Canada General Surgical Devices Market Size (2024 - 2029)

The Canada general surgical devices market is projected to experience growth over the forecast period, driven by an increasing demand for surgeries and advancements in surgical technology. The market's expansion is influenced by the rising need for minimally invasive devices and new product approvals, which enhance surgical efficiency and broaden application scopes. Despite the challenges posed by high manufacturing costs, the market is expected to grow as healthcare demands rise and technological innovations continue to advance.

Market Size of Canada General Surgical Devices Industry

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Canada General Surgical Devices Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 4.50 %

Major Players

Canada General Surgical Devices Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Canada General Surgical Devices Market Analysis

The Canada general surgical devices market is expected to record a CAGR of around 4.5% over the forecast period.

The emergence of the COVID-19 pandemic had an adverse effect on the Canadian healthcare system. Due to the fear of the risk of contamination and other factors such as the diversion of resources to COVID-19 care, the number of surgeries performed in the nation reduced drastically, which impacted the growth of the general surgical devices market. For instance, as per the report published by CIHI in May 2022, since the start of the pandemic, there have been around 600,000 fewer procedures conducted in Canada, with joint replacements and cataract operations accounting for about 25% of the overall decline. Hence, the wait times for patients in Canada have gotten longer. The increase in the number of people requiring surgery is expected to create a demand for general surgical devices in the nation, which is likely to propel the growth of the market over the forecast period.

The factors that are accelerating the growth of the market include increasing demand for surgeries and advancements in general surgical devices and rising expenditure on health. For instance, as per CIHI, in 2021 the estimated hip replacement surgeries wait times in Canada is reported as 369 days to reach the 90% percentile of cases to be completed. Thus the large wait times are expected to have a high demand for surgeries in the region. Furthermore, there is a rising interest in the utilization of technologically advanced minimally invasive devices in the nation which increases the usage of surgical devices and drives the market over the study period. For instance, in June 2022, Olympus performed the first commercial treatment of benign prostatic hyperplasia (BPH) in Canada using the minimally invasive iTind device. Thus the usage of minimally invasive devices in various applications increases the scope of the general surgical devices that helps in the growth of the market during the forecast period.

Moreover, the new product approvals and launches in the region help to improve the efficiency of the surgeries performed owing to technological advancements, which are likely to add to the market growth. For instance, in May 2021, Santen Canada Inc a subsidiary of Santen Pharmaceutical Co., Ltd. received approval from Health Canada for its PRESERFLOTM MicroShunt. PRESERFLO MicroShunt is a surgical device that helps to drain eye fluid and reduce intraocular pressure (IOP) in patients with primary open-angle glaucoma (POAG) whose IOP is not controlled when using maximum tolerated glaucoma medications. Such product launches increase the usage of devices with new applications which aid in the market growth in the nation over the study period. Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the high capital expenses required for the manufacturing of surgical equipment are likely to slow down the growth of the studied market over the forecast period.

Canada General Surgical Devices Industry Segmentation

As per the scope of the report, general surgical devices are specially designed tools or instruments that serve a specific purpose during surgery, which include scissors, forceps, surgical needles, etc. The Canada General Surgical Devices Market is Segmented by Product (Handheld Devices, Laparoscopic Devices, Electro Surgical Devices, Wound Closure Devices, Trocars & Access Devices, and Other Products) and Application (Gynecology & Urology, Cardiology, Orthopaedic, Neurology, and Others). The report offers the value in (USD million) for the above segments.

By Product
Handheld Devices
Laproscopic Devices
Electro Surgical Devices
Wound Closure Devices
Trocars & Access Devices
Others
By Application
Gynecology & Urology
Cardiology
Orthopaedic
Neurology
Others
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Canada General Surgical Devices Market Size Summary

The Canada general surgical devices market is poised for growth, driven by an increasing demand for surgeries and advancements in surgical technologies. The COVID-19 pandemic initially hindered market expansion by reducing the number of surgeries due to resource diversion and contamination fears. However, the backlog of surgeries and the rising need for procedures are expected to boost the demand for surgical devices. The market is also benefiting from the growing interest in minimally invasive surgical techniques, which enhance patient outcomes and expand the application scope of surgical devices. Technological advancements and new product approvals further contribute to market growth by improving surgical efficiency and introducing innovative solutions.

The market landscape is characterized by a competitive environment with both global and local players vying for market share. Handheld surgical devices, including graspers, dilators, and robotic-assisted systems, are gaining prominence due to their versatility and efficiency in various surgical applications. The rising prevalence of obesity is anticipated to drive demand for liposuction procedures, thereby boosting the handheld devices segment. Additionally, the orthopedic sector's significant wait times and the aging population are expected to increase the demand for general surgical devices. Key market players, such as Boston Scientific Corporation and Medtronic, are actively launching new technologies, further propelling market growth.

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Canada General Surgical Devices Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Demand for Surgeries

      2. 1.2.2 Technological Advancement in General Surgical Devices and Rising Health Expenditure

    3. 1.3 Market Restraints

      1. 1.3.1 High Capital Expenses Needed to Produce Surgical 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 - in USD Millions)

    1. 2.1 By Product

      1. 2.1.1 Handheld Devices

      2. 2.1.2 Laproscopic Devices

      3. 2.1.3 Electro Surgical Devices

      4. 2.1.4 Wound Closure Devices

      5. 2.1.5 Trocars & Access Devices

      6. 2.1.6 Others

    2. 2.2 By Application

      1. 2.2.1 Gynecology & Urology

      2. 2.2.2 Cardiology

      3. 2.2.3 Orthopaedic

      4. 2.2.4 Neurology

      5. 2.2.5 Others

Canada General Surgical Devices Market Size FAQs

The Canada General Surgical Devices Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)

Boston Scientific Corporation, CONMED Corporation, Medtronic, B. Braun SE and Johnson & Johnson Services, Inc are the major companies operating in the Canada General Surgical Devices Market.

Canada General Surgical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)