Canada Pharmaceutical Market to be dominated by Over-The-Counter Drugs through 2028
The growing aging population is
expected to drive the growth of the Canada pharmaceutical market during the
forecast period, 2024-2028.
According to TechSci Research
report, “Canada Pharmaceutical Market - By Region, Competition,
Forecast and Opportunities, 2018-2028”, the Canada pharmaceutical market is
anticipated to grow at an impressive rate during the forecast period, 2024-2028. This
can be ascribed to the increase in the geriatric population, which will
eventually fuel the demand for several medications, as this age group is more
susceptible to a variety of metabolic and lifestyle disorders, diminished
bodily functions, cognitive impairment, and less mobility. Similarly, the
government is also focusing more on the pharmaceutical industry across the
country. Additionally, rising funds, investments, and grants for research on
different diseases will escalate the growth of the Canada pharmaceutical market
in the coming years. Besides, rise in research and development activities, the
launch of innovative products, and growing patient awareness about new medicine
will support the growth of the Canada pharmaceutical market during the forecast
period.
However, healthcare costs,
including the cost of pharmaceuticals, continue to rise in Canada, putting
pressure on the government and consumers to find ways to control spending,
thereby slowing down the growth of the Canada pharmaceutical market. Similarly,
the drug approval process in Canada can be lengthy and expensive, which can be
a barrier for smaller companies and startups that may hamper the growth of the
Canada pharmaceutical market during the forecast period. Also, the
pharmaceutical market in Canada is highly competitive, with many multinational
and domestic companies vying for market share which can be a lengthy and costly
process and can further restrict the growth of the Canada pharmaceutical
market.
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in-depth TOC on "Canada Pharmaceutical Market”
The Canada pharmaceutical market
can be segmented by drug type, product type, application, distribution channel,
and region.
Based on product type, the
Canada pharmaceutical market can be segmented into over-the-counter drugs and
prescription drugs. The over-the-counter drugs segment dominated the Canada
pharmaceutical market in 2022 and is expected to continue maintaining its
dominance during the forecast period. This can be ascribed to increase the
efficiency of manufacturing procedures, and easily comply with different
regulatory norms along with reduce the drug development and overall costs.
Based on Distribution Channel,
the Canada pharmaceutical market can be segmented into retail pharmacy,
hospital pharmacy, and e-pharmacy. The retail pharmacy segment is expected to
dominate the Canada pharmaceutical market during the forecast period on account
of the availability of specialty drugs at retail pharmacies along with growing
partnerships and collaborations models with health professionals and healthcare
facilities to improve clinical outcomes and remain competitive with other
businesses in the industry.
Major companies operating in the
Canada pharmaceutical market are:
- Sun
Pharma Canada Inc
- Abbott
Products Canada Inc
- Takeda
Canada Inc
- GlaxoSmithKline
Inc/Canada
- Pfizer
Canada Inc
- Novartis
Pharmaceuticals Canada Inc
- AstraZeneca
Canada Inc
- Bristol-Myers
Squibb Canada Inc
- Sanofi-Aventis
Canada Inc
In October 2022, Alvotech and
the JAMP Pharma Group (a Canadian pharmaceutical company) announced the
expansion of their exclusive partnership to commercialize biosimilars (AVT16
& AVT33) developed and manufactured by Alvotech.
In May 2022, Biocon Biologics
and Viatris (formerly Mylan) launched the cancer drug bevacizumab under the
brand name Abevmy in Canada.
In April 2022, AMP Pharma Group,
a Canadian-owned pharmaceutical company, announced the launch of SIMLANDI, a
high-concentration, low-volume, citrate-free biosimilar to Humira (adalimumab),
developed and manufactured by Alvotech.
In January 2022, Pfizer Canada
entered a three-year partnership with the Canadian Race Relations Foundation
(CRRF) to conduct a series of dialogues on health equity and concerns affecting
racialized communities' access to health and mental health services.
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“Canada pharmaceutical is
expected to dominate the market during the forecast period due to the growing
number of strategic pharma partnerships specially among the well-established
and early-stage companies across the region. Similarly, huge customer base along
with increase in healthcare expenditure for the development of healthcare
industry will further propel the growth of the Canada pharmaceutical market
during the forecast period. Furthermore, the growing incidence of chronic
diseases and the presence of supportive regulatory systems is anticipated to
boost the growth of the Canada pharmaceutical market during the forecast
period. Besides, the increasing adaption of new drugs for the treatment of
chronic diseases is expected to create a lucrative growth of the Canada
pharmaceutical market during the forecast period,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Canada
Pharmaceutical Market - Drug Type (Generic and Branded drugs), By Product
Type (Over-The-Counter Drugs, Prescription Drugs), By Application
(Cardiovascular, Oncology, Metabolic Disorder, Musculoskeletal, Anti-infective,
and Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy,
E-Pharmacy) and By Region and Competition”, has
evaluated the future growth potential of the Canada pharmaceutical market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Canada pharmaceutical market.
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