Forecast: Pharmaceutical Industry Exports in Canada

The Canadian pharmaceutical industry's export value has shown significant growth over the past decade, rising from $5.52 billion USD in 2013 to $10.11 billion USD in 2023. This is indicative of a robust upward trend despite some fluctuations, including a notable dip in 2017. The industry saw a mild decline in 2020 (-2.27%) but recovered quickly with a substantial increase in 2021 (15.61%) and continues to grow steadily.

For the past two years, the year-on-year growth was positive, with a 2.29% increase in 2022 and 2.98% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at approximately 4.97%, showcasing consistent growth. Looking ahead to 2028, the forecast anticipates an average annual growth rate of 2.08%, with the export value projected to reach $11.53 billion USD.

Future trends to watch for include:

• The impact of new pharmaceutical innovations and technologies on export value.
• Changes in global trade policies and their influence on the Canadian pharmaceutical market.
• The potential growth in personalized medicine and biologics, which could drive export value.
• Increased focus on sustainable and eco-friendly pharmaceutical production processes.