Pharmaceutical Cannabis - North America

North America

Revenue in the Pharmaceutical Cannabis market in North America is forecasted to reach US$1.02bn in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.48%, leading to a market volume of US$1.27bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$913.10m in 2024.
In terms of per capita figures, each person in North America is projected to generate revenues of US$1.25k in 2024.
In the United States, the Pharmaceutical Cannabis market is rapidly evolving with increasing research, legalization, and medical applications driving growth.

Key regions: United States, Spain, Europe, Thailand, Canada

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Currency

Analyst Opinion

The Pharmaceutical Cannabis market in North America is experiencing significant growth and development.

Customer preferences: Customers in North America are increasingly turning to Pharmaceutical Cannabis products due to the growing acceptance and legalization of medical marijuana across the region. The shift towards more natural and holistic remedies for various health conditions is driving the demand for Pharmaceutical Cannabis products.

Trends in the market: In the United States, the Pharmaceutical Cannabis market is witnessing a surge in research and development activities to create innovative pharmaceutical-grade cannabis products. This trend is fueled by the increasing investment in the industry and the expanding legalization of medical marijuana across different states. Additionally, Canada is emerging as a key player in the Pharmaceutical Cannabis market, with a well-established regulatory framework and a growing number of licensed producers catering to both domestic and international markets.

Local special circumstances: One of the key factors driving the growth of the Pharmaceutical Cannabis market in North America is the presence of a well-developed healthcare infrastructure that supports the research, production, and distribution of Pharmaceutical Cannabis products. Furthermore, the region's strong focus on quality control and product safety standards is boosting consumer confidence in Pharmaceutical Cannabis products.

Underlying macroeconomic factors: The economic landscape in North America, characterized by high disposable incomes and increasing healthcare expenditures, is creating a favorable environment for the growth of the Pharmaceutical Cannabis market. Moreover, the region's robust pharmaceutical industry and advanced research capabilities are contributing to the development of innovative Pharmaceutical Cannabis products that meet the evolving needs of consumers.

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.