The Canadian Pharmacies market size stood at USD 44.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
In Canada, the number of businesses is numbered around 13,492 and providing average industrial employment of 188,396 numbers as of 2020 by IBISWorld. Long-term economic, demographic, and social trends are forecast to support the Pharmacies industry over the next forecasted years. The industry will also likely benefit from Canada’s aging population and increasing health consciousness. However, the loss of market share to external competitors, such as supermarkets, is projected to limit revenue growth over the period. Operators will likely respond to these trends by diversifying their revenue streams, as they continue to move away from the traditional pharmacy business model and towards new service-based models that offer more holistic health solutions.
Market Growth Drivers
The market drivers of the Canadian pharmacy industry include a rising geriatric population & increasing investment in the sector, the decline in the real price of pharma products. the Pharmacies and Drug Stores industry in Canada is projected to thrive, chiefly due to rampant consolidation activity and diversification of products and services. Canada’s aging population significantly influences demand for industry products. consumers aged 65+re the major targeted market. In Canada demand for pharmaceutical products trends in line with total health expenditure, which includes public and private spending on healthcare activities. Drug expenditure is the 2nd -largest category of health spending in Canada. As a result, an increase in drug spending stimulates demand for industry products. Total health expenditure is expected to increase in the future, representing a potential opportunity for the industry.