$6.4bn
$XXX.Xm
17,212
764
$X.Xbn
Canadian medical device manufacturers have endured volatile performance through the current period. Given the essential nature of medical devices, higher total health expenditure and the Canadian dollar's depreciation were boons for manufacturers. While steady demand from the healthcare sector and an aging population often insulates manufactures from large economic fluctuations, the pandemic created notable disruptions; healthcare providers shifted resources to battle the pandemic, contributing to an overall drop in revenue. Ongoing supply chain issues for key components of medical devices, especially semiconductors, also weighed on performance. As the broader economy and healthcare sector recovers, medical device manufacturers will swiftly rebound. Revenue contracted at an expected CAGR of 0.7% to $6.5 billion through the current period, despite a 3.7% rally in 2023 as demand for medical devices recovers.
Industry revenue has declined at a CAGR of 2.7 % over the past five years, to reach an estimated $6.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
EXFO Inc. | 91.0 | N/A | N/A | |
Abbott Laboratories | 26.0 | N/A | N/A | |
Danaher Corporation | 19.5 | N/A | N/A |
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Industry revenue is measured across several distinct product and services lines, including Cardiovascular devices, Surgical devices and Neurosurgical devices. Cardiovascular devices is the largest segment of the Medical Device Manufacturing in Canada.
Surgical and respiratory devices skyrocketed during the pandemic
Medical device manufacturers design, develop, produce and distribute medical devices. These devices encompass a broad range of products, including instruments, apparatuses, implants, software and reagents used to diagnose, prevent, monitor, treat or alleviate diseases or medical conditions.
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NAICS 334512 - Medical Device Manufacturing in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Medical device manufacturers struggle in a fast-evolving environment. While global demand for medical devices is expanding fast, keeping a pulse with complex competitive, fin...
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Hospitals are the largest buyers of medical devices. Their purchasing decisions play a crucial role in driving innovation and shaping the direction of the Medical Device Manu...
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The distribution of medical device manufacturing facilities follows trends in the health sector. Manufacturing facilities benefit near areas with established health infrastru...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Innovation impacting medical devices can revolutionize healthcare. Manufacturers introducing exciting, new devices will be sought out by healthcare professionals and patients...
Learn about the performance of the top companies in the industry.
Canada’s medical device market is fragmented. The majority of manufacturers are small- to medium-sized companies, most with fewer than 100 employees.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
A quickly evolving medical device space is prompting a tighter regulatory framework to develop. Regulatory agencies are working to establish guidelines to ensure the safety a...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wage growth reflects manufacturers’ need for employees with specialized skills. Manufacturers can’t produce new innovative technologies without a team of highly skilled emplo...
Including values and annual change:
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Key data sources in Canada include:
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The market size of the Medical Device Manufacturing industry in Canada is $6.4bn in 2024.
There are 764 businesses in the Medical Device Manufacturing industry in Canada, which has declined at a CAGR of 0.8 % between 2019 and 2024.
The market size of the Medical Device Manufacturing industry in Canada has been declining at a CAGR of 2.7 % between 2019 and 2024.
Over the next five years, the Medical Device Manufacturing industry in Canada is expected to grow.
The biggest companies operating in the Medical Device Manufacturing market in Canada are EXFO Inc., Abbott Laboratories and Danaher Corporation
Production of cardiovascular devices and Production of surgical devices are part of the Medical Device Manufacturing industry.
The company holding the most market share in Canada is EXFO Inc..
The level of competition is high and increasing in the Medical Device Manufacturing industry in Canada.