Oncology Drugs - Canada

Canada

The Oncology Drugs market in Canada is anticipated to achieve a revenue of US$3.90bn by the year 2024.
It is expected to display a compound annual growth rate (CAGR) of 14.01% between 2024 and 2028, leading to a market volume of US$6.59bn by 2028.
When compared on a global scale, United States will generate the highest revenue, amounting to US$114,600.00m in 2024.
Canada's oncology drug market is experiencing a shift towards personalized medicine and targeted therapies.

Key regions: Germany, India, United Kingdom, China, Canada

Market

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Currency

Analyst Opinion

The Oncology Drugs market in Canada has been experiencing significant growth in recent years.

Customer preferences: Customers in Canada are increasingly seeking personalized treatment options and are willing to pay a premium for innovative therapies. Patients are also more informed about their treatment options and are actively participating in the decision-making process with their healthcare providers.

Trends in the market: The Oncology Drugs market in Canada is being driven by the increasing prevalence of cancer, an aging population, and the availability of innovative therapies. There has been a shift towards targeted therapies and immunotherapies, which offer more precise and effective treatment options. There has also been an increase in the use of biosimilars, which offer cost savings for patients and healthcare systems.Local Special circumstances: The Canadian healthcare system is publicly funded, which means that drug prices are regulated by the government. This has led to a slower uptake of new therapies, as manufacturers must negotiate with the government to establish pricing and reimbursement. However, the government has recently introduced changes to the regulatory framework to accelerate the approval process for new drugs.

Underlying macroeconomic factors: The Canadian economy has been growing steadily, which has led to increased healthcare spending. The government has also been investing in healthcare infrastructure and research, which has supported the development of new therapies. However, the COVID-19 pandemic has had a significant impact on the healthcare system, leading to delays in cancer screenings and treatment, and a shift towards telemedicine. It remains to be seen how this will impact the Oncology Drugs market in the long term.

Methodology

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.