Canada Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canada Diagnostic Imaging Equipment Market is expected to register a CAGR of 7.18% during the forecast period.

The COVID-19 pandemic is expected to have a significant impact on the market. Lockdowns were implemented in various Canadian provinces from March 2020 and non-urgent imaging studies with diagnostic screenings were restricted and even temporarily halted. As a result, screening volumes decreased but healthcare organizations maintained to ensure that safety measures were in place to protect patients and healthcare workers. According to an article published in the Canadian Journal of Cardiology in September 2021, titled "The Impact of the COVID-19 Pandemic on Cardiac Procedure Wait List Mortality in Ontario, Canada," compared to the pre-pandemic period, the number of referrals and procedures completed during the pandemic period was significantly lower. This decrease in the number of referrals greatly reduced the diagnostic scans in the country, having an unfavorable impact on the market studied.

The Canada diagnostic imaging equipment market will show rapid growth due to the rise in the prevalence of chronic diseases, the increasing geriatric population, and the increased adoption of advanced technologies in medical imaging. The burden of chronic diseases is on the rise in Canada, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cancer, cardiovascular diseases, obesity, and diabetes. According to GLOBOCAN data updated in 2020, the estimated number of new cancer cases in Canada was 27,400 in 2020, this number is expected to increase to 40,100 by 2030. The high number of cancer cases indicates the need for reliable and accurate diagnosis methods which include diagnosis with imaging techniques. Therefore, high cancer incidence in the country is believed to act as one of the leading factors in Canada.

Moreover, to grow their presence in the market, companies are continuously engaged in the development of new products. For instance, in December 2021, Hyperfine Inc. announced the Health Canada licensing of Swoop as well as the commercial launch of the imaging system in Canada. Similarly, in April 2022, FUJIFILM Sonosite announced the availability of Sonosite LX, the industry leader’s latest premium point-of-care ultrasound system, in Canada. Additionally, in May 2022, British Columbia Cancer launched a provincewide lung cancer screening program, providing access to eligible high-risk people at 36 sites throughout the province. Such initiatives taken by the government are expected to boost the growth of the market over the forecast period.

However, expensive procedures and equipment are expected to hinder the growth of the market over the forecast period.

Key Market TrendsMRI is Expected to be Largest Growing Segment in the Canada Diagnostic Imaging Equipment Market

MRI systems can diagnose almost all the organs in the body, primarily the head and neck, spine, and coronary arteries.

The major factors attributing to the growth of the MRI system market in Canada are the increasing incidence of orthopedic diseases, dental and cardiovascular surgeries, and cancer, and rising technological advancements coupled with an increasing spectrum of applications of these devices. For instance, as per the Canadian Cancer Statistics report published in 2021, the estimated number of people expected to be diagnosed with cancer in Canada was around 229,200. The high number of cancer cases indicates the need for imaging techniques such as MRIs. Thus, the market segment is expected to see a surge over the forecast period.

Moreover, in January 2022, the Weeneebayko General Hospital, serving patients at James Bay and Hudson’s Bay, has become the first hospital in Canada to implement a portable MRI scanner for a project assessing the technology in a clinical setting. Similarly, in September 2020, amid new research about the potential impact of COVID-19 on the brain, a Toronto medical firm showcased lighter, faster, cheaper MRI technology to make it easier to scan patients. Moreover in October 2021, Subtle Medical announced Health Canada/Santé Canada approval for their suite of AI-powered image enhancement solutions. Subtle's vendor-neutral software, SubtleMR, and SubtlePET are a virtual upgrade to existing MRI and PET machines that boost scanner performance and improves patient comfort during medical imaging exams.

Hence, there is a great opportunity for medical device companies, to establish their facilities in Canada. The market is witnessing an increase in the demand for medical devices due to the rising prevalence of chronic diseases.

Competitive Landscape

The market studied is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop technologically advanced products in order to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share. Some of the major players in the market include Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, FUJIFILM Holdings Corporation, and GE Healthcare.

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• The market estimate (ME) sheet in Excel format
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