Canada Pharmaceutical Market Size (2024 - 2029)

Canada Pharmaceutical Market Analysis

The Canada Pharmaceutical Market size is estimated at USD 33.34 billion in 2024, and is expected to reach USD 41.94 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).

Factors such as the rising geriatric population and growing incidence of chronic diseases among the population are expected to boost the growth of the pharmaceutical market in Canada over the forecast period.

The rising burden of chronic diseases such as cancer, cardiovascular diseases, neurological diseases, diabetes, and obesity among the population is the key factor driving the demand for various drugs for treatment, which may bolster the market’s growth over the forecast period. For instance, according to the Canadian Cancer Society 2023 report, about 27 people living in Canada were likely to be diagnosed with cancer every hour. About 239,100 new cases of cancer were estimated to be diagnosed in Canada in 2023. Thus, the country's high number of cancer patients is anticipated to fuel the demand for cancer-treating drugs, thus boosting market growth over the forecast period.

Additionally, according to the 2024 updated data published by the International Diabetes Federation, about 2.9 million people living in Canada had diabetes in 2021, and this number is projected to reach 3.2 million and 3.4 million by 2030 and 2045, respectively. Thus, the expected increase in the diabetic population raises the risk of developing other chronic diseases, such as cardiovascular and kidney diseases. This factor is anticipated to fuel the demand for drugs to treat diabetes conditions, propelling the market’s growth.

Furthermore, the growing aging population in the country is the key factor driving the demand for various drugs, which is anticipated to fuel the market’s growth over the forecast period. For instance, according to a 2022 report published by Statistics Canada, about 7.6 million people aged 65 and older were living in Canada in 2023, and this number is projected to reach 11 million by 2043. Thus, an increase in the geriatric population will eventually drive the demand for several medications, as this age group is more vulnerable to a variety of metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. Hence, these factors are anticipated to propel market growth.

Thus, owing to the rising prevalence of cancer and diabetes and the growing geriatric population, the market is expected to project growth over the forecast period. However, high costs associated with some pharmaceutical medications are expected to hinder the growth of the pharmaceutical market in Canada over the forecast period.

Canada Pharmaceutical Industry Segmentation

As per the scope of this report, pharmaceuticals are referred to as medications or medicinal drugs intended to prevent, diagnose, treat, or cure a disease. They may be prescription or non-prescription drugs. The Canadian pharmaceutical market is segmented by ATC/therapeutic class and drug type. The ATC/therapeutics class is segmented by Alimentary tract and metabolism, blood and blood-forming organs, cardiovascular system, dermatological, Genito urinary system and sex hormones, systemic hormonal preparations, antiinfectives for systemic use, antineoplastic and immunomodulating agents, musculoskeletal system, nervous system, antiparasitic products, insecticides and repellents, respiratory system, sensory organs, and various other ATC/therapeutic classes. The drug type segment is further bifurcated into prescription type and OTC drugs. Prescription type is segmented into branded and generic. The report offers the value (in USD) for the above segments.