Medical Device Manufacturing in Canada
The five years to 2019 have been a mixed bag for the Medical Device Manufacturing industry in Canada. Despite the indispensable nature of medical devices, recent rises in total health expenditure and the depreciating Canadian dollar were a boon for manufacturers, many of whom depend on export markets. Still, many large industry operators closed underperforming plants, and some international companies have avoided entering the Canadian medical devices market due to regulatory scrutiny. Driven by cost containment and reduction practices across the sector, healthcare providers have sought competitive pricing in recent years to cut costs and manage budgets. As a result, many health agencies have joined group purchasing organizations that have the power to negotiate prices with medical device manufacturers and other providers of goods and services. Given its financial stability and abundant resources, Canada has the potential to grow into a hub for medical device innovation. Canada is home to some of the world's most recognized scientific research institutions and numerous skilled researchers.
This industry primarily comprises manufacturers of electromedical and electrotherapeutic apparatus, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs and electromedical endoscopic equipment. The industry also manufactures environmental controls and regulators, signal testing apparatus, drafting instruments, industrial process control instruments and surveying and geophysical instruments.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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