Market Insights Health Medical Technology Medical Devices

Diagnostic Imaging Devices - Canada

Canada

In Canada, the revenue of the Diagnostic Imaging Devices market market is forecasted to reach US$1.10bn in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.64%, leading to a market volume of US$1.38bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$11,930.00m in 2024.
In Canada, the demand for advanced diagnostic imaging devices in the medical technology market is steadily increasing due to the country's aging population and the need for accurate and timely diagnosis.

Key regions: Germany, Japan, Netherlands, Spain, United States

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Analyst Opinion

The Diagnostic Imaging Devices market in Canada is experiencing steady growth due to various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Canada are driving the demand for Diagnostic Imaging Devices. Canadians value high-quality healthcare services and have a preference for advanced medical technologies. They prioritize accurate and efficient diagnostic procedures, which has led to an increased adoption of Diagnostic Imaging Devices. Additionally, the aging population in Canada is also contributing to the growth of the market, as older individuals often require more frequent medical imaging examinations. Trends in the market are also influencing the development of the Diagnostic Imaging Devices market in Canada. Technological advancements have led to the introduction of innovative imaging devices with enhanced capabilities, such as higher image resolution and faster scanning times. These advancements have improved the accuracy and efficiency of diagnostic procedures, leading to increased demand for Diagnostic Imaging Devices in Canada. Furthermore, there is a growing trend towards the integration of imaging devices with healthcare IT systems, allowing for seamless data sharing and analysis, which further enhances the diagnostic process. Local special circumstances in Canada are contributing to the growth of the Diagnostic Imaging Devices market. The Canadian government has made significant investments in healthcare infrastructure and technology, including the procurement of advanced imaging devices. This has created a favorable environment for the market to thrive, as healthcare facilities are equipped with the necessary resources to adopt and utilize Diagnostic Imaging Devices. Additionally, the presence of a well-established healthcare system and a strong regulatory framework ensures that the market operates in a structured and efficient manner. Underlying macroeconomic factors are also playing a role in the development of the Diagnostic Imaging Devices market in Canada. The country's stable economy, high disposable income levels, and favorable reimbursement policies are enabling individuals to access and afford advanced medical technologies. Furthermore, the increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, is driving the demand for Diagnostic Imaging Devices, as these conditions often require frequent imaging examinations for accurate diagnosis and treatment planning. In conclusion, the Diagnostic Imaging Devices market in Canada is experiencing growth due to customer preferences for advanced medical technologies, market trends towards technological advancements and integration with healthcare IT systems, local special circumstances including government investments in healthcare infrastructure, and underlying macroeconomic factors such as a stable economy and high prevalence of chronic diseases. The future of the market looks promising as the demand for accurate and efficient diagnostic procedures continues to rise.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.