Canada Patient Monitoring Devices Market Size (2024 - 2029)

Canada Patient Monitoring Devices Market Analysis

The Canada Patient Monitoring Devices Market size is estimated at USD 2.74 billion in 2024, and is expected to reach USD 3.9 billion by 2029, growing at a CAGR of 7.36% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted market growth. The demand for wearable devices and patient monitoring devices increased during the pandemic period as they allowed contactless communication and tracking of medical conditions by clinicians. The spread and early diagnosis of COVID-19 could be determined through the remote monitoring of vital signs such as skin and body temperature, respiratory rate, pulse rate, heart rate, and blood oxygen level, which are related to COVID-19. This was expected to have a positive impact on the market's growth.For instance, according to a study published in the Journal of Personalized Medicine in March 2022, Canadian researchers reported that patient monitoring in the country increased significantly due to the COVID-19 pandemic and the subsequent need to relieve the overcrowding in the healthcare system. Also, the demand for pulse oximetry has increased in the country during COVID-19. Furthermore, rising company activities for developing technologically advanced products, as well as increased product launches and approvals in the country, increased consumer adoption.For instance, in April 2021, Caretaker Medical received approval from Health Canada for its wearable patient monitor that utilises a simple finger sensor to remotely measure "beat by beat" continuous blood pressure and multiple vital signs. Thus, with such developments, the studied market was expected to regain its full potential in the coming three to four years.

Factors such as the rising burden of chronic diseases and the growing preference for home and remote monitoring are boosting market growth. For instance, as per the July 2021 update by the government of Canada, overall, 6.3 million Canadians aged 65 or more were living with chronic conditions in 2021the July 2021 update by the government of Canada, overall, 6.3 million Canadians aged 65 or more were living with chronic conditions in 2021. Also, according to the 2022 update by the Canadian Digestive Health Foundation (CDHF), 24,800 Canadians were diagnosed with colorectal cancer in 2021, which represented 11% of all new cancer cases, among which 13,700 cases were diagnosed in men and 11,100 cases in women. Thus, the increased burden of chronic diseases and cancer cases in Canada is expected to create demand for remote patient monitoring devices, thereby propelling market growth.

Additionally, as per data published by Diabetes Canada in March 2022, diabetes is continuously increasing in the country, and in 2021, a total of 11.7 million people lived with diabetes and prediabetes in Canada. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is anticipated to increase the need for monitoring glucose levels, blood pressure, and other activities, which is expected to increase the demand for monitoring devices that can provide data to physicians to help them more effectively evaluate patient conditions and react quickly to any abnormalities, thereby propelling market growth.

The rising population in the country is likely to contract various chronic diseases such as cancer, cardiovascular diseases, diabetes, hypertension, respiratory changes, and other diseases due to lifestyle changes as well as environmental changes. This is expected to increase the adoption of monitoring devices to regularly monitor their condition and status, thereby propelling the growth of the studied market. For instance, according to the 2022 statistics published by UNPF, about 65% of the population living in Canada is aged between 15 and 64 years old in 2022, and 19% of the population is aged 65 years and over.

Furthermore, the rising company activities in developing advanced patient monitoring devices are also contributing to the market's growth. For instance, in December 2021, Medtronic Canada signed an exclusive corporate agreement with Cloud DX to offer virtual and remote patient monitoring (RPM) solutions across the country. Thus, such developments and activities are expected to increase the availability of remote monitoring devices in the market, thereby bolstering market growth.

Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the resistance towards the adoption of patient monitoring systems and the high cost of technology are likely to impede the growth of the patient monitoring devices market in Canada over the forecast period.

Canada Patient Monitoring Devices Industry Segmentation

As per the scope of the report, patient monitoring devices are monitoring devices that continuously monitor the patient's vital parameters, like blood pressure and heart rate, by using a medical monitor and collecting medical (and other) data from individuals. The Canada Patient Monitoring Devices Market is segmented by type of device (hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, and other types of devices), application (cardiology, neurology, respiratory, fetal and neonatal, weight management and fitness monitoring, and other , and end user (home healthcare, hospitals and clinics, and other end users). The report offers the value (in USD million) for the above segments.