Market Trends of Canada Cardiovascular Devices Industry
This section covers the major market trends shaping the Canada Cardiovascular Devices Market according to our research experts:
Electrocardiogram (ECG) Under Diagnostic and Monitoring Devices Segment is Expected to Record Significant Growth in the Market During the Forecast Period
An electrocardiogram (ECG) records the electrical signals from the heart. It is a common and painless test used to detect heart problems and monitor the heart's health. Portable and compact electrocardiograms (ECGs) are driving the segment's growth due to their rising adoption, especially in home healthcare.
A high prevalence of cardiovascular diseases (CVD) in Canada wherein long-term ECG monitoring is necessary and with the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely on time, further fueling the market's growth. For instance, in April 2022, Samsung Canada encouraged users to reach their wellness goals with advanced health monitoring tools, made available in Canada through the Samsung Health Monitor app, which included electrocardiogram (ECG) features.
Among the new technologies in cardiac devices, wearable smart devices equipped with heart-monitoring capabilities, such as bands, watches, and rings, have become the norm for many people in Canada. For instance, in February 2021, Fitbit Sense received an ECG feature that can assess heart rhythm for atrial fibrillation (AFib). With the rapid pace of technological advancements in cardiac monitoring, the segment is expected to see a surge over the forecast period.
Cardiac Rhythm Management Device Under Therapeutic and Surgical Devices Segment is Expected to Record the Highest CAGR in the Market During the Forecast Period
Cardiac rhythm management is a part of electrophysiology, which is used to manage the functioning of the heart. Cardiac rhythm management devices are small battery-powered devices that are placed inside the body and connected to the heart. There are two common types of cardiac rhythm management devices, pacemakers, and implantable cardioverter defibrillators. The factors influencing the segment's growth include the rising burden of cardiac rhythm disorders and the rising elderly population in the country.
For instance, as per the Census of Population by Statistics Canada report published in April 2022, there were over 861,000 people aged 85 and older in 2021, more than twice the number compared to the past years. As atrial fibrillation is the most common arrhythmia in the elderly over the age of 80 years, the rising elderly population is likely to increase the demand for cardiac rhythm management devices and boost the market through this segment.
New investments by the government in cardiac rhythm management devices help expand the services in the country and boost the market. For instance, in March 2021, the Rankin government invested USD 700,000 to equip all public schools in Nova Scotia, Canada, with automated external defibrillators used to help those in cardiac arrest. Hence, new investments and initiatives by the government are helping expand the cardiac rhythm management services and drive the market through this segment.
