Canada Cardiovascular Drugs Market Analysis

Canada Cardiovascular Drugs Market Analysis


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Canada Cardiovascular Drug Market is at around $11.1 Bn in 2022 and is projected to reach $14.91 Bn in 2030, exhibiting a CAGR of 3.8% during the forecast period. One major factor propelling the market’s expansion is personalized medicine. It utilizes a patient's genetic and molecular profile to customize treatment. The market is dominated by key players like Bristol-Myers Squibb Canada Co, Pfizer Canada, Bayer AG, Janssen Pharmaceuticals, Inc., AstraZeneca Canada Inc., Sanofi-Aventis Canada Inc., Novartis Pharmaceuticals Canada, Merck & Co., Inc., Gilead Sciences Canada, Inc., and F. Hoffman-La Roche Ltd.

ID: IN10CAPH007 CATEGORY: Pharmaceuticals GEOGRAPHY: Canada AUTHOR: Aneri Parekh

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Canada Cardiovascular Drug Market Executive Summary

Canada Cardiovascular Drug Market is at around $11.1 Bn in 2022 and is projected to reach $14.91 Bn in 2030, exhibiting a CAGR of 3.8% during the forecast period.

Cardiovascular disease refers to a group of conditions that affect the heart and blood arteries. It does not refer to a specific condition, but rather to a group of issues that can have an impact on how the heart works and how blood circulates throughout the body. Heart failure, aortic disease, peripheral arterial disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease are among the several forms of cardiovascular illnesses. Drugs used to cure the conditions include beta-blockers, PCSK9 inhibitors, calcium channel blockers, ACE inhibitors, and antiarrhythmics.

The use of personalized medicine is fueling the steady rise of the Canada cardiovascular drug market. Increasing awareness about cardiovascular diseases is driving the growth of the market. The realities of the competitive landscape require that major firms concentrate on R&D for novel treatments and tactical alliances to keep their market leadership. About 2.6 Mn Canadian individuals over the age of 20 have heart diseases and approximately 14 Canadian individuals with heart disease who are 20 years of age or older die every hour.

Drug discovery, production, distribution, and research are under the purview of the pharmaceutical industry. Pharma revenues increased dramatically over the preceding two decades, reaching $138.33 Bn globally in 2022. The pharmaceutical sector has seen a dramatic shift with the advent of new technology and more affordable and efficient manufacturing methods. In addition, the increasing flow of investments in this industry has contributed positively to the market's growth.

With a strong portfolio that includes anticoagulants, antiplatelets, and lipid-lowering medications, Bristol-Myers Squibb Canada is a market leader in the Canadian cardiovascular pharma industry.

Canada cardiovascular drug market

Market Dynamics

Market Growth Drivers:

Use of Personalized Medicine: The market for cardiovascular drugs in Canada is expanding as patients' genetic and molecular profiles is used to customize treatment to meet their unique needs. The development of tailored medications has a huge impact on the treatment of dyslipidemia, which is expected to fuel the market's expansion in the coming years.

Increasing Awareness about Cardiovascular Diseases: Campaigns to increase public awareness of the risk factors for cardiovascular illnesses have been started by the Canadian government and non-profit groups which has resulted in the need for cutting-edge therapeutic options like novel medications.

Growing Advancement in Drug Development: With development in technology, it has become possible to discover cardiovascular drugs more efficiently and effectively, hence, propelling the market growth.

Market Restraints:

Side-effects associated with Cardiovascular Drugs: Adverse effects associated with cardiovascular medications, such as possible effects on blood pressure and liver function, present a serious obstacle to market expansion by discouraging patient adherence as well as overall market growth.

Severe Regulatory Process: The market's growth will be constrained by the severe regulatory process, which includes drawn-out approval processes and dynamic safety requirements.

Development and Approval Costs: Research and development (R&D) for new cardiovascular medications is costly and time-consuming.

Healthcare Policies and Regulatory Landscape

The national body responsible for regulating and assessing the quality, safety, and efficacy of therapeutic and diagnostic products made available to Canadians is Health Canada's HPFB (Health Products and Food Branch). A health technology assessment of the drug product is conducted, and a recommendation regarding its eligibility for public funding is made. If a product receives a positive recommendation from a health technology assessment, a pricing discussion follows. Strict scientific criteria are used by Health Canada, which requires strong clinical data and in-depth evaluations of potential hazards and benefits. This can be costly and time-consuming for producers, especially for novel or specialty medications.

Competitive Landscape             

Key Players:

  • Bristol-Myers Squibb Canada Co.
  • Pfizer Canada
  • Bayer AG
  • Janssen Pharmaceuticals, Inc.
  • AstraZeneca Canada Inc.
  • Sanofi-Aventis Canada Inc.
  • Novartis Pharmaceuticals Canada
  • Merck & Co., Inc.
  • Gilead Sciences Canada, Inc.
  • F. Hoffmann-La Roche Ltd

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Canada Cardiovascular Drug Market Segmentation

By Drug Type

  • Branded
  • Generic

By Disease Indication

  • Hypertension
  • Hyperlipidemia
  • Coronary Artery Disease
  • Arrhythmia
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 16 February 2024
Updated by: Dhruv Joshi

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