Pharmaceutical Cannabis - NAFTA

NAFTA

Revenue in the Pharmaceutical Cannabis sector in NAFTA is forecasted to hit US$1.02bn by 2024.
The revenue is anticipated to demonstrate a Compound 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 projected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, individuals the United States are expected to generate revenues of US$1.25k in 2024.
The pharmaceutical cannabis market in NAFTA is experiencing increased investment and research, positioning the region as a leader in medical cannabis innovation.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in NAFTA has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the NAFTA region are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits of cannabis-based medications. Patients are seeking alternative treatment options for various medical conditions, driving the demand for Pharmaceutical Cannabis products in the market.

Trends in the market: In the United States, the legalization of medical cannabis in several states has paved the way for the expansion of the Pharmaceutical Cannabis market. As more states legalize medical cannabis, the market is expected to witness continued growth. In Canada, the legalization of recreational cannabis has also had a positive impact on the Pharmaceutical Cannabis market, with companies investing in research and development of cannabis-based pharmaceuticals. Mexico, with its recent moves towards cannabis legalization, is also expected to become a key player in the Pharmaceutical Cannabis market in the NAFTA region.

Local special circumstances: Each country in the NAFTA region has its own unique regulatory environment governing the use of Pharmaceutical Cannabis. In the United States, the regulatory landscape is evolving rapidly, with states implementing their own regulations on medical cannabis. In Canada, companies have been at the forefront of cannabis research and development, leading to the creation of innovative Pharmaceutical Cannabis products. Mexico's legalization efforts are opening up new opportunities for companies to enter the Pharmaceutical Cannabis market in the country.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in the NAFTA region is also influenced by macroeconomic factors such as changing consumer attitudes towards cannabis, increasing investments in research and development, and shifting regulatory frameworks. Economic conditions, political developments, and healthcare policies play a crucial role in shaping the growth of the Pharmaceutical Cannabis market in the region.

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.