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

The Canada Pharmaceutical market size is expected to reach USD 88.11 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

This market stands as a significant and highly regulated industry, shaped by various influential factors. One key driver is Canada's aging population, leading to an increased demand for pharmaceuticals and healthcare services, particularly for conditions prevalent in older individuals like osteoarthritis and Alzheimer's.

Government regulation plays a pivotal role in shaping the pharmaceutical market, with Health Canada overseeing drug safety and efficacy. The approval and regulation of prescription drugs, such as insulin and antibiotics, ensure the quality and safety of available medicines. Research and development (R&D) efforts are also crucial, and Canada's strong R&D sector, represented by companies like Apotex and Valeo Pharma, contributes to innovative research. For instance, the development of biologic drugs for conditions like cancer and autoimmune diseases benefits patients and supports economic growth.

Furthermore, product launches by key players will drive growth in the Canadian pharmaceutical market. An example is the approval of Arexvy, a respiratory syncytial virus (RSV) vaccine for individuals aged 60 and older. This approval expands GSK's vaccine portfolio in Canada, addressing a specific healthcare need for the aging population and marking a significant milestone as the first RSV vaccine for older adults in the country. The timing of its availability ahead of the 2023/24 peak RSV season is crucial for proactive protection against severe respiratory illnesses in older adults.

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However, stringent regulatory processes for safety may cause delays in drug approvals, impacting market access. Price controls and negotiations between pharmaceutical companies and the government can affect profitability. Intellectual property issues, including patent disputes and generic competition, may pose challenges, and economic factors such as healthcare budget constraints and the cost of R&D can impact industry and patient access to innovative medications.

Canada Pharmaceutical Market Report Highlights

• In 2023, the conventional drugs (small molecules) segment, based on drug type, claimed the largest market share. Small molecules play a pivotal role in propelling Canada's pharmaceutical market, serving as the foundation of drug development and continuing to fuel ongoing research and innovation in the sector.
• During the forecast period, the oral route of administration took the forefront as the primary revenue contributor in the market. This method of medication delivery is highly favored for its non-invasive characteristics, cost-effectiveness, and its ability to encourage patient compliance. The adaptability of oral medications across a spectrum of medical conditions reinforces the significance of this administration route, ensuring widespread accessibility and efficacy in drug delivery.
• The key market players include AbbVie, AstraZeneca, Eli Lilly, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, and Sanofi.

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

Canada Pharmaceutical, Drug Type Outlook (Revenue - USD Billion, 2019 - 2032)

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

Canada Pharmaceutical, Route of Administration Outlook (Revenue - USD Billion, 2019 - 2032)

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

Canada Pharmaceutical, Disease Outlook (Revenue - USD Billion, 2019 - 2032)

• 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

Canada Pharmaceutical, Formulation Outlook (Revenue - USD Billion, 2019 - 2032)

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

Canada Pharmaceutical, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Clinics
• Hospitals
• Others

Canada Pharmaceutical Market Report Scope