Canada General Surgical Devices Market Size

Canada General Surgical Devices Market Analysis

The Canada general surgical devices market is expected to record a CAGR of around 4.5% over the forecast period.

The emergence of the COVID-19 pandemic had an adverse effect on the Canadian healthcare system. Due to the fear of the risk of contamination and other factors such as the diversion of resources to COVID-19 care, the number of surgeries performed in the nation reduced drastically, which impacted the growth of the general surgical devices market. For instance, as per the report published by CIHI in May 2022, since the start of the pandemic, there have been around 600,000 fewer procedures conducted in Canada, with joint replacements and cataract operations accounting for about 25% of the overall decline. Hence, the wait times for patients in Canada have gotten longer. The increase in the number of people requiring surgery is expected to create a demand for general surgical devices in the nation, which is likely to propel the growth of the market over the forecast period.

The factors that are accelerating the growth of the market include increasing demand for surgeries and advancements in general surgical devices and rising expenditure on health. For instance, as per CIHI, in 2021 the estimated hip replacement surgeries wait times in Canada is reported as 369 days to reach the 90% percentile of cases to be completed. Thus the large wait times are expected to have a high demand for surgeries in the region. Furthermore, there is a rising interest in the utilization of technologically advanced minimally invasive devices in the nation which increases the usage of surgical devices and drives the market over the study period. For instance, in June 2022, Olympus performed the first commercial treatment of benign prostatic hyperplasia (BPH) in Canada using the minimally invasive iTind device. Thus the usage of minimally invasive devices in various applications increases the scope of the general surgical devices that helps in the growth of the market during the forecast period.

Moreover, the new product approvals and launches in the region help to improve the efficiency of the surgeries performed owing to technological advancements, which are likely to add to the market growth. For instance, in May 2021, Santen Canada Inc a subsidiary of Santen Pharmaceutical Co., Ltd. received approval from Health Canada for its PRESERFLOTM MicroShunt. PRESERFLO MicroShunt is a surgical device that helps to drain eye fluid and reduce intraocular pressure (IOP) in patients with primary open-angle glaucoma (POAG) whose IOP is not controlled when using maximum tolerated glaucoma medications. Such product launches increase the usage of devices with new applications which aid in the market growth in the nation over the study period. Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the high capital expenses required for the manufacturing of surgical equipment are likely to slow down the growth of the studied market over the forecast period.