Canada Wearable Medical Devices Market Insights Forecasts to 2033

• The Canada Wearable Medical Devices Market Size was valued at USD 1.45 Billion in 2023.
• The Market is growing at a CAGR of 24.48% from 2023 to 2033
• The Canada Wearable Medical Devices Market Size is expected to reach USD 12.95 Billion by 2033

The Canada Wearable Medical Devices Market is anticipated to exceed USD 12.95 Billion by 2033, growing at a CAGR of 24.48% from 2023 to 2033. The increasing emphasis on remote patient monitoring, home healthcare, and fitness & health-oriented lifestyle are driving the growth of the wearable medical devices market in the Canada.     

Market Overview

Wearable medical devices refer to the devices that are attached to the patient’s body in order to collect their health and fitness data which may be provided to doctors, health providers, insurers, and other relevant parties. The use of wearable medical devices has eliminated the need for in-person appointments. Further, clinicians and insurers have adopted the use of wearable devices to create more precise and individualized health plans. To promote healthy habits among office workers and remote workers, businesses have embraced wearable technology. The trend of portability and provision of care at home or by the patient’s bedside leads to surging advances like electronic patient records, personalized wearable technology, and wireless internet-connected systems, which are expected to provide smart, convenient, and easy-to-use healthcare at home.    

Report Coverage

This research report categorizes the market for the Canada wearable medical devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada wearable medical devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada wearable medical devices market.

Driving Factors

The integration of advanced patient monitoring technologies in the healthcare system of Canada for enhancing patient care is driving the market growth for wearable devices. The rising demand for tele-home healthcare where vital sign monitoring is essentially required drives the market demand. Wearable technology, especially smartwatches, and fitness trackers, enables users to keep an eye on their fitness and health in real-time. The availability of apps for tracking health, working out, managing stress, and providing home remedies that encourage users to maintain a healthy lifestyle are responsible for propelling the market growth for wearable medical devices.   

Restraining Factors

Wearable medical devices are not eligible for reimbursement that leads to hinders the adoption of these devices. The market expansion for wearable medical gadgets is therefore restrained because only people with high disposable income may use these devices.

Market Segmentation

The Canada Wearable Medical Devices Market share is classified into device, application, and end-use.

• The activity/fitness monitors segment dominated the market with the largest market share in 2023.

The Canada wearable medical devices market is segmented by device into activity/fitness monitors, diabetes devices, cardiac monitors, neurological monitors, body & temperature monitors, in-ear devices, and others. Among these, the activity/fitness monitors segment dominated the market with the largest market share in 2023. Activity/fitness monitors aid in tracking physical activity, sleep, heart rate, and other fitness statistics, providing real-time data. The increasing disposable income and consumer spending patterns are responsible for driving the market in the activity/fitness monitors segment.

• The fitness monitoring segment dominated the Canada wearable medical devices market during the forecast period.       

Based on the application, the Canada wearable medical devices market is divided into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking, and others. Among these, the fitness monitoring segment dominated the Canada wearable medical devices market during the forecast period. Physical and fitness activities including steps covered, calories burned & consumed, heart rate, distance covered, and breathing are monitored by the fitness monitoring devices. The rising expenditure on wearable technology is contributing to driving the market growth in the fitness monitoring segment.

• The home healthcare segment accounted for the largest market share during the forecast period.

The Canada wearable medical devices market is segmented by end-use into home healthcare, remote patient monitoring, and fitness & sports. Among these, the home healthcare segment accounted for the largest market share during the forecast period. Home healthcare assists individuals in living as independently as possible in the community and receiving care at home as opposed to in a hospital or long-term care facility. The increasing prevalence of chronic diseases and the aging population in the country are significantly contributing to driving the market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada wearable medical devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Koninklijke Philips NV
• Fitbit
• Intel Corp
• Covidien
• OMRON Corp
• Polar Electro
• Everist Health
• Garmin Ltd
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2024, The mental healthcare-focused company secured $1.7 million CAD ($1.2 million USD) in pre-seed funding and support from a slew of health tech investors to fuel the launch of its next-generation wearable device.
• In July 2024, Samsung Electronics Co., Ltd. announced the new Galaxy Watch7 and Galaxy Watch Ultra, expanding the power of Galaxy AI to more people through wearables designed to provide end-to-end wellness experiences for everyone.
• In February 2022, Tenzr Health announced its industry-leading wearable health tech is available in physiotherapy clinics in Ontario after wider adoption in clinics across British Columbia.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Wearable Medical Devices Market based on the below-mentioned segments:

Canada Wearable Medical Devices Market, By Device

• Activity/fitness monitors
• Diabetes devices
• Cardiac monitors
• Neurological Monitors
• Body & temperature monitors
• In-ear devices
• Others

Canada Wearable Medical Devices Market, By Application

• Cardiac health
• Obesity control
• Diabetes care
• Fitness monitoring
• Sleep tracking
• Others

Canada Wearable Medical Devices Market, By End-use

• Home healthcare
• Remote patient monitoring
• Fitness & sports