Canada Pharmaceutical Market To Reach $76.86 Billion By 2030 | Grand View Research

May 2024 | Report Format: Electronic (PDF)

Canada Pharmaceutical Market Growth & Trends

The Canada pharmaceutical market size is expected to reach a value of USD 76.86 billion by 2030, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.88%. This market is a significant and highly regulated industry, influenced by several driving factors. One of the primary drivers is Canada’s aging population. With a growing number of seniors, there’s a heightened demand for pharmaceuticals and healthcare services. For example, medications for conditions like osteoarthritis and Alzheimer’s are in high demand due to the aging demographic.

Government regulation also plays a crucial role in shaping the pharmaceutical market. Health Canada, the country’s regulatory body, oversees drug safety and efficacy. For instance, the approval and regulation of prescription drugs like insulin and antibiotics ensure the quality and safety of medicines available in the market. Research and development (R&D) efforts are another crucial factor. Canada boasts a strong R&D sector, with pharmaceutical companies like Apotex and Valeo Pharma conducting innovative research. For example, the development of biologic drugs for conditions like cancer and autoimmune diseases benefits patients and contributes to economic growth.

Moreover, product launches by key players in the market will further propel the Canadian pharmaceutical market growth in the forecast period. For instance, the approval of Arexvy, a respiratory syncytial virus (RSV) vaccine, for individuals aged 60 and older is a significant development in Canada’s healthcare landscape. RSV is a common cause of lower respiratory tract disease (LRTD) in older adults, making this vaccine a valuable addition to the preventive measures available. This approval expands the vaccine portfolio of GSK in Canada and addresses a specific healthcare need for the aging population. The introduction of Arexvy is especially noteworthy as it marks the first RSV vaccine for older adults to be approved in the country. RSV can lead to severe respiratory illnesses, and older adults are a particularly vulnerable demographic.

The timing of its availability ahead of the 2023/24 peak RSV season is crucial, as it ensures that older adults have access to protection when they need it the most. It demonstrates the commitment to public health and underscores the importance of proactive vaccination strategies in safeguarding the well-being of the aging population in Canada. This approval contributes to the broader efforts to enhance healthcare and protect vulnerable populations against infectious diseases.

However, stringent regulatory processes essential for safety can delay drug approvals and market access. In addition, price controls and negotiations between pharmaceutical companies and the government can impact profitability. Intellectual property issues, including patent disputes and generic competition, may hinder market growth. In addition, economic factors, such as healthcare budget constraints and the cost of research and development, can pose challenges for industry and patients in accessing innovative medications.

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Canada Pharmaceutical Market Report

Canada Pharmaceutical Market Report Highlights

Canada Pharmaceutical Market Segmentation

Grand View Research has segmented the Canada pharmaceutical market based on drug type, product, type, disease, route of administration, formulation, age group, and end-user:

Canada Pharmaceutical Drug type Outlook (Revenue, USD Billion, 2018–2030)

Canada Pharmaceutical Product Outlook (Revenue, USD Billion, 2018–2030)

Canada Pharmaceutical Type Outlook (Revenue, USD Billion, 2018–2030)