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The Canada pharmaceutical market size is forecast to increase by USD 8.73 billion at a CAGR of 4.6% between 2023 and 2028. The market is experiencing significant growth, driven by high investments in the industry and increasing advancements in biotechnology. The Canadian government's commitment to healthcare and research funding has attracted numerous domestic and international players to invest in the sector. Furthermore, the adoption of innovative technologies and research in areas such as gene therapy, personalized medicine, and vaccines is expected to fuel market growth. However, price controls and reimbursement policies in pharmaceutical products pose a challenge to market growth. The Canadian government's stringent regulations and pricing policies for prescription drugs have resulted in a complex market landscape, requiring companies to navigate various pricing structures and reimbursement models to ensure market access and profitability.
Furthermore, despite these challenges, the market's potential for innovation and growth remains strong, making it an attractive destination for pharmaceutical companies.
The market is primarily driven by life sciences companies focusing on the production of medical items essential to combat the ongoing pandemic. These companies are manufacturing ventilators, producing personal protective equipment such as plexiglass shields, and supplying sanitizers to ensure the safety of healthcare workers. With the increased emphasis on security protocols, social distancing, and self-isolation, the demand for OTC drugs, including antihistamines for allergies and atopic dermatitis (AD), has increased. The geriatric population and those suffering from chronic diseases like hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, and metabolic disorders are major consumer groups. Biomanufacturing plays a significant role in producing vaccines and treatments for various diseases.
Moreover, the Canadian regulatory authorities are expediting approvals to ensure the timely availability of essential medicines. The pharmaceutical industry is also focusing on the development of new drugs and treatments for various conditions.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The pharmacy segment is estimated to witness significant growth during the forecast period. The Canadian healthcare system relies heavily on life sciences companies to provide medical items essential for the treatment of various conditions, including masks, ventilators, and other critical equipment. In response to the COVID-19 pandemic, healthcare workers, including physicians, nurses, and volunteers, have implemented stringent security protocols, such as plexiglass barriers, sanitizers, one-way aisles, and social distancing measures. The Government of Canada has prioritized biomanufacturing and vaccine production, focusing on the geriatric population and those with chronic diseases, such as hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, prediabetes, and metabolic disorders. Health Canada has expedited approvals for OTC drugs and topical treatments, including antihistamines, moisturizers, emollients, antibiotics, corticosteroids, and treatments for melanoma. The pharmaceutical sector in Canada plays a vital role in ensuring the availability of these essential medications, maintaining records of their distribution, and communicating any necessary adjustments to the healthcare team.
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The pharmacy segment accounted for USD 26.79 billion in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High investment in pharmaceutical industry is the key driver of the market. Canada's pharmaceutical sector is a significant contributor to the Canadian economy, with numerous life sciences companies investing in research and development (R&D), manufacturing, and distribution. The industry's strength lies in its advanced healthcare system, skilled workforce, and strong R&D capabilities. The Canadian healthcare sector prioritizes medical items such as masks, ventilators, and personal protective equipment (PPE) for healthcare workers, physicians, nurses, and volunteers during the ongoing pandemic. The Government of Canada has implemented stringent security protocols, including one-way aisles, social distancing, self-isolation, and the use of plexiglass barriers, sanitizers, and antimicrobial surfaces. Beyond the pandemic response, the Canadian pharmaceutical sector focuses on addressing chronic conditions, including hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, prediabetes, and metabolic disorders.
Moreover, biomanufacturing and vaccine development are crucial areas of investment, with companies such as Pfizer Inc. And Novartis AG leading the way. In October 2023, Pfizer Inc. Announced a USD 500 million investment in its Canadian facilities for R&D and manufacturing of vaccines and other therapeutics. Novartis AG, another major player, invests approximately USD30 million annually in pharmaceutical R&D in Canada. The Canadian population, particularly the geriatric population, benefits from a wide range of pharmaceutical products, including over-the-counter (OTC) drugs, topical disorders treatments, and prescription medications. These include antihistamines, moisturizers, emollients, antibiotics, and corticosteroids for conditions such as atopic dermatitis (AD), melanoma, and other health concerns. The Canadian regulatory agency, Health Canada, plays a crucial role in approving these medications for public use.
The increasing advancements in biotechnology is the upcoming trend in the market. The Canadian pharmaceutical sector is witnessing significant growth due to advancements in life sciences and the healthcare industry. The Canadian healthcare system's focus on medical innovation is driving the demand for medical items such as masks, ventilators, and other essential healthcare supplies. Healthcare workers, including physicians, nurses, and volunteers, are at the forefront of the response to the pandemic, making adherence to stringent security protocols, such as plexiglass barriers, sanitizers, one-way aisles, and social distancing, a priority. The Government of Canada is investing in biomanufacturing and vaccines to address the needs of the geriatric population and those suffering from chronic diseases, including hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, prediabetes, and metabolic disorders.
Furthermore, the Canadian pharmaceutical sector is focusing on approvals from Health Canada for over-the-counter (OTC) drugs and topical disorders like atopic dermatitis (AD), which can be treated with antihistamines, moisturizers, emollients, antibiotics, and corticosteroids. Furthermore, the development of targeted therapies for melanoma and other diseases is a priority for Canadian pharmaceutical companies. Precision medicine, which offers personalized treatments based on an individual's genetic makeup, is gaining popularity, providing a more effective approach to healthcare.
Price controls and reimbursement policies in pharmaceutical products is a key challenge affecting the market growth. The Canadian pharmaceutical sector plays a significant role in the country's healthcare system, with life sciences companies supplying essential medical items such as masks, ventilators, and other critical equipment to support healthcare workers, physicians, nurses, and volunteers in the fight against the pandemic. The Canadian government, through agencies like the Patented Medicines Prices Review Board (PMPRB), implements stringent regulations to ensure affordable and accessible healthcare for the public. However, these policies create a complex market for pharmaceutical companies, with PMPRB's international referencing system leading to downward pressure on pricing strategies. Canadian healthcare prioritizes the needs of the geriatric population and those with chronic conditions like hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, prediabetes, and metabolic disorders.
Furthermore, biomanufacturing and vaccine development are key areas of focus, with Health Canada overseeing approvals for OTC drugs, topical disorders treatments like antihistamines, moisturizers, and emollients, and prescription medications such as antibiotics, corticosteroids, and those used for treating melanoma. The Canadian government enforces stringent security protocols, including plexiglass barriers, sanitizers, one-way aisles, and social distancing measures, to maintain a safe environment for patients and healthcare professionals. These measures, along with self-isolation requirements, have significantly impacted the pharmaceutical sector, necessitating innovative solutions and adaptations to meet the evolving needs of the industry.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers pharmaceutical products such as Acitrom, Acuvin, Agoviz, Ambihope, Ascapila, Avomine, Adiza and others.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Canada's pharmaceutical sector is a significant part of the country's life sciences industry, providing medical items essential for the Canadian healthcare system. The sector includes the production of masks, ventilators, and other critical medical equipment in response to the COVID-19 pandemic. Healthcare workers, physicians, nurses, and volunteers have been at the forefront of the response, implementing stringent security protocols such as plexiglass barriers, sanitizers, one-way aisles, social distancing, and self-isolation. The Government of Canada is supporting biomanufacturing efforts for vaccines and other critical treatments, particularly for the geriatric population and those with chronic diseases like hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, prediabetes, and metabolic disorders.
Furthermore, Health Canada is responsible for approving OTC drugs, topical disorders treatments like antihistamines for atopic dermatitis (AD), and various medications for conditions such as melanoma. The sector also includes the production of antihistamines, moisturizers, emollients, antibiotics, and corticosteroids.
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
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Market growth 2024-2028 |
USD 8.73 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.74 |
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Key companies profiled |
Abbott Laboratories, AbbVie Inc., Amgen Inc., Apotex Inc., AstraZeneca PLC, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., LES LABORATOIRES SERVIER, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. |
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Market dynamics |
Parent market analysis, market forecast , market growth inducers and obstacles,market forecast , fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this market research report to meet your requirements Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Market Segmentation by Therapy Area
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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