Latest News- Pharmaceutical Market in Canada: Retail pharmacies is expected to lead the Distribution Channel segment during 2025-2029

The Pharmaceutical Market in Canada is being driven by High investment in pharmaceutical industry

The Pharmaceutical Market in Canada is expected to grow at a CAGR of 5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11200.4 million. In the Canadian pharmaceutical market, the biotechnology sector is experiencing significant growth due to the increasing focus on precision medicine and personalized therapies. This trend is driven by advancements in biotechnological research and development, which allow for a deeper understanding of the genetic and molecular foundations of diseases. Biotechnology's ability to enable targeted therapies is gaining popularity, as it offers a more effective and personalized approach to healthcare. The rapid strides in this field are propelling the development of innovative treatment modalities and providing new opportunities for pharmaceutical companies in Canada. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Retail pharmacies
  • Hospital pharmacies
  • Online pharmacies
  • Clinics
  • Direct-to-consumer
• Type
  • Prescription
  • Non-prescription
• Therapy Area
  • Oncology
  • Cardiovascular
  • Neurology
  • Endocrinology
  • Others
• Age Group
  • Adults
  • Children and adolescents
  • Geriatric
• Product Type
  • Oral drugs
  • Injectables
  • Topical drugs
  • Inhalation drugs
  • Others
• Geography
  • Canada

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High investment in pharmaceutical industry
• Increasing geriatric population in Canada
• Rising occurrence of chronic diseases in Canada

However, the market also witnesses some limitations, which are as follows:

• Price controls and reimbursement policies in pharmaceutical products
• High costs involved in research and development operations by pharmaceutical companies
• Imposition of stringent regulations on pharmaceutical industry

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Market Scope in Pharmaceutical Market in Canada Research Report

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Research Analysis Overview

Pharmaceutical market in Canada is witnessing significant growth due to the increasing demand for medical items from life sciences companies. Healthcare workers are prioritizing security protocols and social distancing to ensure patient safety. The geriatric population and those with chronic diseases, metabolic disorders, and atopic dermatitis (AD) have specific needs. OTC drugs, generic medications, drug innovation, personalized medicine, gene therapy, and vaccine production are key areas of focus. Life sciences companies are developing new solutions for various health conditions, including AD, and investing in the production of essential medicines and vaccines.

Market Research Overview

In the realm of business, the life sciences sector encompasses entities involved in the research and development (R&D) or manufacturing of pharmaceuticals, including generic, non-generic drugs, and veterinary medicines. According to Technavio's market analysis, the global healthcare industry's size is determined by the consolidated revenue generated from the providers and manufacturers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The expansion of the global pharmaceuticals market will be fueled by several factors, chief among them being the increasing elderly population. By 2050, approximately one-quarter of the US population is projected to be over the age of 60, while Europe is anticipated to reach a similar demographic milestone by 2030. This demographic shift will create a substantial demand for healthcare products and services, including pharmaceuticals. Additionally, stringent security protocols, such as one-way aisles and social distancing measures, will continue to be essential in pharmaceutical manufacturing facilities to ensure the safety and well-being of healthcare workers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/