Medical Cannabis - G7

In 2024, the Medical Cannabis market market in the G7 country is forecasted to reach US$16.33bn in revenue.
The market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 1.77%, leading to a market volume of US$17.83bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues, US$2.68k are generated in 2024 relative to the total population figures.
In the United States, the Medical Cannabis market is experiencing rapid growth and regulatory evolution, attracting significant investor interest.

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

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Analyst Opinion

The Medical Cannabis market in G7 countries is experiencing significant growth and development.

Customer preferences: Customers in G7 countries are increasingly turning to medical cannabis as an alternative form of treatment for various health conditions. The growing acceptance of cannabis for medical purposes, coupled with an aging population seeking pain management solutions, is driving the demand for medical cannabis products.

Trends in the market: In the United States, the largest market within the G7, the trend towards legalization of medical cannabis at the state level is fueling market growth. This fragmented regulatory environment is creating opportunities for both established pharmaceutical companies and new entrants to capitalize on the expanding market.

Local special circumstances: Canada, another key player in the G7, has taken a progressive approach to cannabis legalization by legalizing both medical and recreational cannabis. This has created a well-established infrastructure for medical cannabis production and distribution, positioning the country as a leader in the global medical cannabis market.

Underlying macroeconomic factors: The economic impact of the medical cannabis market in G7 countries is significant, with projections indicating continued growth in the coming years. Factors such as increasing healthcare costs, changing consumer preferences, and the potential for tax revenue generation are driving governments to further explore and regulate the medical cannabis industry.

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.