Canada connected healthcare market is likely to grow at a CAGR of 28.4% from a market size of $5.309 Bn in 2022 to $39.221 Bn in 2030. A healthcare management system called connected healthcare uses technology to deliver medical services remotely. The utilization of mHealth tools, mHealth services, and e-prescription are all included. The market is expected to rise as a result of factors like expanding healthcare-related research, improved interoperability, digital data management, and active government backing. This report is segmented by type, function type, application type, and by the end user. Some key players in this market include Allscripts, Cerner, Philips, McKesson, IBM Corporation, and others.
Canada connected healthcare market size is at around $5.309 Bn in 2022 and is projected to reach $39.221 Bn in 2030, exhibiting a CAGR of 28.4% during the forecast period 2022-2030. One of the largest nations in the globe and the largest in the western hemisphere is Canada. With firms ranging from little owner-managed businesses to multinational corporations, it boasts a thriving free-market economy. In the past, the export of agricultural staples, primarily grain, as well as the production and sale of natural resource exports, such as minerals, oil and gas, and forest products, were the foundations of Canada's economy.
The public sector, which supports healthcare services, and the private sector, which provides these services, make up Canada's hybrid public-private healthcare system. There is currently no national procurement model that is uniform. Each province has its own set of regulations, which can vary significantly between regions or service providers. Provincial government agencies are implementing or looking at health care procurement reforms, including centralized approaches. Canada’s healthcare expenditure in 2019 was around 10.84% and the out-of-pocket expenditure as a percentage of current healthcare expenditure is around 14.91%. The majority of Canadians currently report that technology is having a good impact on health care, whether it is by enhancing communication between them and their doctor (68%) or by enhancing their personal experience with healthcare (63%). Also, 77% of Canadians are still concerned about losing their personal touch in healthcare, 75% are worried about having their privacy invaded, and 71% are worried about having access to private healthcare.
Market Growth Drivers
The development of new technologies based on recent discoveries in genetics, behavioral sciences, diagnostics, and clinical medicine can address chronic health issues and numerous lifestyle disorders. A remote patient monitoring system that enables medical practitioners to supervise diabetics outside of a care setting was introduced by Roche in September 2020. The growing use of smartphones and increasing technological advancements in wearable devices and gadgets have been playing an integral role as a market driver in Canada's connected healthcare market.
The usage of smartphones and wearable devices, which delivers a new set of benefits to the market, has expanded as technology has continued to revolutionize patient care and as patients' desire to monitor their own health has grown. Trackers, blood pressure monitors, glucose meters, and other wearable technology are useful for keeping track of activities like calories burned, heart rate, distance walked, etc. By employing these gadgets, patients can assess self-medical indicators, significantly lowering the expenditures associated with routine exams. For instance, Philips' wearable biosensor (Philips Biosensor BX100), which will assist in managing proven and suspected COVID-19 patients in hospitals, was approved by the U.S. Food and Drug Administration (FDA) in May 2020. Likewise, numerous businesses around the world are creating mHealth services.
Market Restraints
High capital costs and technological obstacles to market expansion. Despite the enormous potential of linked healthcare products and services, infrastructure and technological constraints are impeding the market's expansion. The market is severely constrained by the prohibitive costs associated with deploying the requisite devices, systems, and equipment for the real-time measurement of healthcare data. Additionally, many developing nations are lagging in the adoption of these technologies and products due to issues with the availability of high-speed internet with high bandwidth and storage integration and transmission of data, which is further limiting the market growth, despite the rising usage of products like mHealth apps.
Key Players
After the onset of the COVID-19 wave, the government has made early diagnostics and policy recommendations related to the virtual care being offered to patients. Incorporating virtual and physical care into one workflow is a key challenge everywhere, driven in part by reimbursement and regulation. Health Canada is establishing a new division within the Therapeutic Products Directorate’s Medical Devices Bureau to allow for a more targeted pre-market review of digital health technologies, to adapt to rapidly changing technologies in digital health, and to respond to fast innovation cycles.
1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription
By FunctionType (Revenue, USD Billion):
By Application Type (Revenue, USD Billion):
Methodology for Database Creation
Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.
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How Do We Get It?
Our database is created and maintained through a combination of secondary and primary research methodologies.
1. Secondary Research
With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:
With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
Combining Secondary and Primary Research
By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:
Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.
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