In 2023, business enterprise expenditure on R&D in medical and health sciences in Canada stood at CAD 2.45 billion. The forecast reveals a steady upward trend from 2024 to 2028, with expenditures expected to increase from CAD 2.5 billion to CAD 2.68 billion. Year-on-year growth rates are anticipated as follows: 2% in 2025, 1.57% in 2026, 1.93% in 2027, and 1.52% in 2028. The compound annual growth rate (CAGR) over this forecasted period is approximately 1.75%, reflecting consistent investment growth.

Future trends to watch for include:

Impact of emerging technologies such as AI and machine learning on R&D efficiency.
Regulatory changes affecting pharmaceutical and health sciences investments.
Global health challenges driving international collaborative research efforts.