Hospitals in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 62211CARevenue
$92.4bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
694k
Businesses
329
Wages
$XX.Xbn
Hospitals in Canada industry analysis
Hospitals play a critical role in healthcare delivery across Canada, serving as the primary providers of specialized and emergency medical services. These facilities treat patients regardless of economic circumstances, but income growth coupled with universal insurance coverage has made elective care more accessible to a wider population. Years of steady growth were interrupted by the COVID-19 pandemic, as the pandemic’s sudden impact left hospitals grappling with unprecedented challenges to their staff, finances and infrastructure. While provincial policies and billions in funding for hospitals helped mitigate the initial financial impact, financial pressures continue to strain hospitals even as health spending has sharply recovered. Intense financial pressures facing hospitals aren’t likely to abate in 2024. Revenue has been expanding at a CAGR of 1.1% to an estimated $92.4 billion over the past five years, including an estimated jump of 2.1% in 2023.
Trends and Insights
- Patients aged 70 and older are the largest market for hospital care. Older patients’ complex healthcare needs, higher service utilization and longer recovery times contribute to increased spending on hospital stays.
- Dense metropolitan areas have the most hospital beds. Toronto, Montreal and other large cities with high healthcare needs have more hospitals to keep people-to-bed ratios low.
- Hospitals achieving superior clinical outcomes stand out. Clinical metrics are publicly reported and scrutinized by patients, insurers and regulators.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.1 % over the past five years, to reach an estimated $92.4bn in 2024.
Trends and Insights
Hospitals’ battle against pandemic rages on
- Hospitals throughout Canada shut outpatient and emergency departments at the onset of the COVID-19 pandemic to limit the pandemic's spread and expand inpatient capacity. Provincial policies and billions of funding directed to hospitals alleviated the initial financial impact stemming from delays in elective care and drops in ER visits.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Hospitals will be central to managing an aging population
- A growing population of adults 65 and older will create a greater need for medical services, including hospitalization for surgeries, treatments and management of chronic illnesses.
Biggest companies in the Hospitals in Canada
| Company | Market Share (%)
2024 | Revenue ($short_0)
2024 | Profit ($short_0)
2024 | Profit Margin (%)
2024 |
|---|
There are no companies that hold a large enough market share in the Hospitals in Canada industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Intensive care nursing , Operating and post-anesthetic recovery and Pediatric nursing. Intensive care nursing is the largest segment of the Hospitals in Canada.
Trends and Insights
Intensive care nursing units are the pulse of hospitals
- Intensive care nursing focuses on caring for critically ill or injured patients requiring constant monitoring and intervention.
- More insights available in the full report
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Competitors
- There are no industries to display.
Complementors
- Primary Care Doctors in Canada
International industries
- Hospitals in the US
- Specialty Hospitals in the US
- Public General Hospitals in Australia
- Private General Hospitals in Australia
- Hospitals in New Zealand
Table of Contents
About this industry
Industry definition
The Hospitals industry includes specialized healthcare facilities where medical professionals diagnose, treat and care for patients with various illnesses, injuries and medical conditions. Hospitals offer a wide range of medical services, including emergency care, surgeries, inpatient care, outpatient care and specialized treatments in various medical specialties such as cardiology, oncology, neurology and more.
What's included in this industry?
Intensive careRehabilitation careLaboratory servicesSurgical proceduresImaging servicesCompanies
Purchase this report to view all major companies in this industry.
Related Terms
AMBULATORY CAREAMBULATORY SURGICAL FACILITYTELEMEDICINEIndustry Code
NAICS 62211 - Hospitals in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Patients aged 70 and older are the largest market for hospital care. Older patients’ complex healthcare needs, higher service utilization and longer recovery times contribute...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Dense metropolitan areas have the most hospital beds. Toronto, Montreal and other large cities with high healthcare needs have more hospitals to keep people-to-bed ratios low...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Hospitals achieving superior clinical outcomes stand out. Clinical metrics are publicly reported and scrutinized by patients, insurers and regulators.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Hospitals in Canada operate in a fragmented landscape. Regional differences in population, funding and infrastructure support an environment where hospitals cater to local or...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Navigating a complex regulatory framework is vital for hospitals to ensure legal compliance. Regulatory compliance isn’t just mandatory but also ensures hospitals enhance pat...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Hospitals require a massive, specialized workforce. Hospital care demands specialization and expertise, allowing health professionals to demand higher wages.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
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What is the market size of the Hospitals industry in Canada in 2024?
The market size of the Hospitals industry in Canada is $92.4bn in 2024.
How many businesses are there in the Hospitals in Canada industry in 2024?
There are 329 businesses in the Hospitals industry in Canada, which has declined at a CAGR of 5.3 % between 2019 and 2024.
Has the Hospitals industry in Canada grown or declined over the past 5 years?
The market size of the Hospitals industry in Canada has been growing at a CAGR of 1.1 % between 2019 and 2024.
What is the forecast growth of the Hospitals industry in Canada over the next 5 years?
Over the next five years, the Hospitals industry in Canada is expected to grow.
What does the Hospitals in Canada include?
Intensive care and Rehabilitation care are part of the Hospitals industry.
How competitive is the Hospitals industry in Canada?
The level of competition is moderate and steady in the Hospitals industry in Canada.
