Market Size of Canada Diagnostic Imaging Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.18 % |
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 Diagnostic Imaging Equipment Market Analysis
The Canada Diagnostic Imaging Equipment Market is expected to register a CAGR of 7.18% during the forecast period.
The COVID-19 pandemic is expected to have a significant impact on the market. Lockdowns were implemented in various Canadian provinces from March 2020 and non-urgent imaging studies with diagnostic screenings were restricted and even temporarily halted. As a result, screening volumes decreased but healthcare organizations maintained to ensure that safety measures were in place to protect patients and healthcare workers. According to an article published in the Canadian Journal of Cardiology in September 2021, titled "The Impact of the COVID-19 Pandemic on Cardiac Procedure Wait List Mortality in Ontario, Canada," compared to the pre-pandemic period, the number of referrals and procedures completed during the pandemic period was significantly lower. This decrease in the number of referrals greatly reduced the diagnostic scans in the country, having an unfavorable impact on the market studied.
The Canada diagnostic imaging equipment market will show rapid growth due to the rise in the prevalence of chronic diseases, the increasing geriatric population, and the increased adoption of advanced technologies in medical imaging. The burden of chronic diseases is on the rise in Canada, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cancer, cardiovascular diseases, obesity, and diabetes. According to GLOBOCAN data updated in 2020, the estimated number of new cancer cases in Canada was 27,400 in 2020, this number is expected to increase to 40,100 by 2030. The high number of cancer cases indicates the need for reliable and accurate diagnosis methods which include diagnosis with imaging techniques. Therefore, high cancer incidence in the country is believed to act as one of the leading factors in Canada.
Moreover, to grow their presence in the market, companies are continuously engaged in the development of new products. For instance, in December 2021, Hyperfine Inc. announced the Health Canada licensing of Swoop as well as the commercial launch of the imaging system in Canada. Similarly, in April 2022, FUJIFILM Sonosite announced the availability of Sonosite LX, the industry leader's latest premium point-of-care ultrasound system, in Canada. Additionally, in May 2022, British Columbia Cancer launched a provincewide lung cancer screening program, providing access to eligible high-risk people at 36 sites throughout the province. Such initiatives taken by the government are expected to boost the growth of the market over the forecast period.
However, expensive procedures and equipment are expected to hinder the growth of the market over the forecast period.
