Canada telemedicine
market is anticipated to witness impressive growth during the forecast period. This can be ascribed to the rising use of smartphones
and the various upcoming mobile platforms. Also, the rising healthcare
expenditure, technological innovations, rising demand for remote patient
monitoring, and the growing burden of chronic diseases is anticipated to drive
the growth of the Canada telemedicine market during the forecast period. Rising
level of government support and cost benefits of tele-health solutions will
influence the growth of Canada telemedicine market during the forecast period. Similarly,
major players are focusing on research and development to develop innovative
digital diagnostic techniques which will further propel the growth of Canada telemedicine
market over the years.
Increasing
demand for remote healthcare services
The increasing
demand for remote healthcare services is a significant driver of the growth of
the Canada telemedicine market. As the population in Canada ages and chronic
disease continue to rise, there is a growing need for remote healthcare
services, especially for those living in rural and remote areas where access to
healthcare facilities can be limited. Telemedicine offers a convenient and
efficient way for healthcare providers to offer virtual consultations, remote
monitoring, and digital diagnosis to patients, regardless of their location. Telemedicine
allows healthcare providers to remotely monitor patients' health conditions,
reducing the need for in-person visits and hospitalization. Patients can
receive medical care without the need to travel long distances or wait for
appointments, making healthcare services more accessible and convenient. The
COVID-19 pandemic has further accelerated the demand for remote healthcare
services in Canada. With physical distancing measures and restrictions on
in-person healthcare services, many healthcare providers have turned to
telemedicine to provide remote healthcare services to their patients. This has
led to increased awareness and acceptance of telemedicine among healthcare
providers and patients.
Advancement in
technology
Advancements in
technology are a significant driver of the growth of the Canada telemedicine market.
With the evolution of technology, telemedicine has become more accessible,
affordable, and user-friendly, making it easier for healthcare providers to
adopt this technology. The development of mobile health applications has made
it possible for patients to receive medical advice and treatment through their
smartphones. Mobile health applications allow patients to access healthcare
services from anywhere at any time, making healthcare more convenient and
accessible.
Wearable
devices such as smartwatches and fitness trackers can monitor patients' health
conditions and transmit data to healthcare providers in real-time. It allows
healthcare providers to remotely monitor patients' health conditions and
intervene if necessary, improving the efficiency of healthcare delivery. Remote
monitoring devices such as blood glucose monitors and blood pressure monitors
can provide patients with real-time data on their health conditions. Healthcare
providers can use this data to make informed decisions about patients'
treatment plans, reducing the need for in-person consultations. Artificial
intelligence(AI) technology is being used to develop predictive analytics tools
that can help healthcare providers make more accurate diagnosis and treatment
decisions. AI can analyze patient data and provide healthcare providers with
insights into patients' health conditions, improving the quality of care.
Impact of covid
19 pandemic
The COVID-19
pandemic has had a significant impact on the growth of the Canada telemedicine
market. With physical distancing measures and restrictions on in-person
healthcare services, telemedicine has become an essential tool for healthcare providers
to provide remote healthcare services to their patients. The pandemic
accelerated the adoption of telemedicine, creating a significant opportunity
for the Canada Telemedicine market to grow. The pandemic has highlighted the
need for telemedicine services, especially for those living in remote and
underserved areas where access to healthcare facilities can be limited.
Telemedicine has made it possible for healthcare providers to provide medical
care to patients regardless of their location, improving access to healthcare
services.
The pandemic
has led to increased awareness and acceptance of telemedicine among healthcare
providers and patients. Healthcare providers had to adapt to new ways of
delivering healthcare services, and telemedicine has emerged as a viable option
for providing remote healthcare services. Patients have become more comfortable
with using telemedicine services, realizing the convenience and benefits of
receiving healthcare services from the comfort of their homes. The pandemic has
led to changes in government policies and regulations to promote the adoption
of telemedicine. The government has provided funding to support the adoption of
telemedicine, and regulatory barriers to telemedicine have been reduced to
facilitate its adoption.
Government
support
Government
support is a significant driver of the growth of the Canada telemedicine market.
The government plays a crucial role in promoting the adoption of telemedicine
by providing funding, creating policies, and removing regulatory barriers to
telemedicine adoption. The government has provided funding to support the
adoption of telemedicine by healthcare providers. For instance, the Canadian
government has provided funding to support the deployment of telemedicine
technologies in rural and remote areas, enabling patients to access healthcare
services remotely. The government has created policies to promote the adoption
of telemedicine. For instance, in 2020, the government of Canada announced new
policies to expand virtual care services in response to the COVID-19 pandemic.
The policies include expanding the list of virtual care services that are
covered under the public healthcare system and reducing regulatory barriers to
telemedicine adoption. The government has worked to remove regulatory barriers
to telemedicine adoption. For instance, the College of Physicians and Surgeons
of Ontario has reduced regulatory barriers to telemedicine adoption, allowing
healthcare providers to use telemedicine technologies to deliver medical care
to their patients.
Cost savings
Cost savings
are a significant driver for the growth of the Canada telemedicine market.
Telemedicine offers significant cost savings compared to traditional in-person
healthcare services. Telemedicine eliminates the need for patients to travel to
healthcare facilities, reducing transportation costs. It reduces the need for
healthcare providers to invest in expensive medical equipment, infrastructure,
and facilities. Telemedicine improves the efficiency of healthcare delivery,
reducing the amount of time healthcare providers spend on administrative tasks
such as scheduling appointments and managing paperwork. This improves the
productivity of healthcare providers, allowing them to see more patients and generate
more revenue. Telemedicine reduces the need for hospital admissions and
emergency room visits, which are typically more expensive than regular medical
appointments. By providing remote medical consultations and monitoring,
telemedicine can help prevent medical complications and hospital admissions,
reducing healthcare costs. Telemedicine can help improve patient outcomes,
reducing the need for additional medical interventions and hospital admissions,
which can lead to cost savings.
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Recent
Development
- Virtual
Care Task Force: In 2020, the Canadian Medical Association (CMA) and the
Joule™ innovation program launched the Virtual Care Task Force to provide
guidance and support for healthcare providers on the implementation of
virtual care. The task force aims to accelerate the adoption of virtual
care and help healthcare providers optimize its use.
- Ontario
Telemedicine Network: In 2020, the Ontario Telemedicine Network (OTN)
launched the Virtual Care Community Hub, a platform that provides
healthcare providers with access to virtual care resources, training, and
support. The platform aims to support the delivery of virtual care
services in Ontario and improve access to healthcare services for
patients.
- In
2020, the Canadian government expanded the coverage of telemedicine
services under the public healthcare system to support the delivery of
virtual care services during the COVID-19 pandemic. The expansion of
coverage includes virtual care services provided by physicians, nurse
practitioners, and other healthcare professionals.
- Several
partnerships and collaborations have been formed in Canada to promote the
adoption of telemedicine. For instance, in 2020, TELUS Health announced a
partnership with Babylon, a UK-based telemedicine provider, to launch a
virtual care platform for Canadians.
- Tia
Health: Tia Health is a virtual care platform launched in 2018 that offers
medical consultations, prescription refills, and laboratory testing
services. The platform can provide access to mental health counselling and
nutrition consultations.
- CloudMD:
CloudMD is a telemedicine platform launched in 2018 that provides virtual
care services to patients across Canada. The platform offers virtual
appointments with Canadian licensed physicians, as well as a range of
specialized services, including mental health counseling and dermatology
consultations.
- Akira:
Akira is a telemedicine platform launched in 2019 that offers medical
consultations with Canadian licensed physicians, prescription refills, and
laboratory testing services. The platform provides access to mental health
counseling and nutrition consultations.
- Medimap:
Medimap is a telemedicine platform launched in 2019 that allows patients
to access real-time wait times for medical clinics across Canada. The
platform provides virtual appointment booking services and information on
the services offered by medical clinics.
Market
Segmentation
Canada Telemedicine
Market can be segmented by component, deployment mode, type, application, end
user, and region. Based on component, Canada telemedicine market can be divided
into services & software and hardware. Based on
deployment mode, Canada telemedicine market can be divided into cloud and
on-premises. Based on type, Canada telemedicine market can be segmented into tele-hospitals,
mhealth, and tele-homes. Based on application, Canada telemedicine market can
be segmented into tele-psychiatry, general consultations, tele-radiology,
tele-pathology, and others. Based on end user, Canada telemedicine market can
be segmented into patients, provider, and payers. Regionally, Canada telemedicine
market can be categorized into Ontario, Quebec, Alberta, British Columbia, Saskatchewan
and Manitoba, and rest of Canada.
Market Players
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. are some of the leading players operating
in the Canada Telemedicine Market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated
Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative
Units
|
Revenue
in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
·
Component
·
Deployment Mode
·
Type
·
Application
·
End User
·
Region
|
|
Regional scope
|
Ontario
region; Quebec region; Alberta region; British Columbia region; Saskatchewan
and Manitoba region; Rest of Canada
|
|
Key
companies profiled
|
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.
|
|
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 Telemedicine market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- Canada Telemedicine Market, By Component:
o Services & Software
o Hardware
- Canada Telemedicine Market, By Deployment
Mode:
o Cloud
o On-Premises
- Canada Telemedicine Market, By Type:
o Tele-Hospitals
o mHealth
o Tele-Homes
- Canada Telemedicine Market, By Application:
o
Tele-Psychiatry
o
General Consultations
o
Tele-Radiology
o
Tele-Pathology
o
Others
- Canada Telemedicine Market, By End
User:
o Patients
o Provider
o Payers
- Canada Telemedicine 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 Canada Telemedicine 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 Telemedicine
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]