Pharmaceutical Market Size in Canada is set to grow by USD 8.73 billion from 2024-2028, High investments by major players boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The pharmaceutical market size in Canada is estimated to grow by USD 8.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period.

For more insights on the forecast market size and historic data (2018 - 2022) - Request a sample report!

Market Driver

Canada boasts a thriving pharmaceutical industry with major players like Novartis AG and Pfizer Inc. investing heavily in R&D, manufacturing, and innovation. Novartis has injected $450 million into expansion efforts, while Pfizer recently pledged $1.4 million toward healthcare innovation through partnerships like Communitech. Such investments, along with Canada's strong R&D capabilities and advanced healthcare system, are poised to drive growth in the global pharmaceutical market within the country.

Market Challenges

• Canada's strict drug price regulations, overseen by agencies like the PMPRB, pose challenges for pharmaceutical firms. The PMPRB compares Canadian drug prices with similar countries, limiting pricing flexibility and discouraging innovation. CADTH and provincial drug plans further delay market access by determining reimbursement.
• These hurdles hinder revenue and market growth for pharmaceutical companies, impacting financial health and patient access to innovative treatments. Consequently, the Canadian pharmaceutical market faces constraints on growth.

Research report provides comprehensive data on impact of trend, driver and challenges - Request a sample report!

Segment Overview

1. Distribution Channel
• 1.1 Pharmacy
• 1.2 Clinic
2. Type
• 2.1 Prescription
• 2.2 Non-prescription
3. Therapy Area
• 3.1 Musculoskeletal system
• 3.2 Nervous system
• 3.3 Respiratory system
• 3.4 Others
4. Geography
• 4.1 North America

1.1 Pharmacy- During the projected timeframe, the pharmacy segment is poised to hold a substantial market share in Canada's pharmaceutical sector. This segment comprises hospital and retail pharmacies. Hospitals maintain direct links with drug manufacturers, ensuring a steady drug supply, negotiating prices, and maintaining quality standards.

Retail pharmacies, known for their accessibility and convenience, not only dispense prescriptions but also provide healthcare services such as consultations and vaccinations. Both sectors play a crucial role in meeting diverse consumer needs and driving market growth. The pharmacy segment was valued at USD 26.79 billion in 2018 and is expected to continue its significant contribution during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Research Analysis

In the Canadian pharmaceutical market, life sciences companies are pivotal in producing essential medical items for healthcare workers amidst the ongoing health crisis. These companies prioritize stringent security protocols, including the implementation of plexiglass barriers and regular sanitization measures, to ensure a safe work environment.

Biomanufacturing processes are currently underway to address various healthcare needs, ranging from ventilators to vaccines, as well as treatments for geriatric populations and individuals suffering from chronic diseases like hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, metabolic disorders, and atopic dermatitis (AD). Over-the-counter (OTC) drugs and antihistamines are also experiencing high demand.

Regulatory approvals are of paramount importance for bringing new treatments and medications to market. Pharmaceutical warehousing plays a critical role in this ecosystem, ensuring efficient storage and distribution of these vital pharmaceutical products to healthcare facilities and pharmacies across the country.

Market Research Overview

The Pharmaceutical Market in Canada is a significant sector, characterized by the presence of various components. These include regulations, such as Health Canada, which ensures the safety, efficacy, and quality of pharmaceuticals. The market consists of various types of products, including biologics, generics, and vaccines. The sector is driven by factors like an aging population, increasing prevalence of chronic diseases, and government initiatives to improve healthcare access.

The market is also influenced by trends, such as the shift towards personalized medicine and the adoption of technology in healthcare. Additionally, the market faces challenges, including rising healthcare costs, stringent regulatory requirements, and increasing competition. Continuous monitoring and adaptation are necessary for companies to stay competitive, especially with the emergence of technologies like Pharmaceutical Continuous Manufacturing.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Pharmacy
• Clinic
• Type
• Prescription
• Non-prescription
• Therapy Area
• Musculoskeletal System
• Nervous System
• Respiratory System
• Others
• Geography
• North America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED