Diagnosis and intervention are two key attributes of the Medical Technology market, which focuses on health problems, genetic research, and physical mobility. Thanks to its multifunctional usage and health improvement attributes, it is a vital part of the health sector – with steady growth. After revenues in the Medical Technology market had regressed in 2020 due to decreased routine medical treatments apart from COVID-19 treatments, the market came back strongly in 2021.
Despite the heightened interest in medtech from both public and private markets, medtech companies-and particularly founder-led, early-stage companies-can struggle to secure and maintain funding throughout their products’ lengthy and highly regulated development life cycles. While there is no one-size-fits-all formula, some key considerations can help early-stage medtech companies navigate the uphill path to funding through product development, regulatory pathways, and commercialization and launch.
One of the biggest drivers of stable growth in the Canada’s Medical Technology market is the ageing population, which ensures a sustained capital flow into R&D, the proliferation of health services, and the implementation of existing technological changes. Nevertheless, the highly regulated structure of the Medical Technology market slows down the entrance of innovative products, and thus also slows down the implementation of new technologies, hence its growth.
The past two years changed the revenue structure of the Medical Technology market; however, Canada expects a strong bounce back in 2022 and then stable growth on pre-COVID-19 levels. The In Vitro Diagnostics segment was an outlier in 2020 – it will keep its high growth rates throughout 2023 before stabilizing at its usual growth levels. Digitalization will be another driver of high growth rates due to the technological advancement of more tailor-made data-driven products. In conclusion, medical technologies have demonstrated their importance over the last two years and will therefore continue to be in the spotlight after the pandemic.
Medtech is becoming one of the fastest growing segments in Canada’s health care and life sciences sectors, particularly as COVID-19 has created a greater need for technologies that transform how health care providers leverage patient data to enable better outcomes and options.
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