Medical Instrument & Supply Manufacturing in Canada
The Medical Instrument and Supply Manufacturing ndustry's broad range of medically necessary products largely shields revenue from sharp fluctuations based on changes in specific downstream demand environments. However, pressure from imports is an omnipresent threat that has encouraged domestic operators to embrace product innovation over standardized manufacturing. Several large demographic and economic factors catalyze demand for industry products. Canadians aged 65 and older spend nearly five times as much per capita on healthcare than all younger demographics combined, according to the Canadian Institute for Health Information. Therefore, growth in this demographic benefits industry revenue. The Canadian population aged 65 and older is expected to grow at a faster pace than the total population over the 10 years to 2023, boosting the overall demand for healthcare services and, in turn, medical instruments and supplies. The aging Canadian population, rising healthcare expenditure and resources dedicated to research and development are expected to bolster industry revenue over the next five years, restricted somewhat by the anticipated appreciation of the Canadian dollar and the associated boost in import penetration as a result.
Operators in this industry primarily research, develop and produce nonelectronic medical, surgical, dental and veterinary instruments and apparatus, such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers. The industry does not manufacture electromedical and electrotherapeutic apparatus, laboratory instruments, X-ray apparatus, nonmedical thermometers or ophthalmic goods (such as contact lenses and eyeglasses).
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.