|By PR Newswire||
|August 5, 2014 10:12 AM EDT|
BURLINGTON, Mass., Aug. 5, 2014 /PRNewswire/ -- Decision Resources Group finds that the Canadian market for peripheral vascular (PV) devices will grow slightly through 2022 as procedural growth is largely offset by price declines. Although the Canadian market remains underpenetrated relative to other developed markets such as the United States or Europe, the landscape remains very difficult. As a result, manufacturers in this space will have to employ specific strategies to maintain growth in the Canadian market.
Other key findings from Decision Resources Group's coverage of the Canadian PV device market:
- Fixed annual hospital budgets: The public Canadian health care system is funded through annual fixed budget allocations for hospitals, resulting in a strong aversion to high upfront costs. Because endovascular treatments are more expensive than their surgical counterparts, Canadian facilities will be slow to adopt endovascular devices even though they have been proven to reduce hospital recovery times.
- Tender contracts and group purchasing: The extreme emphasis on cost also results in most hospitals purchasing through tender contracts or group purchasing organizations. This will create strong price competition among competitors, leading to declining prices.
- Conservative adopters: Because Canadian hospitals are public nonprofit entities, there is little need to compete for patients compared to more privatized health care markets. This has made Canadian physicians relatively conservative adopters of new technologies, which has further slowed the adoption of endovascular treatments and also continues to limit prices.
Comments from Decision Resources Group Team Lead Louise Murphy:
- "Drug-coated balloons and drug-eluting stents entered the Canadian market in 2013 and 2014, respectively. These products have been eagerly anticipated by Canadian physicians and will help to buoy the market overall. However, uptake will be slower than in other developed markets due to the highly cost-sensitive environment in Canada."
- "Manufacturers in the Canadian market should have a clear understanding of the underpenetration in Canada relative to other developed countries so that they can work with hospital purchasing departments to improve access to innovative technologies."
- Louise Murphy has written a Medtech 360 report on this subject entitled Canadian Markets for Peripheral Vascular Devices 2014.
- Louise Murphy has presented an analyst video on the subject of peripheral drug-coated balloons, which can be found here.
- Sivani Paskaradevan has written a blog post about cost-cutting in Canada, which can be found here.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
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SOURCE Decision Resources Group
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