Canada Generic Drugs Market to be Dominated by Oncology through 2028
The increasing demand for
low-cost medicines is expected to drive the growth of the Canada generic drugs
market during the forecast period.
According to TechSci Research
report, “Canada Generic Drugs Market - By Region, Competition,
Forecast and Opportunities, 2018-2028”, the Canada generic drugs market is
anticipated to grow at an impressive rate during the forecast period. This can
be ascribed to the key players focusing on the development of specialty generics
and strategies such as first-to-file and first-to-market in order to make
additional profits and strengthen their position in the market. Similarly,
large number of patents expired branded drugs is one of the major factors
propelling the growth of the Canada generic drugs market over the years.
Additionally, the low cost of generics as an alternative to branded drugs will
escalate the growth of the Canada generic drugs market in the coming years.
Besides, initiatives by governments and other regulatory bodies for the
development of generic drugs will further support the growth of the Canada
generic drugs market.
However, the pharmaceutical
industry is highly reliant on patents to protect its intellectual property and
recoup its investment in research and development. The expiration of these
patents creates opportunities for generic drug manufacturers, but there are
ongoing challenges related to patent protection and intellectual property
rights which can restrict the growth of the market. Similarly, manufacturing
generic drugs can be complex and costly, particularly for more complex
medications, which may hamper the growth of the Canada generic drugs market
during the forecast period. Also, Canada has experienced periodic shortages of
both brand-name and generic drugs, which can create challenges for patients and
healthcare providers. Such factors can further restrict the growth of the
Canada generic drugs market during the forecast period.
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The Canada generic drugs market
can be segmented by type, application, form, source, distribution channel, and
region.
Based on type, the Canada
generic drugs market can be divided into small molecule generics and
biosimilars. The biosimilars segment dominated the Canada generic drugs market
in 2022 and is expected to continue maintaining its dominance during the forecast
period. This can be ascribed to the increasing demand for targeted therapy and
the increasing disease burden of chronic diseases. Similarly, the approval of
insulin biosimilars is the major factor influencing the growth of the Canada
generic drugs market.
Based on application, the Canada
generic drugs market can be segmented into cardiovascular diseases, diabetes,
neurology, oncology, anti-inflammatory diseases, and others. The oncology
segment is expected to dominate the Canada generic drugs market during the
forecast period due to the growing number of oncology products. Key
manufacturers are providing biosimilar oncology products such as trastuzumab,
bevacizumab, and rituximab. Suh factors will further drive the growth of the
Canada generic drugs market during the forecast period.
Major companies operating in the
Canada generic drugs market are:
- Teva
Canada Ltd.
- Sandoz
Canada Inc.
- Viatris
Inc.
- Sun
Pharma Canada Inc.
- STADA
Arzneimittel AG
- Novo
Nordisk Canada Inc
- Abbott
Medical Canada Inc
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“The Canada generic drugs is
expected to dominate the market during the forecast period due to the
increasing number of favorable government initiatives coupled with the rising
number of product launches and demand for generic drugs within the region.
Similarly, increasing number of ANDA approvals and first-to-file benefits such
as Paragraph IV (PIV) certification is expected to drive the growth of the
Canada generic drugs market during the forecast period. Also, increasing population
and growing pharmaceutical industry will propel the growth of the Canada
generic drugs market during the forecast period. Furthermore, adopting
strategies such as mergers & acquisitions and partnerships, to acquire a
larger market share is a major factor influencing the growth of the Canada
generic drugs market over the years. Besides, the rising demand for artificial
intelligence (AI) technology is expected to create a lucrative growth of the
Canada generic drugs market during the forecast period,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Canada Generic
Drugs Market Type (Small Molecule Generics vs Biosimilars), By
Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology,
Anti-Inflammatory Diseases, and Others), By Form (Tablet, Capsule, Injection,
and Others), By Source (In House vs Contract Manufacturing Organizations), By
Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online
Pharmacies, and Others) and By Region, Competition, Forecast &
Opportunities, 2018-2028F,” has evaluated the future
growth potential of the Canada generic drugs 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 generic drugs market.
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