Canada Cardiac Monitoring Devices Market Analysis

Canada Cardiac Monitoring Device Market Executive Summary

Canada's cardiac monitoring device market size is at around $2.31 Bn in 2022 and is projected to reach $3.34 Bn in 2030, exhibiting a CAGR of 4.7% during the forecast period 2022-2030. Total health spending in Canada is projected to reach $308 Bn in 2021 or $8,019 per citizen. According to estimates, Canadian GDP will be 12.7% accounted for by health spending (GDP). In Canada's hybrid public-private healthcare system, the public sector finances healthcare services while the private sector actually delivers them. There isn't currently a national procurement model in place. Although each province has its own rules, they can vary between regions or service providers. All around Canada, provincial governments are developing or investigating new methods for purchasing health care, including centralized ones.

As per the 2018 data from the Canadian Chronic Disease Surveillance System (CCDSS), about 1 in 12 or 2.6 million Canadian adults age 20+ life with diagnosed heart disease and every hour 14 Canadian adults age 20+ with diagnosed heart disease die. The death rate is 2.9 times higher among adults age 20+ with diagnosed heart disease, 4.6 times higher among adults age 20+ who had a heart attack versus those without, and 6.3x higher among adults age 40+ with diagnosed heart failure versus those without respectively. Ontario has the largest number of heart disease patients followed by Quebec and British Columbia.

Market Dynamics

Market Growth Drivers

Heart failure, arrhythmia, and other cardiovascular disorders are growing more prevalent in Canada as a result of the country's ageing population, unhealthy lifestyles, and sedentary jobs. Due to their importance in the diagnosis and monitoring of various illnesses, this has led to an increase in the demand for cardiac monitoring equipment. The market for cardiac monitoring devices is also pushed by technological breakthroughs, which have resulted in the creation of brand-new, cutting-edge products that are more precise, dependable, and user-friendly. For instance, the creation of wireless and remote monitoring tools has significantly increased patient comfort and made frequent and ongoing monitoring possible. Home-based heart status monitoring is becoming more popular since it enables more frequent and practical patient monitoring while minimising the need for hospital visits. This pattern has increased the demand for portable, user-friendly monitoring equipment that patients can use at home. The Canadian government has put in place a number of programmes to enhance healthcare outcomes and accessibility, including the use of digital health solutions and infrastructure investments. These activities have helped to establish an environment that is conducive to the expansion of the Canadian market for cardiac monitoring devices.

Market Restraints

The cost of cardiac monitoring equipment varies, and some patients might not be able to afford it. This could reduce the market's overall size, especially among people with low incomes who are more likely to develop cardiovascular illnesses. Restricted access to healthcare infrastructure can be found in Canada's remote and rural locations, which may have an impact on the availability and use of cardiac monitoring equipment. Qualified healthcare workers who are trained in the interpretation of the gathered data are necessary for the efficient usage of cardiac monitoring devices. The adoption and use of these technologies could be constrained by a lack of qualified personnel. The use of cardiac monitoring equipment necessitates the gathering and storage of private medical information, which may cause patients privacy issues. In particular, if patients lack confidence that their data will be handled safely and anonymously, this could impede patient acceptance and uptake of these devices.

Competitive Landscape

Key Players

• Medtronic
• Abbott
• Koninklijke Philips
• Boston Scientific Corporation
• GE Healthcare
• Hill-Rom Holdings
• Schiller

Healthcare Policies and Regulatory Landscape

The national agency that oversees and assesses the security, efficiency, and calibre of diagnostic and therapeutic medical devices in Canada is the Medical Devices Directorate (MDD). MDD guarantees the quality, safety, and efficacy of medical devices sold in Canada. This is accomplished by a combination of pre-market evaluation, post-approval surveillance, and manufacturing process quality systems. A medical device establishment licence (MDEL) permits the following to sell medical devices in Canada: manufacturers of Class I devices who do not sell their devices through a licenced importer or distributor and importers and distributors (of any class of device). Health Canada is able to identify businesses that are selling or producing medical devices because of establishment licencing. Additionally, establishments must confirm to us that they have complied with all post-market regulatory requirements.

Notable Deals

The purchase of Mortara Instrument by Hill-Rom Holdings in 2017 was one of the most major merger and acquisition transactions in the Canadian cardiac monitoring equipment sector. With the acquisition of Mortara Instrument, a top supplier of diagnostic cardiology and patient monitoring systems, Hill-Rom was able to diversify its product offering in this market.

The 2019 purchase of CardioComm Solutions by Norwood Ventures is another noteworthy transaction. Norwood Ventures was able to increase its footprint in the digital health industry through the acquisition of CardioComm Solutions, a provider of ECG management tools and software.