Canada’s Telemedicine market size stood at around USD XX.X billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of XX% during the forecast period.
Integrating healthcare with advanced technologies like IoT, and data analytics has increased the growth opportunities of the telemedicine market in Canada. Also, the emergence of home care devices and social platforms has improved communication between consumers and professionals for transferring information and physiological data, home care devices can track the health status of patients and will regularly update the data to professionals leading to rising demand for these devices. Besides, improved use of technology in healthcare conveyance and a lack of physicians in rural areas are foreseen to offer a new prospect for most of the telemedicine market.
Driving Factors
High incidences of chronic diseases, rising healthcare costs, technological innovations, an increase in the aging population, and rising awareness regarding remote patient monitoring are the major driving factors for the Canadian Telemedicine Market. According to the Canadian Attitudes on Healthcare and Telemedicine Report, 70% of Canadians believe virtual care represents the future. The research was sponsored by Canadian virtual healthcare leader Dialogue. In Canada, 46% say it would take more than 4 days to see a healthcare professional for a minor health concern and 22% say it would take more than a week. With the advent of advanced technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), virtual hospitals, and telehealth apps, the adoption of telemedicine is increasing rapidly.
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Canada Telemedicine Market Analysis
1. Canada Telemedicine
Market Analysis
Canada Telemedicine Market Analysis including Market Size,
Market Segmented by Product / Services and End User
(Data forecasts from 2021 – 2029)
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Table of content
1. Methodology and Scope……………………………………………………………………………………………………………….….…………………………………04
a. Research Methodology
b. Research Approach
c. Key Benefit for Stakeholders from this report
2. Canada Telemedicine Market Analysis: Market Overview……………………………………..…..………………………………………………………….……….08
a. Canada Telemedicine Market Analysis (Current and Forecasted)
3. Canada Telemedicine Market Analysis: Growth Drivers and restraints…………………………….……………………………….…………..…..….………..….10
a. Market Drivers
i. Rising use of smartphone and upcoming of various mobile platforms
ii. Rising cases of chronic and lifestyle related diseases
iii.Rising healthcare costs
iv.Increasing aging population
v. Increase in regulatory approvals
b. Market Restraints
i. Increasing data security concerns and health fraud
ii. Limited reimbursement
4. Canada Telemedicine Market Analysis: Market Segmentation………………………….…………..………………….…….……………………………………….18
i. By Product/ Services
ii. By End User
iii.By Delivery Mode
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Table of content (continued)
5. Canada Telemedicine Market Analysis: By Specialty…………………………..………………………………..…………………………………………..……..…...23
6. Canada Telemedicine Market Analysis: Competitive Landscape………………………..………………………………….….……………………………..………25
a. Competitive Landscape: Key Players Revenue (Current and Forecasted)
7. Key Companies profile………………………………………………..……………...……………………………………………………………………………...…….….27
a. Cerner Corporation
b. GE Healthcare
c. Medtronics
d. Honeywell International Inc
8. Healthcare Policy and Regulatory Landscape ……………………………………………………………………….………………………………………………..…36
a. Policy Changes and Reimbursement In Canada Telemedicine Market
9. Future Development Growth………………….………………..…………………...……………………………………………………………………………...……..…38
a. Future Opportunities
10. Conclusion……………………………………………………………………..………………………………………………………..………………………………….….40
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Methodology and scope
Research methodology
Insights 10’s research methodology delves deep into the market, covering the macro and micro aspects of the industry. We identify
the key growth drivers, opportunities, and restraints that might promote or hinder the future industry growth along with an expansive
overview of the competitive landscape to help our clients make informed strategic decisions
We implement a mix of primary and secondary research for our market estimate and forecast. The secondary research forms the
initial phase of our study where we conducted extensive data mining, referring to verified data sources such as independent studies,
government and regulatory published material, technical journals, trade magazines, and paid data sources
For forecasting, the following parameters were considered:
Market drivers and restraints along with their current and expected impacts
Technological scenario and expected developments
End use industry trends and dynamics
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2028
We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive
the expected market growth rate
We appoint data triangulation strategies to explore different areas of the market. Our qualitative and quantitative assessments are
time-sensitive, reflecting the most recent value and volume of the market across regions
All our estimates and forecasts were verified through exhaustive primary research with the Key Industry Participants (KIPs)
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• The information gathered is then analyzed and synthesized. The
market research report is presented in different forms such as charts
by using a scientific approach for easy understanding
• Market Trends such as Drivers, Restraints, Opportunities,
Challenges. An intensive cross-verification and validation process
• Company Reports and Publications, Government Data, Financial
Reports of Key Industry Players, Press Releases, Scientific and
Industry Publications and Whitepapers
Methodology and scope (continued)
The data presented is comprehensive, reliable, and the result of extensive research, both primary and secondary
Data Collection
• Primary Interviews
• Secondary Data
Market Data Analysis &
Statistical Model
• Market Trends
• Market Sizing and Analysis
• Data Triangulation & Validation
Interpretation and
Presentation
• Analysis & Interpretation
• Insights
• Presentation & Reporting
Analysis methodology
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Methodology and scope (continued)
The study provides an in-depth analysis of the Telemedicine market with current trends and future estimations to elucidate the
imminent investment pockets
Our tools provides stakeholders with a cohesive understanding of the industry outlook, considering the qualitative and
quantitative industry variables
Comprehensive analysis of factors that drive and restrict the market growth is provided
Comprehensive quantitative analysis of the industry from 2021 to 2029 is provided to enable the stakeholders to capitalize on
the prevailing market opportunities
Extensive analysis of the key segments of the industry helps understand the applications and technologies used globally
Our rigorous data collection, thorough statistical analysis and specialist assessments ensure that our clientele has a greater
understanding of the industry space, supply chain, price fluctuations, competitive landscape, and other vital factors
Key benefit for stakeholders from this report
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Canada telemedicine market analysis (current and forecasted)
Canada telemedicine market size ($Bn) 2021-2029F
Canada telemedicine market size was accounted at around
USD 2.40Bn in 2021 and is projected to reach USD XXBn
by 2029, exhibiting a CAGR of around XX% during the
forecast period
According to the Canadian Attitudes on Healthcare and
Telemedicine Report, 70% of Canadians believe virtual care
represents the future
In Canada, 46% say it would take more than 4 days to see
a healthcare professional for a minor health concern and
22% say it would take more than a week
Telehealth services are becoming a part of an employee
benefits plan
With the advent of advanced technologies such as machine
learning, artificial intelligence, the Internet of Things (IoT),
virtual hospitals, and telehealth apps, the adoption of
telemedicine is increasing rapidly
2.40
2.93
3.55
4.29
5.17
6.20
7.41
8.84
10.50
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F
Key analysis
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Market growth drivers and restraints
Rising cases of
chronic and
lifestyle related
diseases
Rising use of
smartphone and
upcoming of various
mobile platforms
Impact
Market
drivers
Increasing data security
concerns
Reimbursement
policies are limited
Market
restraints
Impact
Impact Rising healthcare costs
Increasing aging
population
Increase in
regulatory
approvals
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Market growth drivers
1. Rising use of smartphones and upcoming of various mobile platforms
86% Canadians have a smartphone and that has changed expectations of when and where one can access personal
information
Telehome systems can be used to track and support patients with a variety of respiratory and chronic conditions that can
be treated without the need of hospital visits
Sample
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Market growth drivers (continued)
Chronic diseases and conditions are the leading cause of death and disability in Ontario
25% of Canadian adults suffer from hypertension and 11% suffer from diabetes
2. Rising cases of chronic and lifestyle related disease
Sample
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Market growth drivers (continued)
3. Rising healthcare costs
Total health spending in Canada is expected to reach $308 billion in 2021, with $8,019 per Canadian
The average Canadian household spends $2,000 on health care costs and $4,000 on private insurance premiums
Sample
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Market growth drivers (continued)
4. Increasing aging population
Population of Canada above 65 plus stands at 7 million in 2021
By 2030, 65+ population will cross 9.5 million and will make up 23 percent of Canadians
Sample
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Market growth drivers (continued)
Regulatory agencies, such as the U.S. Food and Drug administration (FDA), are extensively approving digital health
platforms and services in order to increase patient access and competition in the marketplace
In 2020 FDA provided a De Novo marketing authorization to Caption Health for artificial intelligence (AI)-assisted cardiac
ultrasound guidance software
5. Increase in regulatory approval
Sample
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2. Reimbursement policies are limited
1. Increasing data security concerns and health
fraud
Market restraints
Lack of reimbursement policies for telemedicine
practices is a factor limiting the use
Each region has different rules and regulations
about the types of services that can be
reimbursed by Medicaid
,Many states place restrictions on reimbursable
“originating sites,” which refer to the location of
the patients at the time of receiving the
telehealth services which affect the access to
telehealth for rural populations
Non-eligible or non-listed healthcare providers
may conduct incorrect coding and billing for
false claims, or they might use physicians’ name
and account to collect payments from insurance
companies
Many consumers not share confidential health
details due to security and trust issues
Sample
Sample
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Canada telemedicine market segmentation
By Product and Service
Canada telemedicine market segmentation
Tele-consulting
Tele-monitoring
Telehospital
Tele-education/ training
By End User
Telehome
Hardware
Software
By Delivery Mode
Mobile
Call centers
Web
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Hardware Software
Tele-consulting Tele-monitoring
Tele-education/training
Market segmentation: By Product/Service
Canada Telemedicine market share by product/service
The telemedicine market for the software and hardware
segment accounted for USD 1.01Bn in 2021 and is
projected to reach XXBn by 2029 with a CAGR of XX%
during forecast period
Hardware segment is the largest component in Canada
telemedicine market
Hardware segment is divided into Health IT,
connectivity/infrastructure, Medical devices (for remote
patient monitoring), and others (Kits and telemedicine carts)
Tele-monitoring is expected to hold largest market share by
2030 due to increasing demand of remote patient
monitoring devices
Key insights
Sample
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Telehospital Geriartric
Market segmentation: By End User
Canada Telemedicine market share by end user
The telemedicine market for the telehospital segment
accounted for USD 1.98Bn in 2021 and is projected to reach
USD XXBn by 2029 with CAGR of XX% during forecast
period
The market for telehome segment is estimated to be worth
USD 4.19Bn by 2029
Telehome segment has proven potential for the growth of
telemedicine market
Key insights
Sample
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Mobile Web Call Centers
Market segmentation: By Delivery Mode
Canada Telemedicine market share by delivery mode
Telemedicine market for mobile accounted for USD 1.35Bn
in 2021 and project to reach XXBn by 2029 with CAGR of
XX% during forecast period
Telemedicine market for call centers accounted for USD
0.73Bn in 2021 and project to reach XXBn by 2029 with
CAGR of XX% during forecast period
Web Segment to be fastest growing during forecast period
Key insights
Sample
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Cardiology Gynecology Neurology
Orthopedics Dermatology Mental Health
Others
Market analysis, insights and forecast: By specialty
Sample
Key insights
The telemedicine market for cardiology accounted for
USD 0.51Bn in 2021 and is projected to reach USD
XXBn by 2029 with CAGR of XX% during forecast
period
Mental segment is estimated to have highest market
share in telemedicine market by 2029
Canada Telemedicine Market Share by specialty
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Cerner Corporation is one of the major providers
of health care information technology (HCIT)
solutions and services
Virtual health care services to manage health
and care in new ways were remote monitoring
and real time meaningful interventions will
fundamentally change the way populations
engage in their health
Company Name: Cerner Corporation
Year of Establishment: 1986
Headquarter: Missouri, United States
Revenue: $5.76Bn
Website:https://www.cerner.com/
Company Profile
1. Cerner Corporation
Sample
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Breakdown of net revenue (%) by segment, 2021
Analysis
Revenues ($Bn), 2021-2029F
1. Cerner Corporation (continued)
Sample
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F
Cerner corporation annual revenue stands at 5.76Bn in 2021
Cerner Integrates EHR Digital Health Platform to Boost Patient Experience
Collaboration between Cerner and Xealth aims to allow clinicians to order solutions and manage health conditions within the
EHR workflow
International Domestic
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GE Healthcare provides essential healthcare
technologies to developed and emerging markets
and has expertise in medical imaging, digital
solutions, patient monitoring and diagnostics,
drug discovery and performance improvement
solutions that are the building blocks of precision
health
Products and services are sold worldwide
primarily to hospitals and medical facilities
Company Name: GE Healthcare
Year of Establishment: 1892
Headquarter: Chicagoo, United States
Revenue: $15.69Bn
Website:https://www.gehealthcare.com/
Company Profile
2. GE Healthcare
Sample
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Breakdown of net revenue (%) by segment, 2021
Analysis
Revenues ($Bn), 2021-2029F
2. GE Healthcare (continued)
Sample
Business 1 Business 2 Business 3
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F
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Medtronic is global leader in medical technology
services and solutions
Medtronic provides groundbreaking healthcare
technology solutions for most complex and
challenging solutions
Company Name: Action First
Physiotherapy Ltd
Year of Establishment: 1962
Headquarter: Brampton, Canada
Revenue: $30.11Bn
Websitehttps://www.medtronic.com/ca-
en/index.html
Company Profile
3. Medtronic
Sample
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Breakdown of net revenue (%) by segment, 2021
Analysis
Revenues ($Bn), 2021-2029
3. Medtronic (continued)
Sample
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F
Business 1 Business 2 Business 3
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Honeywell International Inc. is known to be a
diversified technology and manufacturing
company
Provides fully integrated video communication
that will enable individuals with chronic
conditions to meet with their doctors and nurses
face to face without having to leave their homes
Company Name: Honeywell International
Inc
Year of Establishment: 1906
Headquarter: North Carolina, United
States
Revenue: $32Bn
Website:https://sps.honeywell.com/us/en/indust
ries/healthcare-life-sciences
Company Profile
4. Honeywell International Inc
Sample
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Breakdown of net revenue (%) by segment, 2021
Analysis
Revenues ($Bn), 2021-2029
4. Honeywell International Inc (continued)
Sample
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F
Business 1 Business 2 Business 3
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Policy changes and reimbursement scenario in Canada Telemedicine
market
Telemedicine is used in every province in Canada; however, the restrictions vary by province
Each province has its own telemedicine licensing, insurance coverage, and fee policies
All provinces have adopted teleconsultation through video/audio, however the use of remote monitoring technologies has been seen
only in four provinces (Quebec, Ontario, New Brunswick, and Manitoba)
Since the outbreak of COVID-19, the Canadian Medical Protective Association (CMPA) and colleges from throughout the country
have advocated for the adoption of telemedicine services
Physicians must ensure that all patients' privacy is protected, as well as keep in mind the limitations of employing telemedicine for
therapy
Sample
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Future opportunities
Rapid growth in field of remote monitoring that involves tracking the health of a patient present in a different location
Increase in funding in telehealth start up ecosystem
Telemedicine product enhancement and acquisitions leading to market consolidation
Sample
Sample
Sample
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Canada telemedicine market is growing and presents lucrative market
opportunity
1
2
3
5
4
Virtual Care
According to the
Canadian Attitudes on
Healthcare and
Telemedicine Report,
70% of Canadians
believe virtual care
represents the future
Cost Acting as Growth
driver
The average Canadian
household spends
$2,000 on health care
costs and $4,000 on
private insurance
premiums
Segmentation
Hardware segment is the largest
component in Canada telemedicine
market
Positive Impact Of Pandemic
Since the outbreak of COVID-
19, the Canadian Medical
Protective Association (CMPA)
and colleges from throughout
the country have advocated for
the adoption of telemedicine
services
Startup Growth
Rapid increase in
funding in telehealth
start up ecosystem