The total pharmaceutical market in Canada has showcased a steady growth trajectory from 2013 through 2023, growing from a value of 70 units in 2013 to 79.9 units in volume by 2023. Over the past decade, year-on-year growth exhibited variability, with notable growth during the 2013-2017 period, followed by a more moderate but stable increase. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 1.01%, indicating consistent albeit gradual market expansion. Notably, the market saw modest year-on-year growth rates of 1.15% in 2022 and 1.14% in 2023.
- From 2013-2017: The market observed a steadier growth period, peaking with a 2.7% year-on-year increase in 2017.
- From 2018-2023: Growth has been more subdued but remained positive, averaging 1.01% annually.
- 2022-2023: Consistently positive growth, with year-on-year increases around 1.15% and 1.14%, respectively.
Forecasting ahead, the total pharmaceutical market in Canada is expected to continue its growth, reaching 83.9 units by 2028. The forecasted five-year CAGR from 2024-2028 is projected at 0.76%, with an overall anticipated growth rate of 3.84% during the same period.
Future trends to watch for:
- Impact of emerging healthcare technologies and personalized medicine on the pharmaceutical market.
- Regulatory changes and policies affecting drug pricing and market access.
- Continued growth in the generics market driven by patent expirations and cost-containment measures.
