Other Pharmaceuticals - Canada

Canada

Highlights

In Canada, the Other Pharmaceuticals market is expected to generate a revenue of US$8.46bn by 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2029) of 3.90%, leading to a market volume of US$10.24bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue, reaching US$260.50bn in 2024.
Canada, known for its robust pharmaceutical industry, is witnessing a surge in the demand for alternative and natural medicines within the Other Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Canada has been experiencing significant growth in recent years.

Customer preferences: Canadian customers are increasingly demanding alternative and complementary medicines to traditional pharmaceuticals. This trend is driven by factors such as a growing awareness of the potential side effects of conventional drugs, an aging population that seeks natural remedies, and a desire for more personalized healthcare solutions.

Trends in the market: The Other Pharmaceuticals market in Canada has been growing at a faster rate than the overall pharmaceutical market. This growth is driven by a number of factors, including an increase in the availability of alternative and complementary medicines, a growing interest in natural health products, and a rise in the number of companies producing these products. Additionally, the Canadian government has implemented policies that support the development and marketing of natural health products, which has contributed to the growth of the Other Pharmaceuticals market.

Local special circumstances: One of the unique factors driving the growth of the Other Pharmaceuticals market in Canada is the country's large and diverse population. Canada is home to a significant number of immigrants from around the world, and many of these individuals bring with them a strong tradition of using natural remedies and alternative medicines. This has helped to create a market for products that cater to a wide range of cultural and ethnic backgrounds.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Canada is also closely tied to broader macroeconomic trends. For example, the country's aging population is driving demand for natural health products that can help manage chronic conditions and improve overall health. Additionally, the rise of e-commerce and online marketplaces has made it easier for companies to reach a wider audience and sell their products directly to consumers. Finally, the Canadian government's support for the natural health products industry has helped to create a favorable regulatory environment for companies operating in this space.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.