Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032

Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A700
Buy Now

Market Overview:

The Canada generic drug market size reached US$ 9.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032. The growing number of hospitals and clinics, favorable government initiatives, and the rising prevalence of chronic diseases represent some of the key factors driving the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 9.7 Billion
Market Forecast in 2032
US$ 19.2 Billion
Market Growth Rate 2024-2032 7.6%


Generic drugs are medications created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. They work in the same way and provide the same clinical benefits as the brand-name medicine. They meet the same high standards of quality and manufacturing and use active ingredients to offer the same benefits as the patent medicines. They can be oral, intravenous, intramuscular, nebulizer, and topical. They are highly cost-effective as the drug manufacturer does not have to duplicate the original clinical trials for effectiveness and safety. They are easily available and patients do not need to investigate far to find alternatives to popular non-generic medicines. As they are usually covered by insurance companies due to their low cost, the demand for generic drugs is rising in Canada.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

Canada Generic Drug Market Trends:

At present, the increasing demand for generic drugs among the masses due to the patent expiry of various branded drugs in Canada represents one of the key factors supporting the growth of the market. Besides this, there is a rise in the demand for generic drugs as they are highly affordable on account of lower requirements for research and development (R&D) activities, physician visits, and marketing. This, along with the thriving pharmaceutical industry in Canada, is propelling the growth of the market. In addition, the growing awareness among individuals about the benefits of generic drugs is positively influencing the market. Moreover, governing agencies of Canada are promoting the usage of generic drugs through various mechanisms, such as tax incentives, subsidies, and market access arrangements. They are also organizing campaigns to create awareness among people about the benefits of generic drugs, which is contributing to the growth of the market. Apart from this, the wide availability of generic drugs through offline and online distribution channels is offering lucrative growth opportunities to industry investors in Canada. Additionally, the rising prevalence of chronic diseases, such as cancer, heart disease, stroke, diabetes, and arthritis, is strengthening the growth of the market. In line with this, the growing number of hospitals and clinics providing high-quality healthcare facilities to patients in Canada is offering a favorable market outlook.

Report Coverage:

The market report by IMARC Group provides extensive coverage of the performance of the generic drug market in Canada. The study provides in-depth information about the value and volume trends, COVID-19 impact, and market forecast from 2024-2032.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Canada generic drug market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Apotex Inc., Mylan Pharmaceuticals ULC, Pharmascience Inc., Sandoz AG, Sun Pharma Industries Ltd., Teva Pharmaceutical Industries Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Canada generic drug market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the Canada generic drug market.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Canada generic drug industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The Canada generic drug market was valued at US$ 9.7 Billion in 2023.

We expect the Canada generic drug market to exhibit a CAGR of 7.6% during 2024-2032.

The high prevalence of numerous chronic diseases, such as diabetes, dyslipidemia, hypertension, etc., owing to the sedentary lifestyles, hectic work schedules, and changing dietary patterns of the consumers, is primarily driving the Canada generic drug market.

The sudden outbreak of the COVID-19 pandemic has led to the extensive R&D activities pertaining to the launch of generic drugs to combat the spread of the coronavirus infection across the nation.

Some of the major players in the Canada generic drug market include Apotex Inc., Mylan Pharmaceuticals ULC, Pharmascience Inc., Sandoz AG, Sun Pharma Industries Ltd., Teva Pharmaceutical Industries Limited, etc.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More