Canada's AI & Medical Device Market

Canada is well positioned to deliver AI-based health innovations that will be used to improve the Canadian health system. Canada is promoting ethical AI practices and engaging with international partners notably G7 and the "Organization for Economic Cooperative Development", to promote cohesive and sensible AI regulations.

Canada's AI landscape is comprised of over 670 AI startups and 30 generative AI companies experiencing significant growth with the market projected to reach U.S. $4.13 billion in 2024. This is driven by government support, research, and a thriving technology sector.

Canada is well positioned to deliver AI based health innovations that will improve Canada's health systems. Leading national AI research institutions such as Amii, Mila, Vector Institute, and the Canadian Institute for Advanced Research (CIFAR),are promoting Canada's AI R&D.

Measures are in place to invest $2 billion to build and provide access to computing capabilities for Canada's AI researchers and start-ups to use to accelerate AI adoption in critical sectors. This includes not only healthcare, but also investing in the NRC IRAP AI assist program to help small and medium-sized businesses scale up, support workers who may be impacted by AI, create a new Canadian AI Safety Institute, and strengthen the AI and Data Commissioner.

As the need for medical devices increased with the onset of COVID-19, Canadians in Quebec found a high demand for medical devices to be urgently needed to provide continuous and quality healthcare services and to be able to achieve faster approvals for medical devices.

Technological advances coupled with Quebec's aging population is going to keep increasing the province's demand for medical supplies needed to treat age-related symptoms. Key business segments related to the Canadian medical device market include anesthesia apparatus, dialysis apparatus , blood pressure monitors, endoscopy apparatus, diagnostic imaging, consumables, patient aids, plus ophthalmic instruments.

Canada's Quebec Medical Device Market's need for medical devices is expected to grow by 5.4% annually until 2028, This market is driven by a commitment to invest in Canada's healthcare system which is made up of small and medium sized enterprises.

In general, U.S. medical device producers are in a position to sell medical devices to Quebec securely and reliably due to geographic proximity and to be able to meet Canada's strong demand for high quality medical technologies.