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Canada Pharmaceutical Market To Reach $76.9Bn By 2030

Canada Pharmaceutical Market To Reach $76.9 Billion By 2030

May 2025 | Report Format: Electronic (PDF)

Canada Pharmaceutical Market Growth & Trends

The Canada pharmaceutical market is anticipated to reach USD 76.9 billion by 2030 and expand at a CAGR of 7.0% from 2025 to 2030, according to a new report by Grand View Research, Inc. Several driving factors influence this significant and highly regulated industry. One of the primary drivers is Canada's aging population. With a growing number of seniors, there's a heightened demand for pharmaceuticals and healthcare services. For example, medications for conditions like osteoarthritis and Alzheimer's are in high demand due to the aging demographic.

Government regulation also plays a crucial role in shaping the pharmaceutical market. Health Canada, the country's regulatory body, oversees drug safety and efficacy. For instance, the approval and regulation of prescription drugs like insulin and antibiotics ensure the quality and safety of medicines available in the market. Research and development (R&D) efforts are another crucial factor. Canada boasts a strong R&D sector, with pharmaceutical companies like Apotex and Valeo Pharma conducting innovative research. For example, developing biologic drugs for conditions like cancer and autoimmune diseases benefits patients and contributes to economic growth.

Moreover, product launches by key players in the market will further propel the Canadian pharmaceutical market growth in the forecast period. For instance, the approval of Arexvy, a respiratory syncytial virus (RSV) vaccine, for individuals aged 60 and older is a significant development in Canada's healthcare landscape. RSV is a common cause of lower respiratory tract disease (LRTD) in older adults, making this vaccine a valuable addition to the preventive measures available. This approval expands the vaccine portfolio of GSK in Canada and addresses a specific healthcare need for the aging population. Introducing Arexvy is especially noteworthy as it marks the first approval of the RSV vaccine for older adults in the country. RSV can lead to severe respiratory illnesses, and older adults are a particularly vulnerable demographic.

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Canada Pharmaceutical Market Report Highlights

By disease, the cancer segment led the market with the largest revenue share of 18.1% in 2024, attributed to the increasing prevalence of cancer and the ongoing development of advanced treatments.
The parenteral segment is set to experience the fastest growth during the forecast period, fueled by the increasing demand for injectable medications.
By formulation, the tablets segment accounted for the largest market share in 2024 due to their convenience, affordability, and ease of administration.
The sprays segment is anticipated to grow at the fastest CAGR from 2025 to 2030, propelled by their user-friendly nature and precise dosing capabilities.
By end use, the hospitals segment held the largest market share in 2024, propelled by the increasing number of hospitals, leading to higher demand for pharmaceutical drugs to treat various medical conditions.

Canada Pharmaceutical Market Segmentation

Grand View Research has segmented the Canada pharmaceutical market based on drug type, product, type, disease, route of administration, formulation, age group, and end-use:

Canada Pharmaceutical Drug Type Outlook (Revenue, USD Billion, 2018 - 2030)