Medical Cannabis - North America

North America

Revenue in the Medical Cannabis market market in North America is forecasted to reach US$15.82bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.77%, leading to a market volume of US$17.27bn by 2029.
When compared globally, the United States will contribute the most revenue ( US$14,530.00m in 2024).
Concerning total population figures, per person revenues of US$2.91k are generated in 2024.
In the United States, the growing trend of medical cannabis legalization is reshaping the landscape of the cannabis market in North America.

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

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Analyst Opinion

The Medical Cannabis market in North America has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in North America have shown a growing interest in medical cannabis products due to increasing awareness about the potential health benefits associated with their use. Patients are seeking alternative treatment options for various medical conditions, driving the demand for medical cannabis products.

Trends in the market: In the United States, the medical cannabis market is expanding as more states legalize the use of medical cannabis for therapeutic purposes. This trend has created a more favorable regulatory environment for medical cannabis companies, leading to increased investment and innovation in the industry. In Canada, the market is also growing rapidly following the nationwide legalization of recreational cannabis, which has helped destigmatize the use of cannabis for medical purposes.

Local special circumstances: One of the key factors driving the growth of the medical cannabis market in North America is the presence of a well-established cannabis industry, particularly in countries like the United States and Canada. This existing infrastructure has facilitated the development and distribution of medical cannabis products, making it easier for patients to access treatment options.

Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has also played a role in shaping the medical cannabis market in North America. The pandemic has underscored the importance of healthcare and wellness, leading more individuals to explore alternative therapies like medical cannabis. Additionally, the economic uncertainty caused by the pandemic has prompted some consumers to seek out more affordable treatment options, further driving demand for medical cannabis products.

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.