Canada Over The Counter (OTC) Drugs Market Analysis

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Over the Counter (OTC) drugs market in Canada is very fragmented, and the market size is expected to increase from $13.6 Bn in 2022 to $23.6 Bn in 2030, with a CAGR of 7.1%. The Canada OTC industry analysis by Insights10 recognizes the increasing approval rates and the switch from prescription drugs to OTC drugs as major market drivers. The OTC market in Canada is segmented by category and by distribution channels. Pfizer, GlaxoSmithKline, Boiron SA are some of the leading players in the OTC market.

ID: IN10CAON028 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Canada

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Canada OTC Drugs Market Executive Analysis

The Canada OTC drugs market size is at around $13.6 Bn in 2022 and is projected to reach $23.6 Bn in 2030, exhibiting a CAGR of 7.1% during the forecast period. By 2022, it's predicted that the total cost of healthcare in Canada would be higher than $331 Bn. The Canadian Institute for Health Information (CIHI) forecasts that, after reaching a peak of 13.8% in 2020, total health spending in Canada will be $8,653 per person by 2022. The GDP of the country is 12.2% accounted for by this. The public sector finances healthcare services, while the private sector provides these services in Canada's hybrid public-private healthcare system.

In Canada, OTC drugs are regulated by Health Canada, the country's federal health agency. OTC drugs are typically available for purchase at pharmacies, grocery stores, and other retail outlets. The OTC market in Canada is an important part of the country's healthcare system, as it provides individuals with access to a range of products that can help them manage minor health conditions and maintain their overall health and well-being. OTC drugs can be an effective and convenient option for the treatment of common, self-limiting conditions, and can help to reduce the burden on the healthcare system by allowing individuals to self-treat certain conditions.

canada otc drugs market analysis

Market Dynamics

Market Growth Drivers

The growth of the market is being driven by Canada's increasing approval rates for OTC medications. The affordability of these medications is another element driving the expansion of the OTC industry in Canada. Also, the switch of pharmaceutical companies from prescription drugs to OTC drugs is responsible for the surge in the Canada OTC drugs market.

Market Restraints

In some cases, prescription drugs may be more effective or have fewer side effects than OTC products, which may limit the demand for OTC products. Changes in healthcare policies, such as the introduction of new regulations or the removal of insurance coverage for OTC products, may affect the demand for these products in Canada.

Competitive Landscape

Key Players

Johnson and Johnson (CAN)
Bayer AG (CAN)
Sanofi (CAN)
Pfizer (CAN)
GlaxoSmithKline
Boiron SA
Afexa Life Sciences Inc.
Combe Inc.

Healthcare Policies and Regulatory Landscape

In Canada, OTC drugs are regulated by Health Canada, the country's federal health agency. Health Canada is responsible for evaluating the safety and effectiveness of OTC drugs and establishing the conditions under which they can be sold. Health Canada has established a number of policies and guidelines for the regulation of OTC drugs in Canada. These policies cover a range of issues, including the approval of new OTC drugs, the labeling and packaging of OTC products, and the advertising and promotion of these products. Health Canada also works with other government agencies and stakeholders to ensure that OTC drugs are used safely and appropriately by consumers.

Reimbursement Scenario

Some provinces or territories in Canada may cover the cost of certain OTC drugs through their public healthcare plans, while others may not provide any coverage for these products. Private insurance plans may also cover the cost of OTC drugs, either as part of a basic package or as an optional add-on. Coverage for OTC drugs under private insurance plans may vary depending on the specific plan and the terms of the policy.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

OTC Market Segmentation

By Category (Revenue, USD Billion):

The key categories in the Canada OTC healthcare market are analgesics, cough & cold preparations, first aid kits, indigestion preparations, medicated skin products, plasters & bandages, topical OTC medicines, traditional medicines, vitamins & minerals, and other OTC healthcare products. In 2021, the traditional medicines category led the Canada healthcare sector in terms of per capita expenditure followed by vitamins & minerals and analgesics.

Traditional Medicine
Vitamins & Minerals
Analgesics
Cough &Cold Preparations
Topical OTC Medicines

By Distribution Channel (Revenue, USD Billion):

The key distribution channels in the Canada OTC healthcare market are drug stores & pharmacies, hypermarkets & supermarkets, convenience stores, food & drinks specialists, and cash & carries & warehouse clubs. Drug stores & pharmacies were the leading distribution channel in the Canada OTC healthcare sector in 2021 followed by hypermarkets & supermarkets and convenience stores.

Drug Stores & Pharmacies
Hypermarkets &Supermarkets
Others

Methodology for Database Creation

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