Market Size of Canada Hospital Supplies Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.60 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Canada Hospital Supplies Market Analysis
The Canada Hospital Supplies Market is expected to grow at a CAGR of 6.6% over the forecast period (2022-2027).
The COVID-19 pandemic created havoc in the Canadian healthcare system and impacted the study market. Since only emergency cases were allowed for treatment and diagnosis, the market growth for hospital supplies decreased during the initial phase of the pandemic. However, during the latter phase of the pandemic, the increasing cases of chronic diseases in Canada demanded hospital admissions. This is anticipated to have a positive impact on the studied market. For instance, in May 2021, Canada became the first country to support COVID-19 therapeutics via a new United Nations International Children's Emergency Fund (UNICEF) fund, and low-and middle-income countries benefited from Canadian contributions in support of global equitable access to lifesaving COVID-19 medical supplies. With such initiatives by the government during the COVID-19 pandemic, the demand for hospital supplies has also increased. Therefore, the pandemic is expected to significantly impact the studied market growth.
Factors such as the increase in the geriatric population, in-patient admissions, and technological advancements in hospital supplies are fuelling market growth.
Cancer, heart disease, diabetes, and stroke are among the most common chronic diseases in Canada, creating favorable opportunities for the studied market in the country and driving market growth over the analysis period. As per data updated by the government of Canada in July 2021, overall, 6.3 million people aged 65 or more were estimated to be living with chronic conditions in 2021 in Canada. In addition, diabetes is one of the chronic illnesses that affects Canadians of all ages. In a press release published in August 2021, the government of Canada stated that more than 3 million Canadians, or 8.8% of the population, have been diagnosed with diabetes and that 6.1% of Canadian adults are at high risk of developing diabetes. Thus, the burden of diabetes in the country is expected to drive the demand for patient examinations, which is expected to increase the demand for patient examination devices or other monitoring devices, thereby driving market growth. Thus, the incidence of chronic diseases is increasing the treatment and patient care in Canada in healthcare settings. This is expected to increase demand for various hospital supplies, driving the market's growth.
Furthermore, the strategic activities of regional and global players in the form of product launches, acquisitions, mergers, and expansions are expanding the hospital supplies market in Canada. For instance, in December 2021, Hyperfine, Inc., developer of the first Food and Drug Administration (FDA)-cleared portable magnetic resonance imaging (MRI) device, Swoop, received a license from Health Canada for Swoop as well as the commercial launch of the imaging system in Canada. The license for Swoop includes the recently FDA-cleared advanced reconstruction software using deep learning. With this license, the Swoop system is now commercially available in Canada. Such developments are predicted to contribute to the studied market growth.
Therefore, owing to the factors mentioned above, the market under study is anticipated to grow over the forecast period.
Canada Hospital Supplies Industry Segmentation
As per the scope of the report, hospital supplies include every medical utility product that serves both the patient and medical professional with hospital infrastructure and enhances the network and transportation between hospitals. These include hospital equipment, patient aid, mobility equipment, and sterilization disposable hospital supplies. The Canada Hospital Supplies Market is segmented by Type of Product (Patient Examination Devices, Operating Room Equipment, Mobility Aids and Transportation Equipment, Sterilization and Disinfectant Equipment, Disposable Hospital Supplies, and Syringes and Needles). The report offers the value (in USD million) for the above segments.
By Type of Product | |
Patient Examination Devices | |
Operating Room Equipment | |
Mobility Aids and Transportation Equipment | |
Sterilization and Disinfectant Equipment | |
Disposable Hospital Supplies | |
Syringes and Needles | |
Other Types of Products |
Canada Hospital Supplies Market Size Summary
The Canada Hospital Supplies Market is poised for significant growth, driven by several key factors. The COVID-19 pandemic initially hindered market expansion due to a focus on emergency care, but later phases saw an increase in chronic disease cases, which boosted hospital admissions and, consequently, the demand for hospital supplies. Government initiatives, such as Canada's support for global equitable access to COVID-19 medical supplies, further stimulated market growth. The rising geriatric population, technological advancements, and the prevalence of chronic diseases like cancer, heart disease, and diabetes are also contributing to the market's expansion. These factors are expected to enhance the demand for patient examination and monitoring devices, thereby driving the market forward.
The market is characterized by strategic activities from both regional and global players, including product launches, acquisitions, and expansions, which are further propelling growth. The demand for sterilization and disinfection supplies has surged, particularly due to the increased focus on preventing healthcare-associated infections and the impact of COVID-19. Innovations such as the FDA-cleared portable MRI device and new disinfectant products underscore the dynamic nature of the market. Leading vendors like Cardinal Health Inc., 3M Healthcare, and Boston Scientific are key players, with ongoing efforts to maintain market position through new product developments. Overall, the Canada Hospital Supplies Market is expected to experience robust growth over the forecast period, driven by these multifaceted factors.
Canada Hospital Supplies Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Geriatric Population and In-patient Admissions in Hospitals
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1.2.2 Technological Advancements in Hospital Supplies
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1.3 Market Restraints
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1.3.1 Growing Popularity of Home Care Services
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type of Product
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2.1.1 Patient Examination Devices
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2.1.2 Operating Room Equipment
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2.1.3 Mobility Aids and Transportation Equipment
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2.1.4 Sterilization and Disinfectant Equipment
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2.1.5 Disposable Hospital Supplies
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2.1.6 Syringes and Needles
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2.1.7 Other Types of Products
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Canada Hospital Supplies Market Size FAQs
What is the current Canada Hospital Supplies Market size?
The Canada Hospital Supplies Market is projected to register a CAGR of 6.60% during the forecast period (2024-2029)
Who are the key players in Canada Hospital Supplies Market?
Boston Scientific Corporation, GE Healthcare, 3M, Baxter and McKesson Corporation are the major companies operating in the Canada Hospital Supplies Market.