In 2023, Canada's business enterprise expenditure on R&D in the medical and health sciences stood at 1.97 billion US dollars PPP. From 2024 to 2028, expenditures are forecasted to grow steadily from 2.0 billion to 2.11 billion US dollars PPP. The year-on-year growth rate remains consistent at approximately 1.5%. Over five years, the compound annual growth rate (CAGR) is projected around 1.5%, indicating stable expansion in R&D spending in this sector.
Future trends to watch for include:
- Increased investment in digital health technologies.
- Growth in personalized medicine research funding.
- Potential impact of government policies on healthcare R&D incentives.
- The role of private-public partnerships in fostering innovation.
