Pharmaceuticals - Canada

  • Canada
  • The Pharmaceuticals market in Canada is expected to witness a significant growth in the coming years.
  • By 2024, the projected revenue for this market is estimated to reach €18.66bn.
  • Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of €3.25bn by 2024.
  • Furthermore, the Pharmaceuticals market in Canada is expected to exhibit a steady annual growth rate of 4.67% from 2024 to 2029, resulting in a market volume of €23.44bn by 2029.
  • In terms of global comparison, United States is projected to generate the highest revenue in the Pharmaceuticals market, reaching €578.50bn in 2024.
  • Canada's pharmaceutical market is experiencing a surge in demand for innovative biologics and personalized medicine.

Key regions: United States, China, Germany, Japan, Europe

 
Marché
 
Région
 
Comparaison de régions
 
Monnaie
 

Analyst Opinion

Canada, a country known for its natural beauty and hockey, has a thriving pharmaceuticals market.

Customer preferences:
Canadian customers are increasingly looking for personalized healthcare solutions. They prefer treatments that are tailored to their specific needs and lifestyles. Additionally, they are willing to pay a premium for high-quality pharmaceutical products.

Trends in the market:
One of the major trends in the Canadian pharmaceuticals market is the increasing focus on research and development. Pharmaceutical companies are investing heavily in R&D to develop innovative products that can address unmet medical needs. Another trend is the growing demand for generic drugs. As the Canadian government looks for ways to reduce healthcare costs, it has encouraged the use of generic drugs as a cost-saving measure.

Local special circumstances:
One of the unique aspects of the Canadian pharmaceuticals market is the role of the government. The government plays a significant role in regulating drug prices and approving new drugs for use in the country. Additionally, the country's universal healthcare system means that the government is the largest purchaser of pharmaceuticals in Canada.

Underlying macroeconomic factors:
Several macroeconomic factors are driving the growth of the pharmaceuticals market in Canada. One of the most significant is the country's aging population. As the population ages, there is an increasing demand for pharmaceutical products to treat age-related illnesses. Additionally, the country's strong economy and high standard of living mean that Canadians have more disposable income to spend on healthcare. Finally, the government's commitment to universal healthcare ensures that there is a steady demand for pharmaceutical products in the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

Vue d’ensemble

  • Revenue
  • Analyst Opinion
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
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