Canada Pharmaceutical Market Analysis

Canada Pharmaceutical Market Analysis


$ 3999

Canada's pharmaceutical market size is about $83.08 Bn in 2022 and is expected to witness significant growth of about $141.69 Bn in 2030 with a CAGR of 6.9% as there are a large number of overseas pharmaceutical companies having a presence in Canada. The incidences of chronic diseases among the Canadian population and comorbidities associated with the diseases are likely to positively impact the growth of the pharmaceutical market over the forecast period. The market is segmented by formulation type, route of administration type and prescription type, etc. Some of the leading players in the market are Pfizer, Novartis AG, and Roche.

ID: IN10CAPH020 CATEGORY: Pharmaceuticals GEOGRAPHY: Canada

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Canada Pharmaceutical Market Executive Analysis

Canada's pharmaceutical market size is at around $83.08 Bn in 2022 and is projected to reach $141.69 Bn in 2030, exhibiting a CAGR of 6.9% during the forecast period 2022-2030. The Canadian Institute for Health Information (CIHI) estimates that the total cost of healthcare in Canada was $242.6 Bn in 2020 or 11.6% of the country's GDP. Due to issues including an aging population and the rising cost of healthcare, it is anticipated that this sum will rise in the upcoming years. In Canada, public insurance programs like Medicare are used by the government to pay for the majority of healthcare expenses. Healthcare spending is also influenced by out-of-pocket costs and private insurance.

The pharmaceutical industry plays a significant role in the Canadian economy, with a number of major international pharmaceutical companies having a presence in the country. Canada is also home to a number of smaller, innovative pharmaceutical firms. The country's strong intellectual property laws and reputation for high-quality research and development make it an attractive location for pharmaceutical companies. In addition to producing a wide range of prescription and over-the-counter medications, the Canadian pharmaceutical industry is also involved in the development and production of vaccines, medical devices, and diagnostic products.

Canada Pharmaceutical Market Analysis

Market Dynamics

Market Growth Drivers

An increase in the geriatric population in Canada will eventually drive the demand for several medications, as this age group is more vulnerable to a variety of metabolic and lifestyle disorders upsurge in the incidences of chronic diseases among the Canadian population, and comorbidities associated with the diseases is likely to positively impact the growth of the pharmaceutical market over the forecast period. The Canada pharmaceutical industry is constantly evolving and adopting new technologies, such as automated dispensing systems and electronic prescription systems. These technologies can improve efficiency and accuracy, which can drive market growth.

Market Restraints

The pharmaceutical industry in Canada is highly competitive, with many pharmacies vying for customers. This can make it difficult for pharmacies to differentiate themselves from their competitors and attract business. The number of pharmacies in Canada has increased in recent years, which has led to market saturation in some areas. This can make it difficult for pharmacies to attract and retain customers. The pharmaceutical industry in Canada is heavily regulated by the government. This can create barriers to entry for new pharmacies and can also limit the ability to exist pharmacies to operate freely.

Competitive Landscape

Key Players

  • Johnson and Johnson (CAN)
  • Teva Canada (CAN)
  • Sanofi (CAN)
  • Pfizer (CAN)
  • Novartis AG
  • Roche
  • Bristol Myers Squibb
  • Merck and Co.

Healthcare Policies and Regulatory Landscape

The Patented Medicine Prices Review Board (PMPRB) is responsible for setting and regulating the prices of patented drugs in Canada. The PMPRB aims to ensure that drug prices are reasonable and reflect the value of the medicine. The Canada Health Act sets out the principles and standards for the delivery of healthcare in Canada, including the provision of pharmaceuticals. It ensures that all Canadians have access to necessary healthcare services, including prescription drugs.

Reimbursement Scenario

In Canada, public drug benefit programs and private insurance plans may have different policies for reimbursing pharmacies for the cost of prescription drugs. These policies may include criteria for what drugs are covered, as well as rules for how much the insurer or the government will pay for a particular drug. The provincial pharmaceutical benefit plans in Canada are not standardized, and there are a variety of commercial and public drug reimbursement programs available. Manufacturers must make sure their drugs are listed on the provincial formulary list in order to receive reimbursement from one or more provincial prescription insurance schemes.

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 Pharmaceutical Market Segmentation

Molecule Type (Revenue, USD Billion):

In the pharmaceutical market, small molecule drugs account for the major part of the total Canada drug sales.

  • Biologics & Biosimilars (Large Molecules)
  • Conventional Drugs (Small Molecules)

Drug Development Type (Revenue, USD Billion):

Several benefits associated with outsourcing operations are expected to drive the segment growth at a lucrative pace over the coming years. Outsourced services minimize investments, reduce drug development & overall costs, increase the efficiency of manufacturing procedures, and easily comply with different regulatory norms.

  • In-house
  • Outsource

Formulation (Revenue, USD Billion):

  • Tablets
  • Capsules
  • Injectable
  • Sprays
  • Suspensions
  • Powders
  • Other Formulations

Route of administration (Revenue, USD Billion):

  • Oral
  • Topical
  • Parenteral
  • Inhalations
  • Other Routes of Administration

Therapy area (Revenue, USD Billion):

  • Cardiovascular Diseases (CVDs)
  • Pain
  • Diabetes
  • Cancer
  • Respiratory Diseases
  • Other Diseases

Prescription (Revenue, USD Billion):

  • Prescription Medicines
  • OTC Medicines

Age group (Revenue, USD Billion):

  • Children & Adolescents
  • Adults
  • Geriatric

Sales Channel (Revenue, USD Billion):

  • Retail
  • Non-retail

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.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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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This report addresses

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  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 29 May 2023
Updated by: Riya Doshi

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