Canada Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canada Cardiovascular Devices Market is expected to register a CAGR of 3.8% during the forecast period.

The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected the cardiovascular medical devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. As per the study published in February 2022, titled "Deliver Cardiac Virtual Care: A Primer for Cardiovascular Professionals in Canada", Canadian cardiovascular practitioners had virtual care thrust upon them by the distancing required by the COVID-19 pandemic. Initially, the tools available at hand for virtual care were adapted to try and deliver services while minimizing their shortcomings compared with in-person care. Moreover, Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results.

However, several drivers are expected to boost the market over the forecast period. The major factors driving the growth of the market in Canada are the increasing burden of cardiovascular diseases and the increased adoption of minimally invasive procedures. Cardiovascular diseases are found to be the most prevalent across the country. As per the data published in February 2022 by the Heart and Stroke Foundation Canada, in Canada, 750,000 people are living with heart failure and 100,000 people are diagnosed with this incurable condition each year. As per the same source, according to a new Heart & Stroke poll heart failure touches one in three Canadians, either because they have it themselves or because it affects a family member or close friend.

Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in November 2021, Toronto-based Myant partnered with the PACE Cardiology Clinic, headquartered in Newmarket, Ontario, to bring a remote patient monitoring virtual clinic to Canadians living with chronic cardiovascular disease.

However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.

Key Market TrendsElectrocardiogram (ECG) is Expected to Dominate the Diagnostic And Monitoring Segment Over the Forecast Period

An electrocardiogram (ECG) records the electrical signals from the heart. It is a common and painless test used to detect heart problems and monitor the heart's health.

Currently, there are portable and compact electrocardiogram (ECG) is driving its greater adoption, especially in the home healthcare segment. Moreover, a high prevalence of cardiovascular diseases (CVD) in Canada wherein long-term ECG monitoring is necessary and with the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely on time, which further fuels the market growth.

There has been an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary. Moreover, with the introduction of wireless ECG, doctors can monitor and diagnose patients remotely on time, which further fuels the market. For instance, in April 2022, Samsung Canada encouraged users to reach their wellness goals with advanced health monitoring tools, made available in Canada through the Samsung Health Monitor app which included electrocardiogram (ECG) features.

Among the new technologies in cardiac devices, wearable smart devices equipped with heart-monitoring capabilities, such as bands, watches, and rings, have become the norm for many people in Canada. In February 2021, Fitbit Sense received an ECG feature in Canada that can assess heart rhythm for things like atrial fibrillation (AFib). With the rapid pace of technological advancements in cardiac monitoring, the market segment is expected to see a surge over the forecast period.

Thus, owing to the above factors the segment is expected to show growth in the near future.

Competitive Landscape

The Canada cardiovascular devices market is consolidated competitive. The major players have established themselves in specific segments of the market. Some of the players who are currently dominating the market are Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Cardinal Health Inc., Biotronik, and Siemens Healthineers AG.

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