Canada’s life sciences sector continued to demonstrate resilience and growth in 2024, with over 3,800 companies active across biotech, medtech, pharma, digital health, and supporting industries. Ontario remains the nation’s hub, accounting for nearly 40% of all life sciences companies, followed by Quebec and British Columbia.
Biotech dominates Canada’s innovation landscape, representing 28% of the sector, with a strong presence in R&D services and therapeutic development. The report also highlights a notable $672M raised in the second half of 2024 alone — signaling renewed investor confidence after a slower start to the year. Oncology, neurology, and infectious disease remain the leading indications for assets in clinical development, while Ontario and Quebec continue to lead in licensing opportunities and out-licensable assets.
Explore in-depth insights, major M&A activity, regional breakdowns, financing trends, and the top companies shaping the future of healthcare in Canada.
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Download the Canadian Trend Analysis Report 2025.