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

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

The Canada patient monitoring devices market is expected to register a CAGR of 6.5% over the forecast period (2022-2027).

The emergence of the COVID-19 pandemic affected the world economy and the healthcare system. The lockdown all over the globe has affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. The COVID-19 pandemic continues to transform the growth of various markets, and the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous other markets will continue to remain unscathed and show promising growth opportunities.​ Patient monitoring devices are one such industry that might have a positive impact due to the COVID 19 pandemic owing to the extensive patient pool getting admitted to the hospital due to the infection as it is essential and mandatory to keep track of patient's health and to provide proper effective treatment to the patients at healthcare facilities. In an article titled “Healthcare Professional Perspectives on the Use of Remote Patient-Monitoring Platforms during the COVID-19 Pandemic: A Cross-Sectional Study” published in March 2022, the study done by a group of Canadian researchers indicated that patient monitoring in the nation increased significantly as a result of the COVID-19 pandemic since there was a rising need to alleviate the congestion in the healthcare services. Thus, the studied market grew significantly during the COVID-19 pandemic.

The major factors contributing to the growth of patient monitoring devices in Canada include the rising burden of chronic diseases and the growing preference for home and remote monitoring.

The rising burden of chronic diseases is associated with the rapidly changing lifestyle of Canadian people. According to the GLOBOCAN 2020 report, over 274 thousand new cancer cases were estimated to be reported in Canada in the year 2020. The numbers were projected to rise to 401 thousand by the year 2040. The increasing number of cancer cases in the nation, creating a necessity for the proper monitoring of the affected people is expected to add to the growth of the studied market over the forecast period.

The government of Canada in its article on “Aging and chronic diseases: A profile of Canadian seniors” published in December 2020 indicated that as per the Canadian Chronic Disease Surveillance System estimate, in 2021, the estimated number of people over the age of 65 years living with a chronic disease in Canada was about 6.3 million. Consumption of junk food, along with busy and stressful lives has negatively affected the health of Canadians. Therefore the above-mentioned factors indicate that the country is currently facing a high burden of chronic diseases that include conditions such as obesity, dementia, cancer, etc. These diseases require frequent hospitalization or timely monitoring of the patients. Therefore, as the number of chronic disorders is on the rise, the demand for patient monitoring devices is high and is believed to grow in Canada over the forecast period.

The initiatives by the key market players in the region are also expected to boost the growth of the studied market over the forecast period. For instance, in February 2022, Cloud DX and Medtronic Canada signed their first joint remote patient monitoring contract, which aimed at supporting virtual care delivery at St. Mary's General Hospital, in Ontario, Canada. Such actions promoting the implementation of patent monitoring devices in the nation are expected to significantly add to the growth of the market over the forecast period.

However, the resistance toward the adoption of patient monitoring systems and the high cost of technology are expected to hinder the growth of the patient monitoring devices market in Canada.

Key Market TrendsHemodynamic Monitoring Devices is Expected to Witness a High CAGR Over the Forecast Period

Hemodynamic monitoring devices are the devices required for critically ill patients, for continuous monitoring of their hemodynamic parameters, such as cardiac output and blood pressure (BP). The main function of these systems is to monitor cardiac activity. Therefore with the increasing number of chronic diseases along with the rising geriatric population in the country, the demand for hemodynamic monitors has increased significantly in Canada. Hence, this is likely to fuel the demand for hemodynamic monitoring further, which, in turn, is expected to drive the Canadian patient monitoring devices market.

According to an article on heart failure cases in Canada titled "Heart failure in Canada: complex, incurable and on the rise" published by the Heart and Stroke Foundation of Canada in February 2022, over 750,000 people in the nation are living with heart failure, and over 100,000 people are diagnosed with a heart condition every year. The large number of people affected by cardiac diseases, who require consistent clinical monitoring is expected to propel the growth of the studied market over the forecast period.

Also, the actions of the market payers focusing on hemodynamic monitoring devices are expected to add to the growth of the market in the nation. For instance, in February 2021, Flosonics Medical, a Canadian medical device company focused on non-invasive hemodynamic monitoring, closed funding of USD 14 million. The funding helps in the development of non-invasive wireless sensors to improve the management of critically ill patients.

In February 2022, Philips expands access to hemodynamics at point-of-care for real-time blood flow assessment on its handheld ultrasound device, Lumify. Such actions in the nation are improving product innovations in the hemodynamic monitoring devices segment, which is likely to boost the growth of the studied market over the forecast period.

Thus, owing to the increasing prevalence of heart conditions in the nation, and the rising number of innovative product launches by the key players in the region, the hemodynamic monitoring devices segment is expected to grow significantly over the forecast period.

Competitive Landscape

The Canada patient monitoring devices market is fragmented in nature and is found to have the presence of a large number of small-scale and large-scale home medical device and services providers. Some of the prominent home healthcare devices and service providers in the market are Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation, Philips, and many others.

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