Canada Digital Health Market Analysis Report 2022 to 2030

Canada Digital Health Market Analysis

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Canada's digital market size was valued at $16.88 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030 and will reach $66.07 Bn in 2030. The rising popularity of remote patient monitoring services will drive Canada home healthcare market expansion. The market is segmented by solution, deployment, and end user. the key market players are MEDITECH, Oracle Cerner Corporation, Epic Systems Corporation, and others.

ID: IN10CADH005 CATEGORY: Digital Health GEOGRAPHY: Canada AUTHOR: Chandani Patel

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Canada Digital Health Market Executive Summary

Canada's digital market size was valued at $16.88 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030 and will reach $66.07 Bn in 2030. The largest nation in the western hemisphere and one of the largest nations overall is Canada. Small owner-managed enterprises up to large international corporations operate in its thriving free-market economy. The production and export of natural resources exports, such as minerals, oil and gas, and forest products, as well as the export of agricultural staples, most notably grain, served as the foundations of Canada's economy in the past.

Total health expenditure in Canada is estimated to reach $331 Bn by 2022, or $8,563 per person. This follows a rise in spending, particularly in 2020, brought on by the COVID-19 pandemic. The federal, provincial, and territorial governments invested $770 per person in COVID-19 prevention in 2020. The amount budgeted for the pandemic response is expected to decrease to $376 per person in 2022. The overall amount spent on healthcare is anticipated to rise by 0.8% in 2022 after seeing substantial growth of 13.2% in 2020 and 7.6% in 2021. Before the pandemic, from 2015 to 2019, the average annual increase rate for health expenditure was 4%. It is expected that overall health spending in Canada would make up 12.2% of GDP, down from a 2017 peak of 13.8%.

Digital healthcare is crafting globally as a result of IT technology development and the emergence of remote patient monitoring (RPM) solutions. RPM has developed into a useful tool for enhancing clinical assessment and decision-making while lowering the likelihood of hospitalization. With the prevalence of cancer, diabetes, and cardiovascular diseases increasing, RPM service use is also expected to rise. Moreover, with the aging population, more of them are choosing independent, healthy lifestyles, which will probably increase the adoption of RPM solutions.

Digital health is a broad, multidisciplinary concept including from intersection between technology and healthcare. Digital health applies a digital transformation to the healthcare field, incorporating software, hardware, and services. Under its umbrella, digital health includes mobile health (mHealth) apps, electronic health records (EHRs), electronic medical records (EMRs), wearable devices, telehealth, and telemedicine, as well as personalized medicine.

Canada Digital Health Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The increasing popularity of remote patient monitoring services will drive market expansion. Moreover, opportunities in the digital health market as well as future trends are growing as a result of factors like rising smartphone adoption, improved internet connectivity, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and increasing accessibility of virtual care.

Market Growth Restraints

Concerns related to ensuring regulatory compliance are expected to restrict the digital health market growth during the forecast period.

Competitive Landscape

Key Players

The prominent players operating in this market include:

MEDITECH
Oracle Cerner Corporation
Epic Systems Corporation
Mckesson Corporation
apple inc
Allscripts Technologies LP
AT&T

Healthcare Policies and Regulatory Landscape

Health Canada established a new Digital Health Review Division within the Medical Device Bureau to facilitate a pre-market review of digital health technologies and to adapt to the ever-changing technologies in digital health. The utilization of digital health technologies in the current health care system allows for more accessible, convenient, and cost-effective delivery of health care as well as more timely diagnoses and treatments for patients at home, at health care facilities, and in rural and remote areas. Digital health technologies can utilize platforms such as computers and smartphones to incorporate stand-alone software applications, integrated hardware, and software systems. Health Canada, as the federal regulator, is supporting the application of digital health technologies to ensure the growing demands are met and only safe and effective products are being approved for the people of Canada.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Canada Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

Software
Services

By Deployment (Revenue, USD Billion):

Cloud-based
On-premises

By End-use (Revenue, USD Billion):

Diagnostic Centres
Healthcare Payers
Healthcare Research Centres
Hospitals & Clinics
Nursing Care Centres
Others

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.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

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:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

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:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

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:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

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.