Medical Cannabis - Canada

Canada

Canada is expected to see revenue in the Medical Cannabis market market reach US$1.06bn by 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 2.68%, leading to a market volume of US$1.21bn by 2029.
When compared globally, the United States is projected to generate the most revenue, with US$14,530.00m expected in 2024.
In terms of per person revenues in 2024, US$1.31k is generated in relation to the total population figures.
In Canada, the Medical Cannabis market is rapidly expanding, fueled by increasing legalization and a growing acceptance of cannabis for therapeutic purposes.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

The Medical Cannabis market in Canada has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Canada are increasingly turning to medical cannabis for its potential health benefits and as an alternative treatment option for various medical conditions. There is a growing acceptance and awareness of the therapeutic properties of cannabis among patients, leading to a rise in demand for medical cannabis products.

Trends in the market: One of the key trends in the Canadian Medical Cannabis market is the expansion of product offerings and consumption methods. With the legalization of edibles, extracts, and topicals, consumers now have a wider range of options to choose from, driving market growth. Additionally, there is a trend towards personalized medicine in the medical cannabis sector, with companies focusing on tailored treatment plans for individual patients.

Local special circumstances: Canada's progressive cannabis regulations and the nationwide legalization of recreational cannabis have created a conducive environment for the growth of the medical cannabis market. The well-established infrastructure for cannabis cultivation, distribution, and research in Canada has also played a significant role in shaping the market landscape. Moreover, the presence of leading cannabis companies with strong research and development capabilities has contributed to the advancement of medical cannabis products and treatments in the country.

Underlying macroeconomic factors: The Canadian Medical Cannabis market is influenced by various macroeconomic factors, including regulatory policies, healthcare system dynamics, and economic conditions. The government's support for medical cannabis research and development, along with the increasing number of healthcare practitioners prescribing cannabis, has bolstered market growth. Additionally, the growing investment in the medical cannabis sector, both domestically and internationally, reflects the economic potential of the market in Canada.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.