Global & Canada Cancer Therapeutics Market to 2031

Canada is facing a growing cancer burden. Statistics Canada reported that approximately 230,000 individuals were diagnosed with cancer in 2022, resulting in around 80,000 deaths. The most frequently diagnosed cancers in the country include lung, breast, prostate, and colorectal cancers. According to the Canadian Cancer Society, an estimated 28,600 women were diagnosed with breast cancer in 2022, accounting for roughly 25% of all new cancer cases among women in Canada. It is projected that one in eight Canadian women will develop breast cancer at some point in their lives. The Canadian government has shown strong support for cancer research and treatment through initiatives like the Canadian Cancer Research Alliance (CCRA), which focuses on funding the development of innovative therapies. Medications such as Keytruda are gaining prominence due to their ability to provide more effective treatment outcomes with fewer adverse effects.

In recent years, cancer treatment options have significantly advanced, leading to improved survival rates and better quality of life for patients. Targeted therapies, such as trastuzumab (Herceptin), have revolutionized the treatment of HER2-positive breast cancer by specifically addressing the HER2 gene. Additionally, pharmaceutical companies are actively working to introduce new products and expand their operations within Canada, contributing to the growth of the cancer therapeutics market.

For instance, in September 2022, Health Canada approved PLUVICTO [lutetium (177Lu) vipivotide tetraxetan injection] by Advanced Accelerator Applications Canada Inc. for adult patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC) who had previously received at least one androgen receptor pathway inhibitor (ARPI) and taxane-based chemotherapy. Likewise, in November 2021, Merck received conditional approval from Health Canada for KEYTRUDA (pembrolizumab), an anti-PD-1 therapy, in combination with chemotherapy. This approval covers the treatment of adults with locally recurrent, unresectable, or metastatic triple-negative breast cancer whose tumors express PD-L1 [Combined Positive Score (CPS) ≥10] and who have not received prior chemotherapy for metastatic disease.

In a notable development, FORUS Therapeutics launched in January 2021 as a new pharmaceutical company focused on the Canadian oncology market. Headquartered in Toronto, the company brings together a team with deep industry expertise, a pipeline featuring an FDA-approved product, and significant financial backing. FORUS aims to deliver novel cancer therapies to Canadian patients, expand treatment choices for healthcare providers, and collaborate with local research organizations. To support its launch, the company raised approximately US$20 million from a mix of investors, including adMare BioInnovations—Canada’s top life sciences venture builder—as well as international and institutional investors. Show more