Save lives with MedTech
innovation in Ontario
A market accelerated into the future post-pandemic
The global medical technology industry has witnessed a remarkable journey, pre-pandemic to post-pandemic. Projections indicate continued growth, with an anticipated increase from US $536.12 billion in 2023 to US $799.67 billion by the year 2030.
The In Vitro Diagnostics (IVD) segment emerged as a focal point for growth, experiencing substantial revenue upswings in 2020 and 2021. Digital health solutions, like telemedicine platforms, patient portals, and mobile applications attracted investments that surpassed US $45 billion, more than the cumulative funding recorded from 2010 to 2017.
MedTech innovation is to expand further across wearable devices for health monitoring, and cutting-edge diagnostics and testing solutions aimed at addressing chronic conditions such as Cancer and Diabetes.
Worldwide pharmaceutical markets were also influenced by the COVID-19 pandemic, predicted to enhance the market by US $500 billion between 2020 to 2027. Oncology expenses are expected to double to around US $370 billion by 2027. Biotech drugs are foreseen to constitute 35% of expenditures by 2027, and cell and gene therapies will continue to mature the biosimilar sector.
A world-class lifesciences hotbed
In 2022, pharmaceuticals and medical manufacturing collectively contributed US $89.6 billion to Canada’s GDP. Globally, Canada ranks as the eigth largest MedTech, boasts the second lowest G7 cost for clinical trial management, ranking #1 for active clinic trials per capita, and constitutes 2.1% of global pharmaceutical sales, positioning the country as the ninth largest market in the world.
Similar to global trends, Canada’s Medtech and Pharma industry demands also predict opportunities like the need for medical devices catering to older demographics due to Canada’s ageing population.
Technological advancements include AI reshaping diagnostic standards, virtual care providing a chance to revolutionize patient interaction, and biotech drugs, cell and gene therapies. Digital medicine and AI-driven personalization are also rapidly growing sub-sectors.
MedTech: Inside Canada’s borders, over 2,000 MedTech companies operate, employing over 35,000 Canadians. The export of medical technology from Canada amounts to approximately $3.1 billion while imports stand at CA $8.6 billion. Canada’s largest customers are the United States, Europe, Middle East, South America and China. Canada’s hubs for MedTech are Ontario, Quebec, and British Columbia.
Pharma: Between 2011 and 2019, the total value of pharmaceutical sales (including non-patented over-the-counter medicines) in Canada surged by 35.3%, reaching CA $29.9 billion. Among these sales, 86.7% occurred in retail drug stores, with hospitals accounting for 13.3%.
Clinical Trials: Canada is a favoured choice for global companies seeking a prime site for life sciences and clinical trials due to its exceptional education system, well-regarded clinical trial networks, and government support for research infrastructure. Canada’s contract research sector excels in phases I to IV clinical trials.
Ontario’s reputation shines in critical research domains like cancer, neuroscience, stem cells, gene therapy, and clinical trials. Pioneering breakthrough disease treatments, from diabetes and cystic fibrosis to leukaemia and early-onset Alzheimer’s disease, trace their roots back to this province.
Ontario has 1,900 life science firms (more than any other province in Canada), employing 70,100 individuals and contributing an annual revenue of CA $65.2 billion. Notably, pharmaceutical alone spearheads $45.4 billion in revenues and engages over 32,400 professionals.
Ontario-based Pharma companies export approximately CA CA $8.49 billion, encompassing 64.1% of Canada’s pharmaceutical goods, with a significant focus on the U.S. market. These companies are strategically positioned to tap into the expansive $20-trillion United States-Canada-Mexico Agreement (USCMA) marketplace, which stands as the world’s largest healthcare market as well.
Ontario is also particularly well-known for being an ideal testbed for MedTech and clinical trials. Home to over 4,600 active clinical trials – the highest in Canada, with twice the trials per capita as the U.S.
Six of Ontario’s universities house affiliated medical schools, among them the University of Toronto, recognized for having one of North America’s largest medical faculties. Moreover, the province’s 47 universities and colleges yield over 65,000 graduates each year in science, engineering, mathematics, and related fields.
Canada’s trade agreements cover markets valued at over US $50 trillion with 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).
Your business can access 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.
largest MedTech and
Pharma sector in Canada
active clinical trials
in annual exports
production of Canadian pharmaceutical goods
employees
STEM graduates
annually
Funding, Resources and Organizations
Using the Business Benefit Finder, you can find many more government grants and incentives relevant to your tech startup.
of tech hubs that supports startups and scale-ups through mentorship, funding connections, and commercialization. Visit Site
helps businesses in regenerative medicine with commercialization, manufacturing, and investment support for cell and gene therapies.
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supports biotech and pharmaceutical companies by developing and commercializing radiopharmaceuticals for imaging and therapy. Visit Site
Accelerates the growth of Canadian businesses in networking and telecom by providing cloud-based testbeds, funding, and commercialization support. Visit Site
connects researchers, businesses, and investors to translate innovations into commercial products and services across various industries. Visit Site
facilitates faster clinical trial approvals and industry collaboration, making Ontario a more attractive location for clinical research and innovation.
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supports neuroscience startups and businesses by providing funding, research collaboration opportunities, and commercialization assistance. Visit Site
helps businesses leverage genomics technologies for innovation in health, agriculture, and environmental sectors through funding and partnership programs. Visit Site
provides funding, infrastructure, and commercialization support for businesses developing new cancer therapies and diagnostics. Visit Site
promotes drug discovery by providing open-access research on protein structures, collaborating with pharmaceutical companies to accelerate new treatments. Visit Site
