The production of basic pharmaceutical products and pharmaceutical preparations in Canada increased from 2013 to 2019, with fluctuations along the way. Post-2019, the market saw a significant dip in 2020, followed by a substantial recovery in 2021. By 2023, production stood at 14.59 billion Canadian Dollars. The annual year-on-year growth varied widely, with major swings such as the 34.63% increase in 2021 and a 7.7% decrease in 2022. The compounded annual growth rate (CAGR) over the last five years averaged 2.13%. The industry is forecasted to grow at a modest 1.12% CAGR over the next five years, culminating in a 5.74% growth by 2028.
Future trends to watch for:
- Increasing demand for biopharmaceuticals and specialty drugs.
- Technological advancements in drug development and manufacturing.
- Potential regulatory changes affecting production and market dynamics.
- The impact of global supply chain shifts on local production.
- Evolution in healthcare policies and funding affecting market growth.
