Canada Diagnostic Imaging Equipment Market Size (2024 - 2029)

The Canada diagnostic imaging equipment market is poised for significant growth, driven by an increasing prevalence of chronic diseases, a rising geriatric population, and the adoption of advanced medical imaging technologies. Despite the challenges posed by the COVID-19 pandemic, which temporarily reduced screening volumes, the market is expected to expand due to the critical role of imaging in diagnosing chronic conditions such as cancer and cardiovascular diseases. Government initiatives, such as provincewide screening programs, further support market expansion. However, the high cost of procedures and equipment may impede growth.

Market Size of Canada Diagnostic Imaging Equipment Industry

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Canada Diagnostic Imaging Equipment Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.18 %

Major Players

Canada Diagnostic Imaging Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Canada Diagnostic Imaging Equipment Market Analysis

The Canada Diagnostic Imaging Equipment Market is expected to register a CAGR of 7.18% during the forecast period.

The COVID-19 pandemic is expected to have a significant impact on the market. Lockdowns were implemented in various Canadian provinces from March 2020 and non-urgent imaging studies with diagnostic screenings were restricted and even temporarily halted. As a result, screening volumes decreased but healthcare organizations maintained to ensure that safety measures were in place to protect patients and healthcare workers. According to an article published in the Canadian Journal of Cardiology in September 2021, titled "The Impact of the COVID-19 Pandemic on Cardiac Procedure Wait List Mortality in Ontario, Canada," compared to the pre-pandemic period, the number of referrals and procedures completed during the pandemic period was significantly lower. This decrease in the number of referrals greatly reduced the diagnostic scans in the country, having an unfavorable impact on the market studied.

The Canada diagnostic imaging equipment market will show rapid growth due to the rise in the prevalence of chronic diseases, the increasing geriatric population, and the increased adoption of advanced technologies in medical imaging. The burden of chronic diseases is on the rise in Canada, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cancer, cardiovascular diseases, obesity, and diabetes. According to GLOBOCAN data updated in 2020, the estimated number of new cancer cases in Canada was 27,400 in 2020, this number is expected to increase to 40,100 by 2030. The high number of cancer cases indicates the need for reliable and accurate diagnosis methods which include diagnosis with imaging techniques. Therefore, high cancer incidence in the country is believed to act as one of the leading factors in Canada.

Moreover, to grow their presence in the market, companies are continuously engaged in the development of new products. For instance, in December 2021, Hyperfine Inc. announced the Health Canada licensing of Swoop as well as the commercial launch of the imaging system in Canada. Similarly, in April 2022, FUJIFILM Sonosite announced the availability of Sonosite LX, the industry leader's latest premium point-of-care ultrasound system, in Canada. Additionally, in May 2022, British Columbia Cancer launched a provincewide lung cancer screening program, providing access to eligible high-risk people at 36 sites throughout the province. Such initiatives taken by the government are expected to boost the growth of the market over the forecast period.

However, expensive procedures and equipment are expected to hinder the growth of the market over the forecast period.

Canada Diagnostic Imaging Equipment Industry Segmentation

As per the scope of the report, the diagnostic imaging market covers a wide array of medical devices used for diagnostic purposes. It has a vast range of applications in a variety of oncological, orthopedic, gastro-, and gynecological fields. The Canada Diagnostic Imaging Equipment Market is Segmented by Modality (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Fluoroscopy, and Mammography), Application (Cardiology, Oncology, Neurology, Orthopedics, and Other Applications), and End-user (Hospital, Diagnostic Centers, and Others). The report offers the value (in USD million) for the above segments.

By Modality
MRI
Computed Tomography
Ultrasound
X-Ray
Nuclear Imaging
Fluoroscopy
Mamography
By Application
Cardiology
Oncology
Neurology
Orthopedics
Other Applications
By End-user
Hospital
Diagnostic Centers
Others
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Canada Diagnostic Imaging Equipment Market Size Summary

The Canada diagnostic imaging equipment market is poised for significant growth, driven by the increasing prevalence of chronic diseases, a rising geriatric population, and the adoption of advanced medical imaging technologies. The market experienced a temporary setback due to the COVID-19 pandemic, which led to a decrease in diagnostic scans as non-urgent imaging studies were restricted. However, the demand for reliable and accurate diagnostic methods, particularly in the face of rising cancer cases, is expected to propel market expansion. The aging population and the societal shift towards more chronic health issues, such as cancer, cardiovascular diseases, obesity, and diabetes, underscore the critical role of medical imaging in accurate disease diagnosis. Companies are actively developing new products and technologies, such as portable MRI scanners and AI-powered image enhancement solutions, to enhance their market presence and meet the growing demand for advanced diagnostic tools.

Despite the promising growth prospects, the market faces challenges due to the high costs associated with diagnostic procedures and equipment. The MRI system market, in particular, is expected to see significant growth, fueled by the increasing incidence of orthopedic diseases, dental and cardiovascular surgeries, and cancer. The market is characterized by a few major players who dominate due to their focus on research and development to create technologically advanced and cost-effective products. The presence of these key players, such as Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, FUJIFILM Holdings Corporation, and GE Healthcare, contributes to the consolidated nature of the market. Initiatives like the provincewide lung cancer screening program in British Columbia and the introduction of new imaging systems further support market growth, offering opportunities for medical device companies to establish and expand their operations in Canada.

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Canada Diagnostic Imaging Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rise in the Prevalence of Chronic Diseases

      2. 1.2.2 Increasing Geriatric population

      3. 1.2.3 Increased Adoption of Advanced Technologies in Medical Imaging

    3. 1.3 Market Restraints

      1. 1.3.1 Expensive Procedures and Equipment

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Modality

      1. 2.1.1 MRI

      2. 2.1.2 Computed Tomography

      3. 2.1.3 Ultrasound

      4. 2.1.4 X-Ray

      5. 2.1.5 Nuclear Imaging

      6. 2.1.6 Fluoroscopy

      7. 2.1.7 Mamography

    2. 2.2 By Application

      1. 2.2.1 Cardiology

      2. 2.2.2 Oncology

      3. 2.2.3 Neurology

      4. 2.2.4 Orthopedics

      5. 2.2.5 Other Applications

    3. 2.3 By End-user

      1. 2.3.1 Hospital

      2. 2.3.2 Diagnostic Centers

      3. 2.3.3 Others

Canada Diagnostic Imaging Equipment Market Size FAQs

The Canada Diagnostic Imaging Equipment Market is projected to register a CAGR of 7.18% during the forecast period (2024-2029)

Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, FUJIFILM Holdings Corporation and GE Healthcare are the major companies operating in the Canada Diagnostic Imaging Equipment Market.

Canada Diagnostic Imaging Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)