Canada Pharmaceutical Market Share Projected to Reach USD 88.11 Billion By 2032, Growing at 6.9% CAGR: Polaris Market Research

The Canada pharmaceutical market size and share is currently valued at USD 48.62 billion in 2023. It is anticipated to generate an estimated revenue of USD 88.11 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The key market players include AbbVie, AstraZeneca, Eli Lilly, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, and Sanofi.

New York, NY, Feb. 14, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Canada Pharmaceutical Market Share, Size, Trends, Industry Analysis Report, By Route of Administration (Inhalations, Topical, Parenteral, Oral, Other); By Drug Type; By Disease; By Formulation, By End-Use; By Region; Segment Forecast, 2024- 2032″ published by Polaris Market Research in its research repository.

The Canada Pharmaceutical Market size and share is currently valued at USD 48.62 billion in 2023. It is anticipated to generate an estimated revenue of USD 88.11 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

Market Overview

  • How Big Is Canada Pharmaceutical Market

The term ‘pharmaceuticals’ refers to substances used to diagnose, prevent, treat, or cure diseases. It includes a range of pharmaceutical drugs that are procured from various sources. These are unscheduled medicines, pharmacy medicines, pharmacist-only medicines, prescription-only medicines, and controlled drugs. Some pharmaceutical drugs are available for general sale at healthy food stores and pharmacies, while others can only be procured after a prescription from an authorized healthcare professional. They play a key role in improving the life expectancy and quality of life of many patients.

Pharmaceutical are manufactured by pharmaceutical companies, which may also deal in brand or generic medications and medical equipment. These firms are subject to various laws and regulations governing the safety, testing, efficacy, and marketing of pharmaceutical products. With the burgeoning elderly population in Canada, the Canada pharmaceutical market demand is anticipated to rise over the forecast period.

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Canada Pharmaceutical Market Key Companies

  • AbbVie, Inc.
  • AstraZeneca
  • Eli Lilly and Company
  • F. Hoffmann-La Roche Ltd.
  • GlaxoSmithKline plc.
  • Johnson & Johnson Services, Inc.
  • Merck & Co., Inc.
  • Novartis AG
  • Pfizer, Inc.
  • Sanofi

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Key Highlights

  • The market for pharmaceuticals in Canada is primarily driven by the rise in the elderly population who are more susceptible to several metabolic and lifestyle disorders.
  • The Canada pharmaceutical market segmentation is primarily based on drug type, route of administration, disease, formulation, and end-use.

Market Developments

Growth Drivers:

  • Rise in elderly population: Canada has witnessed a steady rise in the elderly population over the past decade. The elderly population, which is more susceptible to lifestyle and metabolic disorders, has resulted in increased occurrences of chronic conditions among elderly Canadians. The comorbidities associated with these conditions are expected to impact the Canada pharmaceutical market growth favorably.
  • Incorporation of advanced technologies: The pharmaceutical sector in Canada is witnessing a continuous state of advancement. The sector has embraced several innovative technologies such as electronic prescription systems and automated dispensing systems. These innovations have the potential to improve the accuracy and efficiency of pharmaceutical products, thereby fueling market expansion.

Industry Trends

  • Early disease diagnosis: The rising need for early and accurate disease diagnosis, along with the growing demand for advanced therapeutics, is projected to favorably impact the Canada pharmaceutical market size. According to the Canadian Cancer Society, cancer is one of the leading causes of death in Canada, contributing to around 28% of annual facilities. In 2022, Canada witnessed over 233,990 new cancer cases and 85,100 cancer-related deaths.

Restraints:

  • Intense competition: With heightened competition, pharmacies find it difficult to distinguish themselves from their competitors and attract customers. The recent surge in the number of pharmacies in Canada has led to market saturation in specific regions, making it challenging to both attract and retain customers. Besides, governmental policies play a vital role in the heavily regulated Canadian pharmaceutical sector.

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Segmentation Overview

  • The Conventional Drugs Segment Accounted for the Largest Market Share

Based on drug type, the conventional drugs (small molecules) segment witnessed the largest Canada pharmaceutical market share. This is primarily because small molecules act as a cornerstone of drug development and contribute to the R&D initiatives in the industry. The effectiveness of these molecules in treating a wide range of conditions contributes to the increased market demand. Besides, strategic alliances and significant developments enhance Canada’s position in the global pharmaceutical sector, allowing the development of innovative drugs and advancing the country’s impact on healthcare solutions across the globe.

The segment’s growth will further be fueled by strategic initiatives undertaken by market key players. For instance, in April 2023, leading pharmaceutical firm Takeda signed a licensing agreement with Treventis for a set of small molecules designed to target tau. These molecules were created by leveraging Treventis’ expertise in Alzheimer’s disease and neurogenerative research. The collaboration’s significance in the Canada pharmaceutical market lies in the potential to develop an effective medication that targets brain tau, an area that doesn’t have suitable treatment options.

  • The Oral Route of Administration Emerged as the Leading Revenue Contributor

The oral route of delivering medications is widely preferred due to its various benefits, including cost-effectiveness, non-invasiveness, and ability to promote patient compliance. The versatility of oral pharmaceutical drugs across different medical conditions strengthens the prominence of the oral administration route, ensuring broad accessibility and effectiveness in drug delivery. These factors play a vital role in shaping pharmaceutical markets, improving treatment accessibility, and providing a user-friendly experience to users.

The parenteral segment is projected to experience the highest CAGR in the Canada pharmaceutical market. With the parenteral administration method, medications get directly injected into the bloodstream, bypassing the digestive system. Also, it plays a crucial role in ensuring swift drug delivery and is particularly helpful in situations that need consistent blood levels.

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Canada Pharmaceutical Market: Report Scope & Dynamics

Report Attribute Details
Revenue Forecast in 2032 USD 88.11 Billion
Market size value in 2024 USD 51.72 Billion
Expected CAGR Growth 10.5% from 2024 – 2032
Base Year 2023
Forecast Year 2024 – 2032
Top Market Players AbbVie, AstraZeneca, Eli Lilly, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, and Sanofi, etc, among others
Segments Covered By Drug Type, By Route of Administration, By Disease, By Formulation, By End-Use, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options


Browse Press Release: Canada Pharmaceutical Market Size Worth $88.11 Billion By 2032 | CAGR: 6.9%

Key Questions Answered in the Report

What is the current industry size and forecast market value?

Ans: The current market value was estimated at USD 48.62 billion in 2023 and is projected to reach USD 88.11 billion by 2032.

What is the projected CAGR for the Canadian pharmaceutical industry?

Ans: The market for pharmaceuticals in Canada is anticipated to exhibit a CAGR of 6.9% over the forecast period.

What are the key factors driving the Canada pharmaceutical market sales?

Ans: The industry is primarily propelled by an increase in healthcare spending, rising demand for innovative medications, and growing emphasis on R&D initiatives.

Who are the key companies in the market?

Ans: AbbVie, Inc., AstraZeneca, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, and Johnson & Johnson Services, Inc. are the key players in the industry.

Polaris Market Research has segmented the Canada Pharmaceutical market report based on drug type, route of administration, disease, formulation, end-use, and region:

By Drug Type Outlook

  • Conventional Drugs (Small Molecules)
  • Biologics & Biosimilars (Large Molecules)
    • Vaccines
    • Cell & Gene Therapy
    • Monoclonal Antibodies
    • Others

By Route of Administration Outlook

  • Inhalations
  • Topical
  • Parenteral
    • Intramuscular
    • Intravenous
  • Oral
  • Other

By Disease Outlook

  • Liver conditions
  • Respiratory diseases
  • Genetic and Rare genetic diseases
  • Autoimmune diseases
  • Dermatological conditions
  • Cardiovascular diseases
  • Obesity
  • Neurological disorders
  • Gastrointestinal disorders
  • Mental health disorders
  • Diabetes
  • Eye conditions
  • Infectious diseases
  • Women’s Health Diseases
  • Hematological disorders
  • Renal diseases
  • Allergies
  • Endocrine disorders
  • Cancer
  • Infertility conditions

By Formulation Outlook

  • Sprays
  • Capsules
  • Tablets
  • Injectable
  • Suspensions
  • Powders

By End-Use Outlook

  • Clinics
  • Hospitals
  • Others

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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