Statistical Shape Models (SSMs) are widely used in orthopedics to extract the main shape features from bone regions (e.g., femur). This study aims to develop an SSM of the femoral medullary canal, investigate its anatomical variability, and assess variations depending on canal length. The canals were isolated from 72 CT femur scans, through a threshold-based segmentation. A region of interest (ROI) was selected; sixteen segments were extracted from the ROI, ranging from 25% of the full length down to the most distal segment. An SSM was developed to identify the main modes of variation for each segment. The number of Principal Components (PCs) needed to explain at least 90% of the shape variance were three/four based on the length of the canal segment. The study examined the relationship between the identified PCs and geometric parameters like length, radius of curvature, ellipticity, mean diameter, and conicity, reporting range and percentage variation of these parameters for each segment. The SSMs provide insights into the anatomical variability of the femoral canal, emphasizing the importance of considering different segments to capture shape variations at various canal length. These findings can contribute for the design of personalized orthopedic implants involving the distal femur.