Canada Pharmaceutical Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Generics and Branded), By Drug Type (Biologics & Biosimilars and Conventional Drugs), By Type (OTC and Prescription), By End-user (Hospitals, Clinics, and Others), and Canada Pharmaceutical Market Insights, Industry Trend, Forecasts to 2033.

Canada Pharmaceutical Market Insights Forecasts to 2033

• The Canada Pharmaceutical Market Size was estimated at USD 35.21 Billion in 2023.
• The Market Size is Growing at a CAGR of 4.85% from 2023 to 2033
• The Canada Pharmaceutical Market Size is Expected to Reach USD 56.52 Billion By 2033

The Canada Pharmaceutical Market Size is Expected to Reach USD 56.52 Billion by 2033, Growing at a CAGR of 4.85% from 2023 to 2033.

Market Overview

The industry in Canada that deals with the development, manufacturing, marketing, and distribution of pharmaceutical goods and services is referred to as the pharmaceutical market. Prescription and over-the-counter (OTC) drugs, biologics, vaccines, and other medical supplies used in disease prevention and treatment are all part of this industry. The market is dominated because of an aging population, rising healthcare costs, rising demand for novel medications, and a strong emphasis on research and development, are some of the drivers propelling the market. The market is also growing as a result of government initiatives to improve access to healthcare and biotechnology investments. In addition, all of these elements work together to promote development and expansion in the Canadian pharmaceutical sector. Additionally, demand for a variety of medications is being driven by the rising incidence of chronic illnesses such as cancer, heart disease, neurological disorders, diabetes, and obesity, which could accelerate market expansion.

Report Coverage

This research report categorizes the market for the Canada pharmaceutical market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada pharmaceutical market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada pharmaceutical market.

Driving Factors

The Canada pharmaceutical industry is driven by the country's aging population, which is the primary driver of demand for different medications, which is expected to fuel market expansion. In addition, the market is expanding significantly as a result of substantial industrial investments and growing biotechnology breakthroughs. Additionally, the market is anticipated to develop as a result of rising need for improved therapeutics and early and precise disease detection. Furthermore, customers in Canada are willing to spend more for high-quality pharmaceutical items and are increasingly looking for individualized healthcare solutions. They choose treatments that are catered to their unique demands and lifestyles.

Restraining Factors

The expansion of the pharmaceutical product market is hindered by pricing limits and reimbursement policies. In order to maintain market access and profitability, businesses must manage a variety of pricing structures and reimbursement models as a result of the Canadian government's strict rules and pricing policies for prescription pharmaceuticals.

Market Segmentation

The Canada pharmaceutical market share is classified into the product type, drug type, type, and end-user.

• The branded segment accounted for the largest share of 70% in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the product type, the Canada pharmaceutical market is divided into generics and branded. Among these, the branded segment accounted for the largest share of 70% in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is ascribed to control medicine costs, the Canadian Patented Medicine Prices Review Board (PMPRB), which was founded in 1987, sets ex-factory price caps for patented pharmaceuticals. The pharmaceutical market's balance between innovation and accessibility is maintained by this regulatory structure, which guarantees moderately priced and accessible branded medications.

• The conventional drugs segment accounted for the largest share of 52% in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the drug type, the Canada pharmaceutical market is divided into biologics & biosimilars and conventional drugs. Among these, the conventional drugs segment accounted for the largest share of 52% in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is growing due to Canada's position in the global pharmaceutical industry is strengthened by large investments and strategic alliances, which also help to develop new drugs and increase the country's contribution to global healthcare solutions.

• The prescription segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the type, the Canada pharmaceutical market is divided into OTC and prescription. Among these, the prescription segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is expanding due to the strict supervision of prescription drug costs in Canada's pharmaceutical business, which is a major driving factor.

• The hospital segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the end-user, the Canada pharmaceutical market is divided into hospitals, clinics, and others. Among these, the hospital segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is rising owing to the country's expanding healthcare facilities and growing healthcare infrastructure, which have led to an increase in the demand for pharmaceutical drugs in Canadian hospitals, highlighting the vital role that pharmaceuticals play in upholding and enhancing healthcare standards.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada pharmaceutical market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

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

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In October 2023, in the Canadian market, Panacea Biotec introduced Paclitaxel protein-bound particles for injectable suspension (albumin-bound), which is recommended for the treatment of non-small cell lung cancer, metastatic breast cancer, and pancreatic adenocarcinoma. This was done in collaboration with Apotex Inc. of Canada.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada pharmaceutical market based on the below-mentioned segments:

Canada Pharmaceutical Market, By Product Type

• Generics
• Branded

Canada Pharmaceutical Market, By Drug Type

• Biologics & Biosimilars
• Conventional Drugs

Canada Pharmaceutical Market, By Type

• OTC
• Prescription

Canada Pharmaceutical Market, By End-user

• Hospitals
• Clinics
• Others