Canada Minimally Invasive Surgery Devices Market Size

Canada Minimally Invasive Surgery Devices Market Analysis

The Canada minimally invasive surgery devices market is poised to register a CAGR of 5.5% over the forecast period.

COVID-19 has impacted the growth of the market owing to the lockdown restrictions, which led to the suspension of non-urgent and elective procedures during the early period. For instance, according to an article published in the British Journal of Surgery in January 2021, it has been observed that about 30,033 surgical procedures were performed during the 2020 pandemic as compared to 255,501 surgical procedures performed in the pre-pandemic period. However, with the released restrictions, the companies are focusing on developing advanced products. For instance, in January 2021, PENTAX Medical, in collaboration with CapsoVision, Inc., increased the at-home availability of the CapsoCam Plus video capsule system, preventing virus transmission, with Health Canada licensing. Thus, the studied market has witnessed significant growth and is expected to grow over the forecast period.

Factors such as the increasing prevalence of lifestyle-related and chronic disorders, as well as technological advancements, are expected to boost the market growth. The advantages offered by minimally invasive surgical (MIS) procedures, such as less post-operative pain, fewer major operative, and post-operative complications, faster recovery times, less scarring, less stress on the immune system, and smaller incisions over conventional procedures, make it a more preferred choice for performing surgeries.

The growing prevalence of chronic diseases, such as cancer, diabetes, cardiovascular diseases, and others, is the key factor driving the demand for minimally invasive surgical procedures. This is anticipated to augment the market growth over the forecast period. For instance, as per the data published by the Canadian Cancer Society, in May 2022, colorectal cancer is expected to be the fourth most diagnosed cancer in Canada, 2022 and nearly 24,300 Canadians are predicted to be diagnosed with colorectal cancer, which represents 10% of all new cancer cases in Canada in 2022. Thus, the increasing burden of cancer among Canadian people increases the demand for surgical procedures, which is expected to increase the demand for surgical devices, thereby boosting the market growth.

Additionally, according to the 2022 statistics published by the International Diabetes Federation, 2.9 million people were living with diabetes in Canada in 2021. In addition, this number is projected to increase to 3.2 million in 2030. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is anticipated to raise the demand for surgical procedures, which is anticipated to fuel the demand for minimally invasive surgical devices, thereby boosting the market growth.

With the rising burden of heart disease, the demand for interventional devices is increasing. Also, governments across the Canadian province are investing heavily to improve the healthcare infrastructure. For instance, as per a press release by the Ontario Government in April 2022, Conavi Medical, a Toronto-based medical device company that develops, manufactures, and commercializes innovative medical technologies to guide common minimally invasive heart procedures, planned to invest USD 6.7 million to make substantial improvements to its existing facility and implement state-of-the-art IT systems to develop medical technologies used for heart procedures. Such investments are expected to fuel market growth.

Therefore, owing to the aforementioned factors, such as the high burden of chronic diseases, diabetes, and new product launches, are expected to increase the market growth over the forecast period. However, the shortage of experienced professionals is likely to impede the growth of the minimally invasive surgery devices market over the forecast period.