Market Size of Canada Hospital Supplies Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.60 % |
| Market Concentration | High |
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 Hospital Supplies Market Analysis
The Canada Hospital Supplies Market is expected to grow at a CAGR of 6.6% over the forecast period (2022-2027).
The COVID-19 pandemic created havoc in the Canadian healthcare system and impacted the study market. Since only emergency cases were allowed for treatment and diagnosis, the market growth for hospital supplies decreased during the initial phase of the pandemic. However, during the latter phase of the pandemic, the increasing cases of chronic diseases in Canada demanded hospital admissions. This is anticipated to have a positive impact on the studied market. For instance, in May 2021, Canada became the first country to support COVID-19 therapeutics via a new United Nations International Children's Emergency Fund (UNICEF) fund, and low-and middle-income countries benefited from Canadian contributions in support of global equitable access to lifesaving COVID-19 medical supplies. With such initiatives by the government during the COVID-19 pandemic, the demand for hospital supplies has also increased. Therefore, the pandemic is expected to significantly impact the studied market growth.
Factors such as the increase in the geriatric population, in-patient admissions, and technological advancements in hospital supplies are fuelling market growth.
Cancer, heart disease, diabetes, and stroke are among the most common chronic diseases in Canada, creating favorable opportunities for the studied market in the country and driving market growth over the analysis period. As per data updated by the government of Canada in July 2021, overall, 6.3 million people aged 65 or more were estimated to be living with chronic conditions in 2021 in Canada. In addition, diabetes is one of the chronic illnesses that affects Canadians of all ages. In a press release published in August 2021, the government of Canada stated that more than 3 million Canadians, or 8.8% of the population, have been diagnosed with diabetes and that 6.1% of Canadian adults are at high risk of developing diabetes. Thus, the burden of diabetes in the country is expected to drive the demand for patient examinations, which is expected to increase the demand for patient examination devices or other monitoring devices, thereby driving market growth. Thus, the incidence of chronic diseases is increasing the treatment and patient care in Canada in healthcare settings. This is expected to increase demand for various hospital supplies, driving the market's growth.
Furthermore, the strategic activities of regional and global players in the form of product launches, acquisitions, mergers, and expansions are expanding the hospital supplies market in Canada. For instance, in December 2021, Hyperfine, Inc., developer of the first Food and Drug Administration (FDA)-cleared portable magnetic resonance imaging (MRI) device, Swoop, received a license from Health Canada for Swoop as well as the commercial launch of the imaging system in Canada. The license for Swoop includes the recently FDA-cleared advanced reconstruction software using deep learning. With this license, the Swoop system is now commercially available in Canada. Such developments are predicted to contribute to the studied market growth.
Therefore, owing to the factors mentioned above, the market under study is anticipated to grow over the forecast period.
