New Medical Devices market report from Espicom Business Intelligence: "The Medical Device Market: Canada"
Boston, MA -- (SBWIRE) -- 04/08/2014 -- Canada is geographically one of the world's largest countries, but has a population of just 35.0mn. The population is unevenly spread, with 90% of Canadians living near the US border. The economy is highly developed, GDP per capita is on a par with the US.
Canada imported medical equipment and supplies valued at US$5.5bn in 2012. This marked an increase of 8.1% over 2011.
In 2013, the Canadian Medical market is estimated at US$7.3bn which, considering the size of the population, makes it one of the world's richest medical markets. Much of the market is supplied by imports, largely from the USA.
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The Canadian economy is predicted to grow at between 1.9% and 2.5% in each of the next five years, and has been less affected by the global economic crisis than other leading economies due to Canada's more stable and regulated banking sector. Canada is the only one of the seven major industrialised nations expected to return to having a surplus in its economy by 2015 according to the IMF.
Long waiting times for treatment have long been a problem in Canada, exacerbated by the widespread ban on private health insurance in public facilities. Since 2009, C$250mn has been made available annually through a Wait Times Reduction Transfer to address the waiting times in five key areas.
In contrast to the USA, Canada's healthcare system is based on public funding and provision, as in the UK. Expenditure is generally high although inefficiencies remain. Health provision is the responsibility of provincial governments, which often have widely differing targets and priorities.
There is very little private involvement in the hospital sector. Private expenditure tends to concentrate on non-physician specialist services and pharmaceuticals. Around 38% of medical device domestic producers operate in the hospital supplies & equipment sector.
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