Everyday, medical technology advancements help save the lives of patients in Canada by improving the accuracy of diagnoses, enhancing treatments and cure of diseases, reducing long-term disabilities and helping to provide better medical care and create health system efficiencies. Covering a wide range of products, medical technology examples include pacemakers, artificial heart valves, hip implants, synthetic skin, scalpels, medical laboratory diagnostic instruments, test kits for diagnosis to name just a few.
• The size of the Canadian medical technology market is valued at approximately $7.8 billion, making it the 8th largest worldwide.
• More than 1,500 medtech companies operate in Canada.
• Medtech companies are located across Canada and are primarily located in the three largest provinces, Ontario, Quebec and British Columbia.
• Canada exports approximately $3.1 billion of medical technology and imports $8.6-billion.
• The largest markets for export are the United States, Europe, Middle East, South America and China.
• The Canadian medtech industry employs more than 35,000 Canadians with expertise across multiple disciplines, including but not limited to: life sciences, professional services, biomedical engineering, biological sciences, health economics, information technology, law, manufacturing, nursing, physical sciences, regulatory and quality, sales and marketing, and public affairs.
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What is a Medical Technology