The Canada Diagnostic Imaging Equipment Market will show a rapid growth due to the rise in the prevalence of chronic diseases, increasing geriatric population and the increased adoption of advanced technologies in medical imaging.
In Canada, majority of the elderly population is utilizing diagnostic imaging techniques, as compared to the younger people. The Statistic Canada has stated that by 2036 almost 23% to 25% of the total Canadian population is expected to include geriatric population. Furthermore, by 2061, the estimated value is projected to be 24% to 28%. Therefore, with the rising geriatric population, the country is witnessing a significant increase in the number of patients suffering from chronic diseases. Hence, with the growing geriatric population the demand for diagnostic imaging equipment is expected to increase.
Key Market Trends
MRI is Expected to be Largest Growing Segment in the Canada Diagnostic Imaging Equipment Market
MRI systems are able to diagnose almost all the organs in the body, primarily head and neck, spine, and coronary arteries. Data published by the Canadian government in year 2018 has indicated that around 8% of the adults in Canada are suffering from cancer and 25% are suffering from hypertension. Moreover, a large number of people are suffering from multiple sclerosis, stroke, dementia, infection, etc. this is expected too augment the demand for MRI systems in the country.
Hence, there is a great opportunity for the medical device companies, to establish their facilities in Canada. The market is witnessing an increase in the demand for medical devices due to the rising prevalence of chronic diseases.
The market studied is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop the technologically advanced products in order to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in the Prevalence of Chronic Diseases
4.2.2 Increasing Geriatric population
4.2.3 Increased Adoption of Advanced Technologies in Medical Imaging
4.3 Market Restraints
4.3.1 Expensive Procedures and Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Modality
5.1.2 Computed Tomography
5.1.5 Nuclear Imaging
5.2 By Application
5.2.5 Other Applications
5.3 By End-user
5.3.2 Diagnostic Centers
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Inc.
6.1.2 Carestream Health Inc.
6.1.3 Esaote SpA
6.1.4 FUJIFILM Holdings Corporation
6.1.5 GE Healthcare
6.1.6 Koninklijke Philips N.V.,
6.1.7 Siemens AG
6.1.8 Hitachi Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.