, many health agencies have joined group purchasing organizations, which have power to negotiate prices with medical device manufacturers and other providers of goods and services.” Over the past five years, these pricing pressures and downstream consolidation have spurred mergers and acquisitions within the industry. Meanwhile, shorter product life cycles and the high cost of developing new technology have provided further impetus for industry operators to consolidate.
Given its financial stability and abundant resources, Canada has potential to grow into a hub for medical device innovation. Canada is home to some of the world's most recognized and cutting-edge scientific research institutions, as well as a large number of experienced, highly trained researchers. In addition to its considerable strength in the information technology sector, Canada also holds a strong track record for conducting clinical trials, which stimulate innovations in the healthcare and medical devices sector. Still, despite these advantages, the industry will have to overcome a number of hurdles, such as a shortage of public and private investment, lack of sufficient incentives to attract and retain industry participants, and stringent regulations that constrain industry growth. For more information, visit IBISWorld’s Medical Device Manufacturing in Canada industry report page.
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IBISWorld industry Report Key Topics
This industry includes manufacturers of electrome
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