Canada Patient Monitoring Market

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Canada Patient Monitoring Market by Product (Cardiac Monitoring Devices, Blood Glucose Monitoring Systems, Hemodynamic/Pressure Monitoring Devices, Multi-parameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Other Devices), by Type (Conventional and Wireless), and by End User (Home Healthcare, Hospitals & Clinics, and Others) - Opportunity Analysis and Industry Forecast, 2024–2030

Industry: Healthcare | Publish Date: 17-Feb-2024 | No of Pages: 148 | No. of Tables: 110 | No. of Figures: 75 | Format: PDF | Report Code : N/A

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Market Definition

The Canada Patient Monitoring Market size was valued at USD 2.64 billion in 2023, and is predicted to reach USD 4.46 billion by 2030, with a CAGR of 7.4% from 2024 to 2030. Patient monitoring is a crucial aspect of modern healthcare, involving the continuous or intermittent assessment of a patient's vital signs, physiological measurements, and overall health condition throughout their medical journey. This process employs a range of medical devices and technologies to gather, record, and analyze data such as blood pressure, heart rate, oxygen saturation, respiratory rate, temperature, and other essential indicators.

The patient monitoring sector encompasses the segment of the healthcare industry responsible for designing, manufacturing, and supplying equipment and systems for continuous or intermittent monitoring and recording of a patient's vital signs and health parameters. This segment plays a pivotal role in a wide spectrum of healthcare settings, including hospitals and intensive care units, outpatient clinics, and home healthcare environments. It ensures that patients receive the appropriate level of care tailored to their unique medical needs.

Government Initiatives Drives the Growth of Patient Monitoring Systems in the Region

Government initiatives play a crucial role in driving the expansion of the patient monitoring market in Canada. In recognition of the importance of a strong healthcare system, the government invests in improving healthcare infrastructure, such as hospitals and clinics, to facilitate the integration of cutting-edge technologies, including patient monitoring systems. Through incentives and favorable regulatory frameworks, government initiatives frequently encourage the adoption of modern healthcare technologies and foster collaboration between the public and private sectors.

These efforts aim to enhance access to healthcare services, particularly in underserved areas, by deploying mobile health units and telehealth services. Clear regulatory frameworks and public health initiatives further support the safe and effective use of patient monitoring technologies, informing the public about the benefits of regular health monitoring.

 

Rising Chronic Diseases Further Creates Demand for Patient Monitoring Systems

The Patient Monitoring Market in Canada is experiencing significant expansion driven by a notable surge in the incidence of chronic diseases. With conditions such as diabetes, cardiovascular diseases, and respiratory disorders on the rise, there is an increasing demand for patient monitoring solutions. These devices, including wearable technologies and home monitoring systems, are essential for the continuous tracking and management of vital health parameters.

As the population living with chronic conditions grows, patient monitoring devices play a crucial role in providing real-time data, aiding both individuals and healthcare providers in early detection of anomalies and timely intervention. The market's response to this escalating demand contributes to the effective management of chronic diseases and underscores the pivotal role patient monitoring plays in the evolving healthcare landscape of Canada.

 

Connectivity Issues in Patient Monitoring Devices Restrains the Market Growth

One of the significant restraining factors in the patient monitoring market in Canada is the connectivity issues which pose a risk to real-time data transmission and communication between devices, impacting the timeliness and accuracy of patient information. Addressing these challenges is crucial for unlocking the full potential of patient monitoring technologies and ensuring their widespread adoption in the healthcare sector.

Integration of AI and Machine Learning in Patient Monitoring Systems Creates Ample Growth Opportunities

In Canada, Artificial Intelligence (AI) and Machine Learning (ML) are transforming the landscape of patient monitoring by enabling advanced analysis of extensive datasets. In this context, AI algorithms leverage historical patient data to identify subtle patterns and anomalies in vital signs and medical history. This capability allows for early detection of potential health issues before symptoms manifest, facilitating timely interventions.

Moreover, the integration of AI and ML supports the concept of personalized medicine, tailoring treatment plans based on individual patient characteristics and responses. These technologies contribute to risk stratification, helping healthcare providers prioritize interventions for patients at higher risk of developing specific medical conditions or complications.

 

Competitive Landscape

Various market players operating in the Canada patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Nihon Kohden Corporation, Abbott Laboratories, Masimo Corporation, Hill-Rom Holdings, Inc., Biotronik SE & Co. KG, Honeywell International, Inc., and others.

Canada Patient Monitoring Key Market Segments

By Product

  • Cardiac Monitoring Devices

    • Mobile Cardiac Telemetry Monitors

    • Electrocardiogram (ECG) Devices

    • Implantable Loop Recorders

    • Event Monitors

    • Smart/Wearable ECG Monitors

  • Blood Glucose Monitoring Systems

    • Self-Monitoring Blood Glucose Systems

    • Continuous Glucose Monitoring Systems

  • Hemodynamic/Pressure Monitoring Devices

    • Hemodynamic Monitors

    • Blood Pressure Monitors

    • Disposables 

  • Multi-Parameter Monitoring Devices

    • Low-Acuity Monitoring Device

    • Mid-Acuity Monitoring Devices

    • High-Acuity Monitoring Devices

  • Respiratory Monitoring Devices

    • Pulse Oximeters

    • Spirometers

    • Capnographs

    • Peak Flow Meters

  • Temperature Monitoring Device

    • Handheld Temperature Monitoring Devices

    • Table-Top Temperature Monitoring Devices

    • Wearable Continuous Monitoring Devices

    • Invasive Temperature Monitoring Devices

    • Smart Temperature Monitoring Devices

  • Fetal & Neonatal Monitoring Devices

    • Neonatal Monitoring Devices

    • Fetal Monitoring Devices

  • Neuromonitoring Devices

    • Electroencephalograph (EEG) Machines

    • Electromyography Machines

    • Cerebral Oximeter

    • Intracranial Pressure (ICP) Monitors

    • Magnetoencephalography (MEG) Machines

    • Transcranial Doppler (TCD) Machines

  • Weight Monitoring Devices

    • Digital

    • Analog

  • Others Devices

By Type

  • Conventional

  • Wireless

By End User

  • Home Healthcare

  • Hospitals & Clinics

  • Others

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 2.64 Billion

Revenue Forecast in 2030

USD 4.46 Billion

Revenue Growth Rate

CAGR of 7.4% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

Government Initiatives Drives the Growth of Patient Monitoring systems in the region

Impact of Rising Chronic Diseases further creates demand for Patient Monitoring Systems

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Medtronic Plc

  • Koninklijke Philips N.V.

  • GE Healthcare

  • Siemens Healthineers

  • Nihon Kohden Corporation

  • Abbott Laboratories

  • Masimo Corporation

  • Hill-Rom Holdings, Inc.

  • Biotronik SE & Co. KG

  • Honeywell International, Inc.

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Frequently Asked Questions

According to Next Move Strategy Consulting, the market size of Canada patient monitoring will be USD 4.46 billion in 2030.

According to Next Move Strategy Consulting, the market size of Canada patient monitoring is USD 2.64 billion in 2023.

AI is used to analyze large datasets from patient monitoring devices, helping healthcare providers detect trends and anomalies and predict patient outcomes effectively.

Wearable patient monitoring devices offer real-time data, improved patient comfort, and the ability to track health metrics continuously, which can aid in early disease detection and management.

The top companies operating in the patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, and Abbott Laboratories.

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