Canada Cardiovascular Drugs Market to be Dominated by Branded Drug Through 2028
The increasing Prevalence of Cardiovascular Diseases
is expected to drive the growth of Canada Cardiovascular Drugs Market in the
forecast period, 2024-2028.
According to
TechSci Research report, “Canada Cardiovascular
Drugs Market
- By Region, Competition, Forecast and Opportunities, 2028”, the Canada Cardiovascular Drugs Market is anticipated to grow at an
impressive rate in the forecast period, 2024-2028. This can be ascribed
to the increasing awareness with respect to the serious impacts of
cardiovascular diseases on human health along with rising rate of sedentary
lifestyle adoption, majorly due to unhealthy routine habits and work from home
culture across the region. Additionally, growing cases of hypertension,
smoking, and rising consumption of alcohol will escalate the growth of Canada Cardiovascular
Drugs Market in coming years. Besides, growing geriatric population and growing
need for advanced and effective drugs along with growing research and
development activities will further be expected to support the Canada
Cardiovascular Drugs Market growth.
However, the process of gaining
regulatory approval for cardiovascular drugs can be lengthy and costly. It can
take several years and significant investment to bring a new drug to the market
which can create affordability issues thereby slowing down the growth of Canada
Cardiovascular Drugs Market in the forecast period. Similarly, many major
cardiovascular drugs have already lost patent protection or are about to lose
it which may hamper the Canada Cardiovascular Drugs Market growth during the
forecast period. Also, Cardiovascular drugs often require long-term treatment,
and non-adherence can lead to poor health outcomes. Patients may stop taking
medications due to side effects, cost, or other reasons which can further
restrict the growth of Canada Cardiovascular Drugs Market.
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The Canada Cardiovascular Drugs Market can
be segmented by drug classification, disease indication, end user, and by
region.
Based on Drug
Classification, the Canada Cardiovascular Drugs Market can be divided into branded and generic. The branded
drug segment dominated the market in 2022 and is expected to continue maintaining
its dominance throughout the forecast period. This can be ascribed to increasing
high prevalence of cardiovascular diseases (CVD) in Canada along with growing
availability of drugs and availability status as compared to expensive drugs
and the critical life preserving functions that they perform.
Based on end users,
the market can be segmented into hospital
pharmacies, online pharmacies, retail pharmacies, and others. The Online
Pharmacies segment is expected to dominate during the forecast period on
account of the rising awareness related to the commercially available drugs, increasing
usage of online pharmacies facilities. Also, the growing rate of surgical
procedure such as heart surgeries and growing initiatives by government bodies for
development of healthcare industry is expected to create lucrative growth
during the forecast period.
Major
companies operating in Canada Cardiovascular Drugs market are:
·
Abbott Canada
·
Cardinal Health Canada Inc.
·
GE Healthcare Canada Inc
·
W L Gore & Associates
Canada Inc
·
Medtronic of Canada Ltd
·
Biotronik Canada Inc
·
Siemens Healthcare Limited.
·
Canon Medical Systems Canada
Ltd.
·
B. Braun of Canada.
·
LivaNova PLC.
In 2020, the
drug, Sacubitril/Valsartan (brand name Entresto) was approved, by Health Canada
for the treatment of heart failure with reduced ejection fraction. Entresto is
a combination drug that works to reduce blood pressure and improve cardiac
function.
In 2020, the
drug Dapagliflozin (brand name Farxiga) was approved by Health Canada for the
treatment of heart failure with reduced ejection fraction. Farxiga is a
sodium-glucose cotransporter 2 (SGLT2) inhibitor that works to improve glycemic
control and reduce cardiovascular events.
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“Canada
Cardiovascular drugs is expected to dominate the market during the forecast
period on account due to increasing awareness and innovation of new drugs along
with different market players introduced several advanced drugs, addressing the
diverse treatment needs of cardiovascular diseases. Similarly, increasing
demand for more effective therapeutics of cardiovascular disease treatment is
anticipated to drive the growth of the market over the years. Additionally,
growing demand of generic drugs along with growing prevalence of
hyperlipidemia, coronary artery disease will further drive the growth of the
market over the years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Canada Cardiovascular Drugs Market by Drug
Classification (Branded, Generic), By Disease Indication (Hypertension,
Coronary Artery Disease, Hyperlipidaemia, Arrhythmia, Others), By End User
(Hospital Pharmacies, Online Pharmacies, Retail Pharmacies, Others), By Region,
Competition, Forecast & Opportunities, 2028”
has evaluated the future growth potential of Canada Cardiovascular Drugs Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada Cardiovascular Drugs Market.
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