The specialty pharmacy market offers numerous advantages, including personalized care, tailored medication therapies, and patient support services. Specialty pharmacies excel in managing complex, chronic conditions such as cancer, autoimmune diseases, and rare disorders. They ensure medication adherence, reduce adverse events and improve patient outcomes. Biologics and complex therapies are the dominating segments within this market. These treatments require specialized handling and administration, making specialty pharmacies indispensable in providing safe, effective, and convenient access to these advanced therapies for patients.
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Data Bridge Market Research analyses that the Canada Specialty Pharmacy Market was valued at USD 6,026.94 million in 2022 and is expected to reach the value of USD 14,192.50 million by 2030, at a CAGR of 11.3% during the forecast period of 2023-2030. The rising cost of medications underscores the importance of specialty pharmacies in ensuring efficient medication management and patient adherence. These pharmacies provide personalized support and strategies to optimize drug use, enhancing treatment outcomes and cost-effectiveness.
Key Findings of the Study
Regulatory support is expected to drive the market's growth rate
The growing awareness of specialty pharmacy benefits is a significant driver of market growth. Healthcare providers and patients increasingly recognize the value of specialty pharmacies in providing tailored care, medication expertise, and support services. These pharmacies enhance treatment adherence, improve outcomes, and offer convenience. As this awareness spreads, more healthcare professionals and individuals are likely to opt for specialty pharmacy services, contributing to the continued expansion of the specialty pharmacy market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Service Type (Clinical Services, Operational Services, and Other Services), Type (Large Pharmacy Benefit Manager and Small- Independent Pharmacy Service Providers), Condition (Anemia, Cancer, HIV, Infertility, Multiple Sclerosis, Rheumatoid Arthritis, Growth Hormone Deficiencies, Hepatitis C Virus, Hemophilia, Psoriasis, Pulmonary Hypertension, Crohn's Disease, Cystic Fibrosis, Immune Deficiency, Osteoarthritis, Juvenile Idiopathic Arthritis, Ulcerative Colitis, and Others)
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Countries Covered
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Canada
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Market Players Covered
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McKesson Canada (Canada), Bayshore HealthCare (Canada), SRx Health (Canada), Sentrex Health Solutions (Canada), Sobeys Inc. (Canada), PHARMASAVE (Canada), Lovell Drugs (Canada), Create Compounding Ltd. (Canada), Dynasty Pharmacy (Canada), Resident Care Pharmacy (Canada), Pace Pharmacy (Canada), Northmount Pharmacy and Compounding Lab (Canada), Medicine Centre (Canada), Brunskillpharmacy (Canada), Extend Pharmacy (Canada), Sherman Specialty Pharmacy (U.S.), Quiick Medicine (Canada), Allcures Pharmacy (U.K.), Alpine Drug Mart I.D.A. (Canada), PharmaChoice Anchor Compounding Pharmacy (Canada), Andreen's Pharmacy (Canada), Balanced Health Integrative Pharmacy (Canada), Bains Pharmacy (Canada), Shoppers Drug Mart Specialty Health Network Inc. (Canada), MEDS (Canada)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The Canada specialty pharmacy market is categorized into three segments, which are based on service type, type, and condition.
- On the basis of service type, the Canada specialty pharmacy market is segmented into clinical services, operational services, and other services.
- On the basis of type, the Canada specialty pharmacy market has been segmented into large pharmacy benefit manager (PBM) and small-independent pharmacy service providers.
- On the basis of condition, the Canada specialty pharmacy market has been segmented into anemia, cancer, HIV, infertility, multiple sclerosis, rheumatoid arthritis, growth hormone deficiencies, hepatitis C virus, hemophilia, psoriasis, pulmonary hypertension, Crohn's disease, cystic fibrosis, immune deficiency, osteoarthritis, juvenile idiopathic arthritis, ulcerative colitis, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the Canada specialty pharmacy market players in Canada specialty pharmacy market are McKesson Canada (Canada), Bayshore HealthCare (Canada), SRx Health (Canada), Sentrex Health Solutions (Canada), Sobeys Inc. (Canada), PHARMASAVE (Canada), Lovell Drugs (Canada), Create Compounding Ltd. (Canada), Dynasty Pharmacy (Canada).
Market Developments
- In March 2022, BioScript Solutions and NeonMind joined forces in a strategic partnership aimed at expanding the network of specialty clinics for interventional psychiatry treatments. This collaboration will utilize BioScript Solutions' national network of community-based infusion clinics to enhance Canadians' access to NeonMind's innovative interventional psychiatry treatments and unique therapy programs.
- In March 2022, Intellia Therapeutics, Inc. achieved orphan drug designation from the US Food and Drug Administration (FDA) for their investigational T cell receptor (TCR)-T cell therapy, NTLA-5001. This designation is for the treatment of acute myeloid leukemia (AML). Orphan drug status signifies the FDA's recognition of NTLA-5001 as a promising and potentially effective therapy for a rare and severe condition, which could expedite its development and availability for AML patients.
- In February 2022, Optum introduced Optum Specialty Fusion, a specialized medication management solution designed to streamline care for individuals dealing with complex medical conditions. This innovative offering aims to reduce the financial burden associated with costly specialty drugs. Optum Specialty Fusion is intended to enhance the overall patient experience by providing comprehensive support and efficient management of specialty medications, ultimately improving outcomes and reducing healthcare costs for these patients.
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