Market Trends of Canada Ultrasound Devices Industry
Radiology is Expected to Witness Healthy Growth Over the Forecast Period
Radiology is a branch of medicine that uses imaging technology to diagnose and treat disease. Radiology may be divided into two areas: diagnostic and interventional. Ultrasound and X-ray professionals play an essential role in the medical industry, assisting in diagnosing and treating injuries and diseases by producing and interpreting diagnostic images such as those used to diagnose cancer and neurological disorders. The major factors propelling the growth of the segment are the increasing burden of neurological disorders and cancer.
For instance, according to a November 2022 report by the Government of Canada, about 223,900 Canadians were diagnosed with cancer in 2022, and prostate cancer was expected to remain the most diagnosed cancer, accounting for 46% of all cancer diagnosed in 2022. Further, according to the same source, breast cancer affects one out of every eight women at some point in their lives in Canada. Thus, as the number of cancer cases rises, the demand for early diagnosis will increase in the country, thereby driving the market for ultrasound diagnostics over the projection period.
In addition, several market players are implementing strategic initiatives, such as partnerships and product launches, to increase the number of devices available for end users, thereby fuelling market growth. For instance, in December 2021, Medo, Medical Imaging Consultants (MIC), and Western Canada entered a partnership to revolutionize diagnostic imaging. Medo is a technology startup that uses artificial intelligence (AI) to simplify ultrasound in healthcare drastically. Similarly, in March 2022, NovaSignal Corp. reported that Health Canada had granted its NovaGuide intelligent ultrasound a medical device license. NovaGuide is now available to Canadian healthcare practitioners to capture and monitor brain blood flow in real-time. Thus, the strategic move will enhance the development of innovative ultrasound for radiology, thereby contributing to market growth in Canada.
Thus, the market players' growing burden of chronic diseases such as cancer and strategic activities is expected to boost the segment over the forecast period.
2D Ultrasound Imaging Segment is Expected to Witness a Healthy Growth Over the Forecast Period
The 2D ultrasound transducer delivers sound waves through the body and back to create a basic image of the organs. 2D ultrasound can be used to detect cancers, polyps, and cysts in a major organ, and they provide a clear inside view that doctors can use to detect and diagnose some medical issues. Thus, factors such as the growing prevalence of cancers, rising technological advancements, and training on point-of-care ultrasound systems are expected to drive the growth of the 2D ultrasound devices market in Canada.
Further, the presence of market players that offer 2D ultrasound in the country will likely increase the accessibility of these devices, thereby boosting the segment's growth. For example, Esaote, Canon, and Siemens are some key players offering 2D ultrasound devices nationwide. The strategic activities by the market players, such as product launches, mergers and acquisition, collaboration, and geographical expansion, is expected to boost the market for 2D ultrasound over the forecast period. For instance, in May 2022, the University of Alberta experts invented a 2D ultrasound for dental offices ultrasound to help assess and diagnose dental patients.
Hence, the presence of the market and strategic activities by them, such as product launches and partnerships, as well as benefits offered by the 2D ultrasound, is expected to boost the segment growth over the forecast period.
