MedTech
and Pharma

Save lives with MedTech
innovation in Ontario

MedTech and Pharma

Save lives with MedTech innovation in Ontario

Global MedTech
and Pharma Industry

A market accelerated into the future post-pandemic
The global medical technology industry has witnessed a remarkable journey, pre-pandemic to post-pandemic. Projections indicate continued growth, with an anticipated increase from US $536.12 billion in 2023 to US $799.67 billion by the year 2030.
The In Vitro Diagnostics (IVD) segment emerged as a focal point for growth, experiencing substantial revenue upswings in 2020 and 2021. Digital health solutions, like telemedicine platforms, patient portals, and mobile applications attracted investments that surpassed US $45 billion, more than the cumulative funding recorded from 2010 to 2017.
MedTech innovation is to expand further across wearable devices for health monitoring, and cutting-edge diagnostics and testing solutions aimed at addressing chronic conditions such as Cancer and Diabetes.
Worldwide pharmaceutical markets were also influenced by the COVID-19 pandemic, predicted to enhance the market by US $500 billion between 2020 to 2027. Oncology expenses are expected to double to around US $370 billion by 2027. Biotech drugs are foreseen to constitute 35% of expenditures by 2027, and cell and gene therapies will continue to mature the biosimilar sector.

Canadian MedTech and
Pharma Industry

A world-class lifesciences hotbed
In 2022, pharmaceuticals and medical manufacturing collectively contributed US $89.6 billion to Canada's GDP. Globally, Canada ranks as the eighth largest MedTech market, boasts the second lowest G7 cost for clinical trial management, ranking #1 for active clinical trials per capita, and constitiutes 2.1% of global pharmaceutical sales, positioning the country as the ninth largest market in the world.

Similar to global trends, Canada’s Medtech and Pharma industry demands also predict opportunities like the need for medical devices catering to older demographics due to Canada’s ageing population.

Technological advancements include AI reshaping diagnostic standards, virtual care providing a chance to revolutionize patient interaction, and biotech drugs, cell and gene therapies. Digital medicine and AI-driven personalization are also rapidly growing sub-sectors.

MedTech: Inside Canada’s borders, over 2,000 MedTech companies operate, employing over 35,000 Canadians. The export of medical technology from Canada amounts to approximately $3.1 billion while imports stand at CA $8.6 billion. Canada’s largest customers are the United States, Europe, Middle East, South America and China. Canada’s hubs for MedTech are Ontario, Quebec, and British Columbia.

Pharma: Between 2011 and 2019, the total value of pharmaceutical sales (including non-patented over-the-counter medicines) in Canada surged by 35.3%, reaching CA $29.9 billion. Among these sales, 86.7% occurred in retail drug stores, with hospitals accounting for 13.3%.

Clinical Trials: Canada is a favoured choice for global companies seeking a prime site for life sciences and clinical trials due to its exceptional education system, well-regarded clinical trial networks, and government support for research infrastructure. Canada’s contract research sector excels in phases I to IV clinical trials.

Canadian MedTech and Pharma Industry

A world-class lifesciences hotbed
In 2022, pharmaceuticals and medical manufacturing collectively contributed US $89.6 billion to Canada's GDP. Globally, Canada ranks as the eighth largest MedTech market, boasts the second lowest G7 cost for clinical trial management, ranking #1 for active clinical trials per capita, and constitiutes 2.1% of global pharmaceutical sales, positioning the country as the ninth largest market in the world.
Similar to global trends, Canada’s Medtech and Pharma industry demands also predict opportunities like the need for medical devices catering to older demographics due to Canada's ageing population.
Technological advancements include AI reshaping diagnostic standards, virtual care providing a chance to revolutionize patient interaction, and biotech drugs, cell and gene therapies. Digital medicine and AI-driven personalization are also rapidly growing sub-sectors.

$3.2B
Cyber Security sector contribution to GDP

$1.15B
annual exports in the Cyber Security sector

29,000 jobs
in Cyber Security

85%
Cyber Security companies are Canadian owned

347M
in R&D funding

90%
of Cyber Security companies are SME’s (less than 250 employees)

Why Choose Ontario
For MedTech and Pharma

From sick care to patient-centred healthcare
Ontario's reputation shines in critical research domains like cancer, neuroscience, stem cells, gene therapy, and clinical trials. Pioneering breakthrough disease treatments, from diabetes and cystic fibrosis to leukaemia and early-onset Alzheimer's disease, trace their roots back to this province.
Ontario has 1,900 life science firms (more than any other province in Canada), employing 70,100 individuals and contributing an annual revenue of CA $65.2 billion. Notably, pharmaceutical alone spearheads $45.4 billion in revenues and engages over 32,400 professionals.

Ontario-based Pharma companies export approximately CA CA $8.49 billion, encompassing 64.1% of Canada's pharmaceutical goods, with a significant focus on the U.S. market. These companies are strategically positioned to tap into the expansive $20-trillion United States-Canada-Mexico Agreement (USCMA) marketplace, which stands as the world's largest healthcare market as well.

Ontario is also particularly well-known for being an ideal testbed for MedTech and clinical trials. Home to over 4,600 active clinical trials - the highest in Canada, with twice the trials per capita as the U.S.

  • Toronto is a leading North American centre for health sciences, blending research, clinical knowledge, and business prowess to create new diagnostics and treatments. The city’s life sciences sector employs almost 30,000 professionals and adds over CA $2 billion to the local economy.

  • Mississauga ranks as the second-largest life science sector in terms of total employment in Canada, encompassing more than 500 businesses, a workforce exceeding 26,000 proficient experts, and prominent research and development institutions.

  • Waterloo Region firms are making big strides in global healthcare, from advanced AI-driven oncology solutions to enhanced precision in hip replacement procedures. The region hosts over 100 life science companies engaged in diverse sectors such as biotechnology, pharmaceuticals, imaging technology, digital health, and medical equipment manufacturing. Waterloo also houses the pioneering Medical Innovation Xchange (MIX), Canada’s inaugural industry-driven MedTech hub.

  • Ottawa is contributing to progress in mobile health, viral vectors/oncolytic viruses’ development, medical isotopes, and point-of-care (POC) blood tests devices. Its ecosystem has globally renowned organizations like The Ottawa Hospital, Canada’s largest research and teaching hospitals, Ottawa Heart Institute, the nation’s leading cardiovascular research centre, The Children’s Hospital of Eastern Ontario (CHEO), known for its exceptional paediatric care and orphan diseases research.

Six of Ontario’s universities house affiliated medical schools, among them the University of Toronto, recognized for having one of North America’s largest medical faculties. Moreover, the province’s 47 universities and colleges yield over 65,000 graduates each year in science, engineering, mathematics, and related fields.

Canada’s trade agreements cover markets valued at over US $50 trillion with 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).

Your business can access 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.

Ontario’s MedTech and Pharma Industry Facts

1st

largest MedTech and
Pharma sector in Canada

4600

active clinical trials

$11B

in annual exports

64.1%

production of Canadian
pharmaceutical goods

62,000

employees

65,000

STEM graduates
annually

Ontario’s MedTech and Pharma Industry Facts

1st

largest MedTech and Pharma sector in Canada

4600

active clinical trials

$11B

in annual exports

64.1%

of Canadian pharmaceutical goods

62,000

employees

65,000

STEM graduates annually

MedTech and Pharma Funding, Resources and Organizations

Canadian Institutes of Health Research (CIHR) is the primary federal agency responsible for funding health research in Canada, including life sciences research.

Health Canada regulates and approves drugs, medical devices, and other health-related products, ensuring they meet safety and efficacy standards.

Innovation, Science and Economic Development Canada (ISED) collaborates with Canadians across various economic sectors and regions to enhance investment conditions, boost innovation, and expand Canada’s global trade share.

Other Resources

Ontario Centre of Innovation (OCI)

supports research and innovation collaborations between industry, academia, and government, including within the life sciences field. Visit Site

focuses on promoting economic growth and innovation in the province. Visit Site

is responsible for healthcare policies, regulations, and funding that impact the life sciences sector. Visit Site

MedTech and Pharma Companies in Ontario

logo of medtech and pharma company abbott diagnostics
Abbott Diagnostics
6925 Century Ave, Mississauga, ON L5N 7K2, Canada
logo of medtech and pharma company apotex
Apotex
150 Signet Dr, North York, ON M9L 1T9, Canada
baxter-corporation-logo
Baxter Corporation
7125 Mississauga Rd, Mississauga, ON L5N 0C2, Canada
logo of medtech and pharma company bayer
Bayer
2920 Matheson Blvd E, Mississauga, ON L4W 5R6, Canada
bora-pharmaceuticals-logo
Bora Pharmaceuticals
7333 Mississauga Rd, Mississauga, ON L5N 6L4, Canada
eurofins-logo
Eurofins
1111 Flint Rd, North York, ON M3J 3C7, Canada
logo of medtech and pharma company johnson & johnson
Johnson & Johnson
Main Atrium, 88 McNabb St, Markham, ON L3R 5L2, Canada
logo of medtech and pharma company merck
Merck
101 College St, Toronto, ON M5G 1L7, Canada
logo of medtech and pharma company octane
Octane
369 Dalton Ave, Kingston, ON K7K 6Z1, Canada
resilience-logo
Resilience
2585 Meadowpine Blvd, Mississauga, ON L5N 8H9, Canada
logo of medtech and pharma company roche
Roche
7070 Mississauga Rd, Mississauga, ON L5N 5M8, Canada
logo of medtech and pharma company sanofi
Sanofi
1755 Steeles Ave W, North York, ON M2R 3T4, Canada
southmedic-inc-logo
Southmedic Inc.
50 Alliance Blvd, Barrie, ON L4M 5K3, Canada
logo of medtech and pharma company stryker
Stryker
2 Medicorum Pl, Waterdown, ON L8B 1W2, Canada
synaptive-medical-logo
Synaptive Medical
555 Richmond St W #800, Toronto, ON M5V 3B1, Canada
takeda-logo
Takeda
Bay Adelaide Centre, East Tower, 22 Adelaide St W Suite 3800, Toronto, ON M5H 4E3, Canada
logo of medtech and pharma company teva
Teva
30 Novopharm Ct, Scarborough, ON M1B 2K9, Canada
logo of medtech and pharma company thermo fisher scientific
Thermo Fisher Scientific
2845 Argentia Rd, Mississauga, ON L5N 5V4, Canada
logo of medtech and pharma company turnstone biologics
Turnstone Biologics
787 Bank St, Ottawa, ON K1S 3V5, Canada
Show Companies
logo of medtech and pharma company abbott diagnostics
Abbott Diagnostics
6925 Century Ave, Mississauga, ON L5N 7K2, Canada
logo of medtech and pharma company apotex
Apotex
150 Signet Dr, North York, ON M9L 1T9, Canada
baxter-corporation-logo
Baxter Corporation
7125 Mississauga Rd, Mississauga, ON L5N 0C2, Canada
logo of medtech and pharma company bayer
Bayer
2920 Matheson Blvd E, Mississauga, ON L4W 5R6, Canada
bora-pharmaceuticals-logo
Bora Pharmaceuticals
7333 Mississauga Rd, Mississauga, ON L5N 6L4, Canada
eurofins-logo
Eurofins
1111 Flint Rd, North York, ON M3J 3C7, Canada
logo of medtech and pharma company johnson & johnson
Johnson & Johnson
Main Atrium, 88 McNabb St, Markham, ON L3R 5L2, Canada
logo of medtech and pharma company merck
Merck
101 College St, Toronto, ON M5G 1L7, Canada
logo of medtech and pharma company octane
Octane
369 Dalton Ave, Kingston, ON K7K 6Z1, Canada
resilience-logo
Resilience
2585 Meadowpine Blvd, Mississauga, ON L5N 8H9, Canada
logo of medtech and pharma company roche
Roche
7070 Mississauga Rd, Mississauga, ON L5N 5M8, Canada
logo of medtech and pharma company sanofi
Sanofi
1755 Steeles Ave W, North York, ON M2R 3T4, Canada
southmedic-inc-logo
Southmedic Inc.
50 Alliance Blvd, Barrie, ON L4M 5K3, Canada
logo of medtech and pharma company stryker
Stryker
2 Medicorum Pl, Waterdown, ON L8B 1W2, Canada
synaptive-medical-logo
Synaptive Medical
555 Richmond St W #800, Toronto, ON M5V 3B1, Canada
takeda-logo
Takeda
Bay Adelaide Centre, East Tower, 22 Adelaide St W Suite 3800, Toronto, ON M5H 4E3, Canada
logo of medtech and pharma company teva
Teva
30 Novopharm Ct, Scarborough, ON M1B 2K9, Canada
logo of medtech and pharma company thermo fisher scientific
Thermo Fisher Scientific
2845 Argentia Rd, Mississauga, ON L5N 5V4, Canada
logo of medtech and pharma company turnstone biologics
Turnstone Biologics
787 Bank St, Ottawa, ON K1S 3V5, Canada
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