Canada's Medical Market
The key product and services segmentation of the industry are cardiovascular and respiratory devices which make up 22.3% of the market, followed by surgical devices (19.4%), medical and industrial diagnostic devices (18.1%), spinal devices (11.7%), and diabetes monitoring devices (6.3%). Similarly to the U.S., Manufacturers and distributors of medical devices produce revenue in Canada by selling these devices to hospitals, clinics, primary care physicians, and pharmacies.
Best Prospects
Canada’s medical devices industry is highly diversified, and most firms are small and medium-sized enterprises (SMEs). The primary activities include research and development of medical, diagnostic, and therapeutic apparatuses, as well as the manufacturing and regulation of these devices. The market is valued at approximately USD$6.5 billion and is expected to grow by 2.1% per year until 2026.
Summary
