Canada Pharmaceutical Market Size (2024 - 2029)

Canada Pharmaceutical Market Analysis

The Canada Pharmaceutical Market size is estimated at USD 33.34 billion in 2024, and is expected to reach USD 41.94 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).

Amid the COVID-19 pandemic, Canadian healthcare and life sciences companies faced significant challenges, such as a low supply of medical items (personal protective equipment, masks, and ventilators) and healthcare workers (physicians, nurses, volunteers), the forcible implementation of security protocols (plexiglass, sanitizers, one-way aisles), shorter work hours, and increased sick time for the workforce. To help slow the spread of COVID-19 in the community, the federal and provincial governments have urged Canadians to practice social distancing and self-isolation as needed. Similarly, as per the press release by the Government of Canada, in March 2021, it invested more than USD 1 billion in advancing the research and development of pharmaceuticals, biomanufacturing, and vaccines. The government is also exhibiting its continued support for made-in-Canada vaccines and therapeutics to counter COVID-19 with a USD 150 million investment to assist companies in the initial stages of research and development. Likewise, 6 vaccine candidates and 7 therapeutic candidates have already received advisory support and funding totaling more than USD 37 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). The remaining USD 113 million will be used to advance the most promising of these candidates to the next stage of clinical development, the news release stated.

An increase in the geriatric population will eventually drive the demand for several medications, as this age group is more vulnerable to a variety of metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. Furthermore, an increase in the incidences of chronic diseases among the Canadian population, as well as the comorbidities associated with the diseases, is expected to positively impact pharmaceutical market growth over the forecast period. For instance, hypertension, osteoarthritis, ischemic heart disease (IHD), osteoporosis, diabetes, asthma, cancer, and chronic obstructive pulmonary disease are among the top chronic diseases and conditions most common among Canadians as per the Public Health Agency of Canada statistics for 2021. According to Canadian Community Health Survey (CCHS) estimates, approximately 37% of seniors had at least two of the ten most common chronic diseases in 2021, with nearly half of those aged 85 and up reporting multimorbidity. Furthermore, according to Statistics Canada, approximately 54,44,600 people aged between 18 to 65 years and above were suffering from high blood pressure in the year 2021. Around 2,285,200 people aged 12 and above had diabetes, and 2,802,700 had asthma. Moreover, the same source stated that nearly 5,915,900 individuals aged 15 years and older had arthritis. Hence, with the rise in diseases such asthma and arthritis, the market studied is expected to witness strong growth over the forecast period.

However, high cost associated with some pharmaceutical medications are expected to adversely affect market growth over the coming years.

Canada Pharmaceutical Industry Segmentation

As per the scope of this report, pharmaceuticals are referred to as medications or medicinal drugs that are intended to prevent, diagnose, treat, or cure a disease. They may be prescription or non-prescription drugs. These medicines can be bought by an individual with or without the doctor's prescription and are safe for consumption to treat various illnesses. The Canadian Pharmaceutical Market is segmented by ATC/Therapeutic Class (Alimentary Tract and Metabolism, Blood and Blood Forming Organs, Cardiovascular System, Dermatologicals, Genito Urinary System and Sex Hormones, Systemic Hormonal Preparations, Antiinfectives For Systemic Use, Antineoplastic and Immunomodulating Agents, Musculo-Skeletal System, Nervous System, Antiparasitic Products, Insecticides and Repellents, Respiratory System, Sensory Organs, and Various Other ATC/Therapeutic Classes), by Drug Type (Prescription Type (Branded and Generic), and, OTC Drugs). The report offers the value (in USD million) for the above segments.