Canada pharmaceutical market is
anticipated to witness impressive growth during the forecast period. This can
be ascribed to the increase in the number of geriatric population along with
the growing demand for novel drugs for the treatment of chronic incidences such
as a variety of metabolic and lifestyle disorders, diminished bodily functions,
cognitive impairment, and less mobility among the Canadian population.
Similarly, the government is also focusing more on the pharmaceutical industry
across the country for developing new drugs, therapies which is the major
factors influencing the growth of the Canada pharmaceutical market.
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, the rise in research and development activities, the
increase in the launch of innovative products, and the growing patient
awareness about new medicines will further support the growth of the Canada
pharmaceutical market during the forecast period.
Growing aging populations are
susceptible to chronic diseases
The aging population in Canada
has a significant influence on the growth of the pharmaceutical market. As
people age, they tend to require more healthcare services, including
prescription drugs, to manage chronic conditions and age-related health issues.
As the population ages, there is a growing demand for medications to manage
chronic conditions such as hypertension, diabetes, and heart disease. This
drives the demand for pharmaceutical products and can lead to increased sales
for companies operating in the industry. The aging population presents new
challenges and opportunities for drug development. There is a need for new
drugs to treat age-related conditions, such as Alzheimer's disease,
osteoporosis, and arthritis. Companies that invest in research and development
in these areas can take advantage of the growing demand for these types of
drugs. The Government of Canada recognizes the impact of the aging population
on healthcare services and has implemented policies to support the
pharmaceutical industry. For example, the government provides funding for
research and development in areas such as geriatric medicine and encourages the
use of generic drugs to control costs. The growth of the aging population is
expected to continue in the coming years, which will further drive the growth
of the pharmaceutical market. According to the Canadian Institute for Health
Information, the number of seniors in Canada is projected to double by 2040,
which will create a significant demand for healthcare services, including
prescription drugs.
Government regulations for
developing the novel drugs
Government regulations play a
crucial role in shaping the growth of the Canada pharmaceutical market. Health
Canada regulates the pharmaceutical market in Canada, and its policies and
regulations can have a significant impact on the industry's growth and
development. Health Canada regulates the approval of pharmaceutical products in
Canada, ensuring they are safe, effective, and of high quality. The drug
approval process can be lengthy and expensive, but it is necessary to ensure
that new drugs are safe and effective for consumers. Companies that
successfully navigate the drug approval process can bring new products to
market, which can drive the growth of the Canada pharmaceutical market. The
Canadian government negotiates drug prices on behalf of the public, which can
influence pricing and reimbursement policies for pharmaceutical companies. The
government's policies and regulations can impact the profitability of companies
in the industry and affect their investment decisions. The government regulates
intellectual property laws and regulations, which can affect the ability of
pharmaceutical companies to protect their patents and intellectual property.
This can impact innovation and research in the industry. The Canadian
government provides funding and incentives to support research and development
in the pharmaceutical industry. This funding can be a critical growth driver of
the industry, supporting the development of new drugs and technologies. Health
Canada regulates clinical trials in Canada, ensuring they are conducted
ethically and safely. The regulatory framework for clinical trials can impact
the industry's growth by influencing the ability of companies to conduct trials
in Canada and bring new drugs to the market.
Growing healthcare coverage
Healthcare insurance has a
significant influence on the growth of the Canada pharmaceutical market. In
Canada, healthcare insurance is provided by the government through the publicly
funded healthcare system, and by private insurance companies. Healthcare
insurance plays a critical role in ensuring Canadians have access to
prescription medications. Insurance coverage can make it easier and more
affordable for patients to obtain the drugs they need, which can drive the
demand for pharmaceutical products. The cost of prescription drugs can be a
barrier for some patients, especially those without insurance coverage.
Healthcare insurance can make medications more affordable for patients, which can
increase the demand for drugs, thereby driving the growth of the Canada
pharmaceutical market. Healthcare insurance policies and regulations can impact
the pricing and reimbursement of drugs in Canada. Insurance companies negotiate
drug prices with pharmaceutical companies and reimburse patients for the cost
of drugs, which can influence the profitability of companies in the industry
and affect their investment decisions. Healthcare insurance providers can play
a role in supporting innovation and research in the pharmaceutical industry by
funding clinical trials and research initiatives. Insurance companies may also
collaborate with pharmaceutical companies to develop new drugs and
technologies. Government policies around healthcare insurance can impact the
pharmaceutical market. For example, policies around drug pricing and coverage
can affect the demand for pharmaceutical products and influence the
profitability of companies operating in the industry.
Research and Development related
to novel drugs
Research and development
(R&D) is a critical driver of growth in the Canadian pharmaceutical market.
Pharmaceutical companies invest significant resources in R&D to develop new
drugs and technologies, and this investment can have a substantial impact on the
growth and development of the industry. R&D is essential for developing new
drugs and technologies that address unmet medical needs. By investing in
R&D, pharmaceutical companies can create new products that fill gaps in the
market and meet the evolving needs of patients. Companies that invest in
R&D can gain a competitive advantage in the industry. By developing
innovative products that are more effective, safer, or have fewer side effects,
companies can differentiate themselves from competitors and gain market share.
R&D is also critical for protecting intellectual property and securing
patents on new drugs and technologies. Patents provide companies with exclusive
rights to sell their products, which can generate significant revenue and drive
the growth of the healthcare industry. R&D is necessary for conducting
clinical trials to test the safety and efficacy of new drugs. Clinical trials
are a critical component of the drug development process and are necessary to
obtain regulatory approval for new products. The Canadian government provides
funding to support R&D in the pharmaceutical industry. This funding can be
a critical driver for the growth of the pharmaceutical industry, supporting
companies in the development of new drugs and technologies, which will further
drive the growth of the market during the forecast period.
Patent Expiration
Patent expirations can have a
significant impact on the growth of the Canada pharmaceutical market. Patents
provide pharmaceutical companies with exclusive rights to sell their products
for a set period, typically 20 years from the date of filing. Once a patent
expires, other companies can produce generic versions of the drug, which can
lead to a decline in the sales of the original brand-name product. When a
drug's patent expires, generic competitors can enter the market, leading to
increased competition. This can lead to lower prices for the drug, which can
benefit consumers but can also decrease revenues for the original manufacturer.
When a patent expires, the original manufacturer may experience a significant
decline in revenue. This loss of revenue can impact on the company's ability to
invest in research and development and can slow the pace of innovation in the
industry. As generic competitors enter the market, the market share of the
original manufacturer can decline. This can impact on the company's
profitability and its ability to compete in the market. When a drug's patent is
nearing expiration, the original manufacturer may adjust its pricing strategy
to maintain market share. This can lead to lower prices for the drug, which can
benefit consumers but can also impact on the company's profitability. Patent
expirations can also impact innovation in the industry. As companies face
increased competition, they may be less willing to invest in R&D, which can
slow the pace of innovation in the industry.
Market Consolidation
Market consolidation, which
refers to the process of mergers and acquisitions (M&A) within the
pharmaceutical industry, can have a significant impact on the growth of the
Canadian pharmaceutical market. Market consolidation can lead to the creation
of larger companies with greater market power. These companies may be better
positioned to negotiate with suppliers, distributors, and payers, which can lead
to increased profitability and growth. Consolidation can also lead to improved
efficiency, as companies combine resources and eliminate redundancies. This can
result in cost savings and increased profitability, which can be reinvested in
R&D or other growth initiatives. However, market consolidation can also
lead to limited competition, as larger companies may dominate the market and
create barriers to entry for smaller competitors. This can lead to higher
prices for consumers and slower innovation in the industry. Market
consolidation can also face regulatory scrutiny, particularly if it leads to
the creation of dominant market players that may engage in anti-competitive
practices. This can limit the ability of companies to consolidate and can
impact their growth prospects. Consolidation can also lead to strategic
partnerships between companies, which can drive growth in the industry. These
partnerships may allow companies to leverage complementary strengths and
resources to develop new products or expand into new markets.
Recent Development
- Tecentriq (atezolizumab): In 2019, Health
Canada approved Tecentriq, a cancer immunotherapy drug, for the treatment
of small cell lung cancer and triple-negative breast cancer.
- Trikafta (elexacaftor/tezacaftor/ivacaftor):
In 2021, Health Canada approved a drug, Trikafta, for the treatment of
cystic fibrosis in patients aged 12 years and older who have at least one
F508del mutation in the cystic fibrosis transmembrane conductance
regulator (CFTR) gene.
- Rinvoq (upadacitinib): In 2020, Health
Canada approved a drug, Rinvoq, for the treatment of moderate to severe
active rheumatoid arthritis in adults who have an inadequate response or
intolerance to methotrexate.
- Xcopri (cenobamate): In 2020, Health
Canada approved a drug, Xcopri, for the treatment of partial-onset
seizures in adults with epilepsy.
- Skyrizi (risankizumab): In 2019, Health
Canada approved a drug, Skyrizi, for the treatment of moderate to severe
plaque psoriasis in adults who are candidates for systemic therapy or
phototherapy.
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Market Segmentation
The Canada pharmaceutical market
can be segmented by drug type, product type, application, distribution channel,
and region. Based on drug type, the Canada pharmaceutical market can be divided
into generic and branded drugs. Based on product type, the Canada
pharmaceutical market can be segmented into over-the-counter drugs and
prescription drugs. Based on application, the Canada pharmaceutical market can
be segmented into cardiovascular, oncology, metabolic disorder,
musculoskeletal, anti-infective, and others. Based on distribution channel, the
Canada pharmaceutical market can be segmented into retail pharmacy, hospital
pharmacy, and e-pharmacy.
Market Players
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, and Sanofi-Aventis Canada Inc are some of the
leading players operating in the Canada pharmaceutical market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
|
2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
By Drug Type
By Product Type
By
Application
By
Distribution Channel
By Region
|
|
Regional
scope
|
Ontario
region; Quebec region; Alberta region; British Columbia region; Saskatchewan
and Manitoba region; Rest of Canada
|
|
Key
companies profiled
|
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, and Sanofi-Aventis
Canada Inc
|
|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report Scope:
In this report, the Canada
pharmaceutical market has been segmented into the following categories, in
addition to the industry trends which have also been detailed below:
·
Canada
Pharmaceutical Market, By Drug Type:
o
Generic
o
Branded drugs
·
Canada Pharmaceutical Market, By
Product Type:
o
Over-The-Counter Drugs
o
Prescription Drugs
·
Canada Pharmaceutical Market, By
Application:
o
Cardiovascular
o
Oncology
o
Metabolic Disorder
o
Musculoskeletal
o
Anti-infective
o
Others
·
Canada Pharmaceutical Market, By
Distribution Channel:
o
Retail Pharmacy
o
Hospital Pharmacy
o
E-Pharmacy
·
Canada
Pharmaceutical Market, By Region:
o
Ontario region
o
Quebec region
o
Alberta region
o
British Columbia region
o
Saskatchewan and Manitoba region
o
Rest of Canada
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present in the Canada pharmaceutical market.
Available Customizations:
With the given market data,
TechSci Research offers customizations according to a company’s specific needs.
The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
Canada
Pharmaceutical Market is an upcoming report to be released soon. If
you wish an early delivery of this report or want to confirm the date of
release, please contact us at [email protected]