Canada Digital Health Market Analysis

Canada Digital Health Market Analysis


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Canada's digital market size was valued at $16.88 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030 and will reach $66.07 Bn in 2030. The rising popularity of remote patient monitoring services will drive Canada home healthcare market expansion. The market is segmented by solution, deployment, and end user. the key market players are MEDITECH, Oracle Cerner Corporation, Epic Systems Corporation, and others.

ID: IN10CADH005 CATEGORY: Digital Health GEOGRAPHY: Canada AUTHOR: Chandani Patel

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Canada Digital Health Market Executive Summary

Canada's digital market size was valued at $16.88 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030 and will reach $66.07 Bn in 2030. The largest nation in the western hemisphere and one of the largest nations overall is Canada. Small owner-managed enterprises up to large international corporations operate in its thriving free-market economy. The production and export of natural resources exports, such as minerals, oil and gas, and forest products, as well as the export of agricultural staples, most notably grain, served as the foundations of Canada's economy in the past.

Total health expenditure in Canada is estimated to reach $331 Bn by 2022, or $8,563 per person. This follows a rise in spending, particularly in 2020, brought on by the COVID-19 pandemic. The federal, provincial, and territorial governments invested $770 per person in COVID-19 prevention in 2020. The amount budgeted for the pandemic response is expected to decrease to $376 per person in 2022. The overall amount spent on healthcare is anticipated to rise by 0.8% in 2022 after seeing substantial growth of 13.2% in 2020 and 7.6% in 2021. Before the pandemic, from 2015 to 2019, the average annual increase rate for health expenditure was 4%. It is expected that overall health spending in Canada would make up 12.2% of GDP, down from a 2017 peak of 13.8%.

Digital healthcare is crafting globally as a result of IT technology development and the emergence of remote patient monitoring (RPM) solutions. RPM has developed into a useful tool for enhancing clinical assessment and decision-making while lowering the likelihood of hospitalization. With the prevalence of cancer, diabetes, and cardiovascular diseases increasing, RPM service use is also expected to rise. Moreover, with the aging population, more of them are choosing independent, healthy lifestyles, which will probably increase the adoption of RPM solutions.

Digital health is a broad, multidisciplinary concept including from intersection between technology and healthcare. Digital health applies a digital transformation to the healthcare field, incorporating software, hardware, and services. Under its umbrella, digital health includes mobile health (mHealth) apps, electronic health records (EHRs), electronic medical records (EMRs), wearable devices, telehealth, and telemedicine, as well as personalized medicine.

Canada Digital Health Market

Market Dynamics

Market Growth Drivers

The increasing popularity of remote patient monitoring services will drive market expansion. Moreover, opportunities in the digital health market as well as future trends are growing as a result of factors like rising smartphone adoption, improved internet connectivity, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and increasing accessibility of virtual care. 

Market Growth Restraints

Concerns related to ensuring regulatory compliance are expected to restrict the digital health market growth during the forecast period.

Competitive Landscape

Key Players

The prominent players operating in this market include:

  • MEDITECH
  • Oracle Cerner Corporation
  • Epic Systems Corporation
  • Mckesson Corporation
  • apple inc
  • Allscripts Technologies LP
  • AT&T

Healthcare Policies and Regulatory Landscape

Health Canada established a new Digital Health Review Division within the Medical Device Bureau to facilitate a pre-market review of digital health technologies and to adapt to the ever-changing technologies in digital health. The utilization of digital health technologies in the current health care system allows for more accessible, convenient, and cost-effective delivery of health care as well as more timely diagnoses and treatments for patients at home, at health care facilities, and in rural and remote areas. Digital health technologies can utilize platforms such as computers and smartphones to incorporate stand-alone software applications, integrated hardware, and software systems. Health Canada, as the federal regulator, is supporting the application of digital health technologies to ensure the growing demands are met and only safe and effective products are being approved for the people of Canada.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Canada Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

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  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 26 May 2023
Updated by: Riya Doshi

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