The Canada general surgical devices market is expected to record a CAGR of around 4.5% over the forecast period. Certain factors that are accelerating the growth of the market include rising demand for minimally invasive devices, technological advancements in general surgical devices, and the rising expenditure on health.
This rise in healthcare expenditure is anticipated to accelerate medical infrastructural development, which is likely to fuel the growth of the surgical devices market in Canada. Major manufacturers of surgical devices are focusing on gaining a foothold in Canada due to the rapid adoption of technology in the country. In order to expand the business operations and explore new markets, and creating an advanced healthcare infrastructure, international medical device manufacturers are focusing on Canada.
Thus, increasing healthcare expenditure, strong local manufacturing base, and rapidly developing healthcare infrastructure, have led to increased and advanced surgical procedures performed in this country. Hence, these factors are likely to offer immense growth opportunities in the Canadian surgical procedures market.
Key Market Trends
Handheld Devices Segment by Product is Expected to Record the Highest CAGR over the Forecast Period
Handheld surgical devices are becoming increasingly advanced. The development of advanced devices, like robotic hand-held surgical device for laparoscopic interventions, enhance a surgeon’s dexterity.
Many innovations have been made, due to the need for high reliability, accuracy, and patient safety. New cordless handheld devices are one such innovation that has added a level of comfort and control for surgeons.
Needle holder, also called the needle driver, is a surgical instrument used by doctors and surgeons to hold a suturing needle for closing wounds during suturing and surgical procedures. Surgical operations demand surgeons to frequently engage in hand intensive activities, including suturing. The needle holder market is growing, due to a rise in minimally invasive surgical procedures and an increase in outpatient surgeries. The market is thus further expected to grow and the prices are expected to fall, due to the entry of many new players in the market.
The market for general surgical devices in Canada is highly competitive with the presence of global and a few local players in the country. A large share of the market is grabbed by the global players whereas local companies are also having an intense competition to gain substantial share in this market. Developed medical device industry is the prime reason behind more companies willing to expand in Canada.
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