In 2023, business enterprise expenditure on R&D in Canada's medical and health sciences sector was reported at a value slightly below 1.76 billion USD (PPP 2015). The forecasts from 2024 to 2028 show a steady rise in this investment, reaching 1.8 billion USD by 2028. Year-on-year growth rates for 2024, 2025, and 2026 are modest, standing at approximately 0.57%, demonstrating a consistent, albeit slow, increase. The compounded annual growth rate (CAGR) from 2024 to 2028 is projected at roughly 0.57%.
Future trends to watch for include potential technological advancements, healthcare innovations, and government policies that could impact R&D investment. The sector's growth may also be influenced by demand for improved healthcare solutions and the global emphasis on health resilience post-pandemic.
