Market Trends of Canada Patient Monitoring Devices Industry
This section covers the major market trends shaping the Canada Patient Care Monitoring Equipment Market according to our research experts:
Respiratory Segment is Expected to Witness Significant Growth Over the Forecast Period
The respiratory segment is expected to witness significant growth over the forecast period owing to factors such as the rising prevalence of respiratory diseases such as asthma, COPD, COVID-19, lung cancer, and others, as well as rising product launches.
The rising burden of chronic diseases is the key factor driving demand for multi-parameter monitoring devices, hence propelling segment growth. For instance, as per the data published by the WHO, as of December 2022, 4,423,053 confirmed cases of COVID-19 were reported in the country. This is expected to increase the need to monitor oxygen levels, which is expected to increase the demand for pulse oximetry to control the condition of hypoxemia, which in turn is anticipated to fuel market growth.
Additionally, as per an article published in PLOS One in August 2021, it has been observed that hospitalization for patients aged 75 years and older has increased over time in Canada. Also, as per the Canadian Statistics 2021 report, in 2021, 13.3% of females and 12.5% of males were estimated to be diagnosed with lung cancer in Canada. Thus, the high burden of COPD and lung cancer among elderly patients is expected to increase the demand for devices that help monitor the oxygen level of the patient, hence boosting segment growth.
Moreover, the rising company activities in adopting various business strategies such as collaboration, partnerships, agreements, and others, as well as government funding, are expected to increase the production of such devices in the country. This is anticipated to increase segment growth. For instance, in August 2022, CardiAI Inc. launched a new 24-hour ambulatory blood pressure monitoring system, BPAro, a compact, portable, self-monitoring blood pressure device that uses Bluetooth for wireless data collection.
Therefore, owing to factors such as the rising burden of respiratory diseases and increasing product launches in the country, the studied segment is expected to grow over the forecast period.
Hemodynamic Monitors Segment is Expected to Have the Significant Market Share Over the Forecast Period
The hemodynamic monitoring devices segment is expected to witness significant market share gains over the forecast period owing to factors such as the increasing number of chronic diseases along with the rising geriatric population and the growing demand for hemodynamic monitors in the country.
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. The main function of these systems is to monitor cardiac activity.
The rising prevalence of cardiovascular diseases among the Canadian population is the key factor driving the demand for hemodynamic monitors, hence fueling segment growth. For instance, as per the data published by CIHI in July 2022, it has been observed that heart disease is the second leading cause of death in the country, and about 2.4 million Canadians will have heart disease in 2022. Also, as per the data published by the Heart and Stroke Foundation of Canada, in February 2022, more than 750,000 people in Canada will be living with heart failure, and 100,000 people will be diagnosed with this 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 segment over the forecast period.
Additionally, the rising introduction of advanced monitoring devices and increasing product launches and approvals in the country are likely to contribute to the market's growth over the forecast period. For instance, in February 2021, Flosonics Medical, a Canadian medical device company focused on non-invasive hemodynamic monitoring, closed a funding round of USD 14 million led by Arboretum Ventures. This funding helps the company develop non-invasive wireless sensors to improve the management of critically ill patients.
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.
