Market Size of Canada Artificial Organs and Bionics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.30 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Artificial Organs & Bionic Implants Market Analysis
The Canadian artificial organs and bionics market is expected to register a CAGR of 6.3% over the forecast period.
The COVID-19 outbreak significantly impacted the market initially, as elective and semi-urgent medical care and procedures were discontinued to maintain the patient care capacity. Thus, the initial period of the pandemic adversely impacted the market due to a decrease in organ transplantations. For instance, according to the study published in BMC Medical Ethics in October 2021, the organ and tissue donation and transplantation (OTDT) system faced ethical challenges in Canada due to pandemic, such as risks of infection and resource allocation. However, the easing of lockdowns and a growing number of transplants due to pending cases are likely to accelerate the market's growth during the forecast period. According to the study published in the Canadian Medical Association Journal in September 2021, there was feasibility for lung transplantation in patients following severe acute COVID-19 infection in Toronto. Therefore, during the later phases of the pandemic, the market grew due to the rising number of lung transplantation. Thus, the market is anticipated to reach the pre-pandemic levels by mid-2023.
The factors driving the market's growth include the rising incidence of organ failure and scarcity of organ donors.
The scarcity of natural organs for donation in Canada is fueling the market. For instance, according to the Canadian Institute of Health Information, published in June 2022, a total of 4,043 Canadians were waiting for transplants as of December 31, 2021. According to the same source, 57% of people were still on the wait list, while 43% were temporarily put on hold for medical or other reasons.
The rising investments from the Canadian government for the development of artificial organs is expected to drive the market's growth. For instance, in April 2022, the Government of Canada invested CAD 2 million (USD 1.4 million) for research on innovative organ and tissue donation projects to reduce the waiting times for organ donations.
Thus, due to the scarcity of donor organs and rising initiatives from the government, the market is expected to register significant growth over the forecast period. However, the high cost of the procedure and the risk of compatibility and malfunctions may slow down the market's growth.
