The Canadian healthcare market is expected to see total spending grow by more than $7 billion to reach $210 billion by the end of this year, with the healthcare market continuing to rise faster than both inflation and population growth in Canada, with the industry forecast to reach approximately 14% of Canada's GDP by the end of 2012.
The key factor fuelling the impressive growth in the Canadian healthcare market looks to be Canada's growing elderly population. Although only 14% of the population was over 65 in 2010, they accounted for nearly 44% of the healthcare spending by provincial and territorial governments. This elderly segment of the population will increase in size in the foreseeable future, representing almost 17% of all Canadian residents by 2020.
Canada has a universal healthcare system that covers all citizens and, as a result, the majority of the country's healthcare spending comes from the government. On average, public healthcare expenditure accounts for approximately 70% of Canada's total, while private health insurance companies contribute approximately 12%.
Segment wise, the pharmaceutical market in Canada was valued at about $21.5 billion in 2010 and is expected to reach approximately $45.9 billion by 2020, at a projected 9.9% compound annual growth rate (CAGR). The medical device market was valued at approximately $7.7 billion in 2011 and is expected to reach approximately $12.2 billion by 2020, at a projected 5.2% CAGR.
Key players currently dominating the Canadian healthcare market include, Pfizer, GlaxoSmithKline, Sanofi, AstraZeneca, and Apotex.
For more information on the Canadian healthcare market, see the latest research: Canadian Healthcare Market
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