Canada Over The Counter (OTC) Drugs Market Analysis

Canada Over The Counter (OTC) Drugs Market Analysis


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Over the Counter (OTC) drugs market in Canada is very fragmented, and the market size is expected to increase from $13.6 Bn in 2022 to $23.6 Bn in 2030, with a CAGR of 7.1%. The Canada OTC industry analysis by Insights10 recognizes the increasing approval rates and the switch from prescription drugs to OTC drugs as major market drivers. The OTC market in Canada is segmented by category and by distribution channels. Pfizer, GlaxoSmithKline, Boiron SA are some of the leading players in the OTC market.

ID: IN10CAON028 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Canada

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Canada OTC Drugs Market Executive Analysis

The Canada OTC drugs market size is at around $13.6 Bn in 2022 and is projected to reach $23.6 Bn in 2030, exhibiting a CAGR of 7.1% during the forecast period. By 2022, it's predicted that the total cost of healthcare in Canada would be higher than $331 Bn. The Canadian Institute for Health Information (CIHI) forecasts that, after reaching a peak of 13.8% in 2020, total health spending in Canada will be $8,653 per person by 2022. The GDP of the country is 12.2% accounted for by this. The public sector finances healthcare services, while the private sector provides these services in Canada's hybrid public-private healthcare system.

In Canada, OTC drugs are regulated by Health Canada, the country's federal health agency. OTC drugs are typically available for purchase at pharmacies, grocery stores, and other retail outlets. The OTC market in Canada is an important part of the country's healthcare system, as it provides individuals with access to a range of products that can help them manage minor health conditions and maintain their overall health and well-being. OTC drugs can be an effective and convenient option for the treatment of common, self-limiting conditions, and can help to reduce the burden on the healthcare system by allowing individuals to self-treat certain conditions.

canada otc drugs market analysis

Market Dynamics

Market Growth Drivers

The growth of the market is being driven by Canada's increasing approval rates for OTC medications. The affordability of these medications is another element driving the expansion of the OTC industry in Canada. Also, the switch of pharmaceutical companies from prescription drugs to OTC drugs is responsible for the surge in the Canada OTC drugs market.

Market Restraints

In some cases, prescription drugs may be more effective or have fewer side effects than OTC products, which may limit the demand for OTC products. Changes in healthcare policies, such as the introduction of new regulations or the removal of insurance coverage for OTC products, may affect the demand for these products in Canada.

Competitive Landscape

Key Players

  • Johnson and Johnson (CAN)
  • Bayer AG (CAN)
  • Sanofi (CAN)
  • Pfizer (CAN)
  • GlaxoSmithKline
  • Boiron SA
  • Afexa Life Sciences Inc.
  • Combe Inc.

Healthcare Policies and Regulatory Landscape

In Canada, OTC drugs are regulated by Health Canada, the country's federal health agency. Health Canada is responsible for evaluating the safety and effectiveness of OTC drugs and establishing the conditions under which they can be sold. Health Canada has established a number of policies and guidelines for the regulation of OTC drugs in Canada. These policies cover a range of issues, including the approval of new OTC drugs, the labeling and packaging of OTC products, and the advertising and promotion of these products. Health Canada also works with other government agencies and stakeholders to ensure that OTC drugs are used safely and appropriately by consumers.

Reimbursement Scenario

Some provinces or territories in Canada may cover the cost of certain OTC drugs through their public healthcare plans, while others may not provide any coverage for these products. Private insurance plans may also cover the cost of OTC drugs, either as part of a basic package or as an optional add-on. Coverage for OTC drugs under private insurance plans may vary depending on the specific plan and the terms of the policy.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and 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

6. Methodology and Scope

OTC Market Segmentation

By Category (Revenue, USD Billion):

The key categories in the Canada OTC healthcare market are analgesics, cough & cold preparations, first aid kits, indigestion preparations, medicated skin products, plasters & bandages, topical OTC medicines, traditional medicines, vitamins & minerals, and other OTC healthcare products. In 2021, the traditional medicines category led the Canada healthcare sector in terms of per capita expenditure followed by vitamins & minerals and analgesics.

  • Traditional Medicine
  • Vitamins & Minerals
  • Analgesics
  • Cough &Cold Preparations
  • Topical OTC Medicines

By Distribution Channel (Revenue, USD Billion):

The key distribution channels in the Canada OTC healthcare market are drug stores & pharmacies, hypermarkets & supermarkets, convenience stores, food & drinks specialists, and cash & carries & warehouse clubs. Drug stores & pharmacies were the leading distribution channel in the Canada OTC healthcare sector in 2021 followed by hypermarkets & supermarkets and convenience stores.

  • Drug Stores & Pharmacies
  • Hypermarkets &Supermarkets
  • 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

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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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  • Segmentation and regional revenue forecasts
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Last updated on: 16 January 2023
Updated by: Vidhi Upadhyay

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