Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.
Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.
Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
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.
Most recent update: Mar 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights