontario region
o Quebec region
o Alberta region
o British Columbia region
o Saskatchewan and Manitoba region
o Rest of Canada
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Canada remote patient monitoring
device market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Canada remote patient monitoring device market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]