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.
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.
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.
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.
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.
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)
18.104.22.168 Product Applications and Services
22.214.171.124 Recent Developments
126.96.36.199 Partnerships Ecosystem
188.8.131.52 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
By Drug Type
By Disease Indication
By Distribution Channel
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