DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "The Medical Device Market: Canada" report to their offering.
Canada is geographically one of the world's largest countries, but has a population of just 34.4 million. The population is unevenly spread, 90% of Canadians live near the US border. The economy is highly developed, GDP per capita is on a par with the US.
Imports and exports have recovered since their dip in 2009. The latest medical trade data to June 2011 showed imports slightly up on the previous 12 months in Canadian dollar terms (4.7%) but up more in US dollar terms (+10.7%) to US$4.9 billion. Exports for the same period were valued at US$1.4 billion, an 8.6% increase in US dollar terms, 3.0% in local currency terms.
Despite the worldwide recession, medical devices are continuing to grow and the industry believes Canada is in a good position to expand its medical device business. Further R&D funding is key to developing new products as the Canadian government still lags behind the US in this respect.
In 2011, the Canadian medical device market is estimated at US$6.2 billion which, considering the size of the population, makes it one of the world's richest medical markets. The market has recovered from negative growth in 2009, which reflected global economic problems. Much of the market is supplied by imports, largely from the USA.
The Canadian economy is predicted to grow at around 2% for the next five years, and has been less affected by the global economic crisis. Canada has a more stable and regulated banking sector. Consequently, Canada is the only one of the seven major industrialised nations expected to return to having a surplus in its economy by 2015 according to the IMF.
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