Canada Telemedicine Market Analysis

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  • Type: Service area
  • Published : April 2021
  • Region: North America
  • Country: Canada
  • Report ID : 3053

  • Format: PPT, PDF

Canada Telemedicine Market: Segmented by Service (Tele-Monitoring, Tele-Consulting, Tele-Care, Tele-Education/training, Tele-Surgery), by Application (Tele-Cardiology, General Medicines, Tele-Radiology, Tele-Pathology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), and by End-Users (Tele-Hospitals, Tele-Homes)- Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

Canada’s Telemedicine market size stood at around USD XX.X billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of XX% during the forecast period.

Integrating healthcare with advanced technologies like IoT, and data analytics has increased the growth opportunities of the telemedicine market in Canada. Also, the emergence of home care devices and social platforms has improved communication between consumers and professionals for transferring information and physiological data, home care devices can track the health status of patients and will regularly update the data to professionals leading to rising demand for these devices. Besides, improved use of technology in healthcare conveyance and a lack of physicians in rural areas are foreseen to offer a new prospect for most of the telemedicine market.

 

Driving Factors

High incidences of chronic diseases, rising healthcare costs, technological innovations, an increase in the aging population, and rising awareness regarding remote patient monitoring are the major driving factors for the Canadian Telemedicine Market. According to the Canadian Attitudes on Healthcare and Telemedicine Report, 70% of Canadians believe virtual care represents the future. The research was sponsored by Canadian virtual healthcare leader Dialogue. In Canada, 46% say it would take more than 4 days to see a healthcare professional for a minor health concern and 22% say it would take more than a week. With the advent of advanced technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), virtual hospitals, and telehealth apps, the adoption of telemedicine is increasing rapidly.

1. Canada Telemedicine Market Overview…………………………………………………….
A. Market Size
2. Market Driving and Factors…………………..…………………………….………….
a. High incidences of chronic diseases
b. Rising healthcare costs
c. Technological innovations
d. Increase in aging population
e. Rising awareness regarding remote patient monitoring
3. Telemedicine use by Disease….………………………………….…………………….
A. Diabetes
B. Oncology
C. Chronic Disease
D. Mental Health
4. Telemedicine Therapeutics Market Segmentation…………………………………
A. By Service
a. Tele-Monitoring
b. Tele-Consulting
c. Tele-Care
d. Tele-Education/training
e. Tele-Surgery
B. By Application
a. Tele-Cardiology
b. General Medicines
c. Tele-Radiology
d. Tele-Pathology
e. Tele-Dermatology
f. Tele-Neurology
g. Emergency Care
h. Home Health
C. By End-Users
a. Tele-Hospitals
b. Tele-Homes
5. Major Products Market Share…………………………………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………………………………………..
A. Cerner Corporation Company overview, Product & Services, Strategies & Financials
B. GE healthcare Company overview, Product & Services, Strategies & Financials
C. Medtronic Company overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape……………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth…………………………………………………………
A. New Trends and Development of Dermatology drug market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Service:

Based on the type of service this market is segmented into Tele-Monitoring, Tele-Consulting, Tele-Care, Tele-Education/training, Tele-Surgery. Tele-consulting accounted for a higher share owing to patient preference and demand for better healthcare expertise which boosts the growth of the segment. On the other hand, tele-education/training is expected to witness a high CAGR in the forecast period owing to continual education programs in rural areas by enabling them with access to visuals, lectures, electronic libraries which propels the growth of the segment.

By Application:

Based on the Application market is segmented into Tele-Cardiology, General Medicines, Tele-Radiology, Tele-Pathology, Tele-Dermatology, Tele-Neurology, Emergency Care, and Home Health. Among these, the attraction was highest for General medicines in the Telemedicine market, is followed by psychotherapy.

By End-Users:

Tele-Hospitals, Tele-Homes, and others are the segmentations based on the end user. The telehospital segment dominating the market with the majority of the share, the high growth can be attributed to its broader access to the overall population in the region. Telehospitals are helping to enhance efficacy in resource-limited healthcare facilities. Thus, the expansion and increasing accessibility of tell hospitals will boost the segment growth.

Major Players

Companies are undertaking various strategies such as mergers & acquisitions, new product launches, and geographic expansions to strengthen their market share. Some of the Major Players in Canada’s Telemedicine Market are Cerner Corporation, GE Healthcare, Honeywell Life Care Solutions, McKesson Corporation, Ergotron., Medtronic, Inc, InstaMD, The Medvivo Group, Philips Healthcare.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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