Pharmaceutical Market In Canada size is set to grow by USD 8.73 bn from 2024-2028, Abbott Laboratories, AbbVie Inc. & Amgen Inc., and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The global pharmaceutical market in canada size is estimated to grow by USD 8.73 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period. North America held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 100%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Abbott Laboratories, AbbVie Inc., Amgen Inc., Apotex Inc., AstraZeneca PLC, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., LES LABORATOIRES SERVIER, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd.

Analyst Review

In the Canadian pharmaceutical market, life sciences companies play a significant role in producing essential medical items, including personal protective equipment (PPE), ventilators, and sanitizers. Healthcare workers rely on these products to ensure security protocols are maintained during the ongoing health crisis. Research and development in areas such as pharmaceuticals, biomanufacturing, and vaccines continue to be a priority. The geriatric population and those with chronic diseases, including hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, and metabolic disorders, require ongoing medication and treatment. Product launches and approvals for over-the-counter (OTC) drugs and treatments for conditions like atopic dermatitis (AD) and antihistamines are also crucial aspects of the Canadian pharmaceutical market.

Key Market Drivers

The Canadian Pharmaceutical Market is a significant hub for brand-name products, with major life sciences companies investing in Canadian sales. Canada's advanced healthcare system, skilled workforce, and strong research and development capabilities make it an attractive destination for pharmaceutical investment. In response to the COVID-19 pandemic, companies have also invested in medical items such as personal protective equipment, including masks and ventilators, to support healthcare workers, physicians, nurses, and volunteers. The Government of Canada has implemented stringent security protocols, including plexiglass barriers, sanitizers, one-way aisles, social distancing, and self-isolation measures, to ensure public safety. The pharmaceutical industry in Canada continues to focus on research and development, with investments in biomanufacturing and vaccines for geriatric populations and those with chronic diseases, such as hypertension, osteoarthritis, osteoporosis, diabetes, asthma, and cancer.

Challenges and Opportunities

Canada's pharmaceutical sector faces complexities due to regulatory agencies like the Patented Medicines Prices Review Board (PMPRB). Despite these challenges, innovation continues in sub-sectors such as diabetes and metabolic disorders. Notable developments include product launches and approvals of innovative medicines for prediabetes and diabetes. Health Canada also regulates Over-the-Counter (OTC) drugs, including antihistamines, moisturizers, and emollients for topical disorders like atopic dermatitis (AD), supported by the Canadian Dermatology Association. The sector also encompasses bio-equivalent copies of brand-name pharmaceuticals, antibiotics, corticosteroids, and treatments for conditions like melanoma. Global market competition pressures companies to balance pricing strategies with R&D costs for patented therapies, innovative drugs, and emerging technologies like nanomedicines and brand-name products. Canadian sales of these products contribute significantly to the industry's growth.

The Canada Pharmaceutical Market is experiencing significant growth, driven by Canadian healthcare's focus on precision medicine and innovative treatment modalities. Life sciences companies are at the forefront of this advancement, developing medical items such as personal protective equipment (PPE), including masks and ventilators, to safeguard healthcare workers, physicians, nurses, and volunteers during the ongoing pandemic. The Government of Canada invests in research and development, leading to breakthroughs in pharmaceuticals, biomanufacturing, and vaccines. The geriatric population and those with chronic diseases, including hypertension, osteoarthritis, osteoporosis, diabetes, asthma, cancer, diabetes, prediabetes, and metabolic disorders, benefit from these advancements. Product launches and approvals by Health Canada include OTC drugs for topical disorders like atopic dermatitis (AD), with the Canadian Dermatology Association advocating for antihistamines, moisturizers, and emollients.

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Market Overview

The Pharmaceutical Market in Canada is a significant sector, marked by chronic diseases and an aging population. The market comprises various players, including drug manufacturers, distributors, and retailers. The Canadian healthcare system, a universal, publicly-funded program, influences the market dynamics. The market is segmented into various categories, such as therapeutic areas and geographical locations. The therapeutic areas include cardiovascular diseases, oncology, and neurology, among others. The provinces and territories form the geographical segments. The Canadian government plays a crucial role in regulating the market through bodies like Health Canada and the Patented Medicine Prices Review Board. The market faces challenges like rising healthcare costs, increasing competition, and regulatory hurdles. Despite these challenges, the market offers opportunities due to the growing demand for innovative treatments and an aging population. The market is expected to grow steadily in the coming years.

Table of Contents:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio