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

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

Canada Ultrasound Devices Market was valued at USD 343.92 million in 2021 and is projected to register a CAGR of 6.2% during the forecast period (2022-2027).

The COVID-19 outbreak has impacted adversely on Canada's economy. According to statistics provided by the Organization for Economic Cooperation and Development (OECD), the percentage of gross domestic product by volume in 2020 was -5.40, down from 1.86 in 2019. The study published in the National Library of Medicine 2020, titled “Point-of-care-ultrasound (POCUS) in Canadian hospitals during the COVID-19 pandemic: a cross-sectional survey” during the COVID-19 pandemic, the project highlighted the use of POCUS in Canadian hospitals. The three most useful applications of POCUS in the clinical assessment and/or management of potential or suspected COVID-19 patients (chosen by respondents). POCUS was used in the emergency department (61%), perioperatively (25%), in the ICU (24%), on the ward (9%), and in other locations by those who used it during the COVID-19 pandemic (7%) Thus, during the covid-19 the ultrasound used is increased in the management of the Covid-19.

Other factors driving the market growth includes presence of advanced healthcare infrastructure coupled with the increasing health expenditure of the country is further improving the disease diagnostics and treatment function in the country. Moreover, with the new technological innovations and developments, the launch of new products by the key companies in the country will further augment the growth of the market in the country. For instance, in June 2021, Butterfly Network received Canada's approval for its second-generation iQ+. Butterfly Network touts the iQ+ features what the company describes as the world’s only Ultrasound-on-Chip technology, boasting hardware and software advances to improve usability and care delivery.

According to Globocan 2020, Canada had 274,364 new cancer cases in 2020 and this number is expected to increase to 400,564 cancer cases by 2040. This expected increase in cancer cases will drive the use of ultrasound devices in the country as ultrasound imaging is used to detect various types of cancer. Thus, the studied market is expected to grow significantly during the forecast period.

Key Market TrendsRadiology is Expected to Witness Healthy Growth in Coming Years

Radiology is a branch of medicine that uses imaging technology to diagnose and treat disease. Radiology may be divided into two different areas, diagnostic radiology, and interventional radiology. Doctors who specialize in radiology are called radiologists.

Ultrasound and x-ray professionals play an important role in the medical industry, assisting in the diagnosis and treatment of injuries and diseases by producing and interpreting diagnostic images such as diagnosing cancer and neurological disorders. The major factors propelling the growth of the segment are the increasing burden of neurological and cancer disorders and the implementation of strategic initiatives by the market players.

For instance, as per the GLOBOCAN 2020, the number of cancer cases identified in Canada in 2020 was around 274,000. The high number indicates the rsing demand for ultrasound imaging in Canada is expected to increase, thereby contributing to the market growth.

In addition, several market players are engaged in the implementation of strategic initiatives, thereby fueling market growth. For instance, in December 2021, Medo, Medical Imaging Consultants (MIC), and Western Canada's leading radiology partnership entered into a partnership aimed at revolutionizing diagnostic imaging. Medo is a technology startup and world leader in using artificial intelligence (AI) to drastically simplify ultrasound in healthcare. Thus, the strategic move will enhance the development of innovative ultrasound for radiology, thereby contributing to the market growth in Canada.

Competitive Landscape

The market is concentrated with a few large players. Public and private companies are found investing in R&D to advance their technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. The updated technological portable devices are praised globally, and the companies have a wide presence across the developed and emerging markets. Some of the major companies investing in ultrasound devices are Philips, Siemens, Canon, Fujifilm, etc.

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