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

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

The Canada Minimally Invasive Surgery Devices Market is expected to register a CAGR of 5.5%, over the forecast period. The major factors for the growth of the Canada minimally-invasive surgery devices market include increasing prevalence of lifestyle-related and chronic disorders, along with rising geriatric population in the country and technological advancements.

The growing burden of chronic diseases along with rising geriatric population in Canada is likely to lead to increased demand for minimally invasive surgery devices. For instance, as per the Heart and Stroke Foundation 2019 report, each year more than 62,000 people get attack with stroke in Canada, and that number is expected to rise. More than 405,000 people in the country live with the effects of stroke. Furthermore, the number of people who die in the hospital within 90 days is 7.6 times higher for people with heart valve disease and heart failure in comparison to heart valve disease alone.

As per Chronic Pain Association of Canada (CPAC) 2019 survey report, estimates that chronic pain patients are experiencing a decline in quality of life and increase in pain. Moreover, between 17-31% of people report chronic pain. 50% percent of hospitalized patients report acute pain of moderate to severe intensity. It is estimated that annual direct medical costs for chronic pain management to be between USD 10,000-14,000 per patient. Thus, increasing chronic conditions is expected to increase demand for minimally invasive surgery devices in near future and drives market growth.

Key Market TrendsGastrointestinal Segment, under Application, is expected to be the Fastest Growing Segment Over the Forecast Period.

The major factors driving the growth of the gastrointestinal segment is due to rising incidence of gastrointestinal diseases in the young, adult, and geriatric groups. Dyspepsia, irritable-bowel syndrome, and constipation are some of the examples of gastrointestinal disorders. Minimally-invasive surgery has gained popularity for benign diseases, and has proved its safety and efficacy over traditional methods, owing to which, it has gained substantial attention in the past several years.

Canada has the highest incidence and prevalence of inflammatory bowel disease (IBD) in the world. For instance, according to a research article by Gilaad G Kaplan et al., published in Journal of the Canadian Association of Gastroenterology 2019, in 2018, there were around 270,000 canadian population with inflammatory bowel disease (IBD) and it is projected to rise to 403,000 Canadians in 2030. In Canda, inflammatory bowel disease affects all age groups with adolescents and young adults at highest risk of diagnosis. Thus, owing to above mentioned factors it is expected to show significant growth over the forecast period.

Competitive Landscape

The Canada Minimally Invasive Surgery Devices Market is consolidated, owing to the presence of a few key players in the market. Some of the market players are Olympus Corporation, CONMED Corporation, Medtronic PLC, Braun Melsungen AG (Aesculap Inc), Stryker Corporation, Abbott Laboratories, Johnson & Johnson, Smith & Nephew Plc, Zimmer Biomet and others.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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