Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "Canada Pharmaceutical - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
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).
Factors such as the rising geriatric population and growing incidence of chronic diseases among the population are expected to boost the growth of the pharmaceutical market in Canada over the forecast period.
The rising burden of chronic diseases such as cancer, cardiovascular diseases, neurological diseases, diabetes, and obesity among the population is the key factor driving the demand for various drugs for treatment, which may bolster the market's growth over the forecast period. For instance, according to the Canadian Cancer Society 2023 report, about 27 people living in Canada were likely to be diagnosed with cancer every hour. About 239,100 new cases of cancer were estimated to be diagnosed in Canada in 2023. Thus, the country's high number of cancer patients is anticipated to fuel the demand for cancer-treating drugs, thus boosting market growth over the forecast period.
Additionally, according to the 2024 updated data published by the International Diabetes Federation, about 2.9 million people living in Canada had diabetes in 2021, and this number is projected to reach 3.2 million and 3.4 million by 2030 and 2045, respectively. Thus, the expected increase in the diabetic population raises the risk of developing other chronic diseases, such as cardiovascular and kidney diseases. This factor is anticipated to fuel the demand for drugs to treat diabetes conditions, propelling the market's growth.
Furthermore, the growing aging population in the country is the key factor driving the demand for various drugs, which is anticipated to fuel the market's growth over the forecast period. For instance, according to a 2022 report published by Statistics Canada, about 7.6 million people aged 65 and older were living in Canada in 2023, and this number is projected to reach 11 million by 2043. Thus, 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. Hence, these factors are anticipated to propel market growth.
Thus, owing to the rising prevalence of cancer and diabetes and the growing geriatric population, the market is expected to project growth over the forecast period. However, high costs associated with some pharmaceutical medications are expected to hinder the growth of the pharmaceutical market in Canada over the forecast period.
Canada Pharmaceutical Market Trends
- Alimentary Tract and Metabolism Segment Expected to Register Significant Growth Over the Forecast Period
- OTC Drugs Expected to Witness Significant Growth During the Forecast Period
Canada Pharmaceutical Industry Overview
The Canadian pharmaceutical market is highly competitive and consists of several major players. A few of the major players are currently dominating the market in terms of market share. Some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some key companies currently dominating the market are Johnson & Johnson, Novartis AG, Merck & Co. Inc., Pfizer Inc., and Bayer AG.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.1.1 Healthcare Expenditure (Govt. vs Private)
4.1.2 Pharmaceutical Imports and Exports
4.1.3 Epidemiology Data for Key Diseases
4.1.4 Regulatory Landscape/Regulatory Bodies
4.1.5 Licensing and Market Authorization (For Both Local Production and Imported Goods)
4.1.6 Pipeline Analysis
4.1.6.1 By Phase
4.1.6.2 By Sponsor
4.1.6.3 By Disease
4.1.7 Statistical Overview
4.1.7.1 Number of Hospitals
4.1.7.2 Employment in the Pharmaceutical Sector
4.1.7.3 R&D Expenditure
4.1.8 Ease of Doing Business
4.2 Market Drivers
4.2.1 Rising Geriatric Population
4.2.2 Rising Incidence of Chronic Disease
4.3 Market Restraints
4.3.1 Highly Expensive Drugs
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By ATC/Therapeutic Class
5.1.1 Alimentary Tract and Metabolism
5.1.2 Blood and Blood-forming Organs
5.1.3 Cardiovascular System
5.1.4 Dermatologicals
5.1.5 Genito Urinary System and Sex Hormones
5.1.6 Systemic Hormonal Preparations
5.1.7 Antiinfectives for Systemic Use
5.1.8 Antineoplastic and Immunomodulating Agents
5.1.9 Musculoskeletal System
5.1.10 Nervous System
5.1.11 Antiparasitic Products, Insecticides, and Repellents
5.1.12 Respiratory System
5.1.13 Sensory Organs
5.1.14 Various Other ATC/Therapeutic Classes
5.2 By Drug Type
5.2.1 By Prescription Type
5.2.1.1 Branded
5.2.1.2 Generic
5.2.2 OTC Drugs
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson & Johnson
6.1.2 Novartis AG
6.1.3 Abbott Laboratories
6.1.4 Merck & Co. Inc.
6.1.5 Pfizer Inc.
6.1.6 F. Hoffmann-La Roche AG
6.1.7 Bristol Myers Squibb Company
6.1.8 Eli Lilly and Company
6.1.9 AbbVie Inc.
6.1.10 Apotex Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/718wv0
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