BMI Industry View : Canada has a sophisticated and well established medical device market which ranks ninth in the world in terms of value. The market is e xpected to grow at a CAGR of 4.0% over the 2014-2019 period. This steady growth should see the balance of trade deficit widen owing to Canada's reliance upon imports.
Headline Industry Forecasts
In 2014, the Canadian medical device was estimated at USD6,719.6mn, equal to per capita spending of USD189. This represents 3.5% of total health expenditure. Exchange rate fluctuations are giving a mixed picture of market performance, with growth measured in local currency in 2013 and 2014 and projected growth in 2015, contrasting with declines in US dollar terms.
Canadian medical device imports have exhibited a y-o-y fall for six successive quarters. Import performance is somewhat mitigated by the backdrop of a 6.8% depreciation in the Canadian dollar (CAD) against the US dollar during 2014 and an anticipated 14.5% decline in 2015. We believe that the declining value of the CAD and the fall in oil revenues will suppress market values throughout 2015.
Canadian medical device exports have experienced y-o-y declines over each of the past four quarters, against the backdrop of a depreciation in the CAD against the US dollar. While this makes Canadian goods more attractive and potentially increase volume, it will nevertheless suppress US dollar values. Exports are expected to continue outperforming imports, although Canada's balance of trade deficit in medical devices is expected to remain over CAD3.5bn.
There are around 1,000 manufacturers of medical devices in Canada, employing approximately 26,000 people at 1,100 facilities across the country. The larger companies, although small in number, employ around 43% of the workforce. The majority of the industry is concentrated in Southern Ontario and Quebec and to a lesser extent British Colombia. In 2012, according to data from Statistics Canada, domestic...
The Canada Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Canada provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Canada Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Canada, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Canada.
- Target Business Opportunities in the Canada Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Canada.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.