As Canada heavily invests in our healthcare delivery and industry, its life science sector is gaining more traction due to its innovative and entrepreneurial nature. We know that our economy greatly relies on innovation and research for business sustainability. This ensures a spot for anyone with bold ideas and strategic frameworks to transform ideas into reality.
If your company creates products that can be used in mitigation, treatment, diagnosis or prevention of a disease or abnormal physical conditions, you are a part of the medical device industry. Examples of medical devices include pacemakers, pacemakers, artificial heart valves, hip implants, synthetic skin, medical laboratory diagnostic instruments, test kits for diagnosis and contraceptive devices.
Globally, there is no single large firm controlling the medical device sector. It’s a low-level industry concentration, leaving room for Canadian medical devices to explore their international market potential.
In 2017, the key business segments of global medical device markets included:
- Diagnostic imaging, such as MRI and CT-Scan (24% of the world market)
- Consumables (16%)
- Patient aids – hearing aids, pacemakers (13%)
- Orthopedic Products (12%)
- Dental products (8%)
- Other medical equipment (28%)
If your company creates medical devices within these key business segments, jot down ‘investigate export opportunities’ on your ongoing projects list. The global expansion increases your access to markets and extends the sales life of your product, having a direct impact on your company’s growth and success.
Expanding to international markets is a great leap for most R&D companies specializing in medical devices, especially smaller ones. It’s important to consider the prosperity international expansion can bring along with its challenges.
If this leap is taken with adequate financial means and guidance, the opportunity risk can minimize significantly. For additional financial resources, check out CanExport funding as well as the Export Market Access Program if you’re based in New Brunswick, Newfoundland and Labrador, Prince Edward Island and Nova Scotia.
Related: Government Grants for Export
Whether your company focuses on engineering, manufacturing or software development of medical devices, here are factors to consider when contemplating a launch in international markets.
- Tips for Choosing a Global Expansion Location
- What To Consider Before Expanding Into International Markets
If you require support for exporting your medical devices, EVAMAX specializes in filing paperwork for CanExport and Export Market Access Program claims. Our experience in working with companies that work in international markets is abundant and we’ll be able to apply this expertise to your global expansion exploration.
Do you want to know all the Grants and Incentives your company is eligible for? Contact EVAMAX today for a no-obligation consultation.