Pharmaceutical Cannabis - United States

United States

Revenue in the Pharmaceutical Cannabis is projected to reach US$0.91bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.43%, resulting in a market volume of US$1.13bn by 2029.
In global comparison, most revenue will be generated in the United States (US$913.10m in 2024).
In relation to total population figures, per person revenues of US$1.34k are generated in 2024.

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Analyst Opinion

The Pharmaceutical Cannabis market in United States is experiencing significant growth and development.

Customer preferences: Customers in the United States are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits associated with cannabis-based treatments. Patients are seeking alternative solutions for various medical conditions, driving the demand for Pharmaceutical Cannabis products.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in the United States is the legalization of medical cannabis in an increasing number of states. This has opened up new opportunities for pharmaceutical companies to develop and market cannabis-based medications to a larger customer base. Additionally, there is a growing trend towards research and development in the field of Pharmaceutical Cannabis, leading to the introduction of innovative products and treatment options.

Local special circumstances: The United States has a complex regulatory environment surrounding the use of cannabis for medical purposes. While the legalization of medical cannabis is gaining traction across the country, there are still regulatory challenges that pharmaceutical companies must navigate. This includes varying state regulations and the need for stringent testing and quality control measures for Pharmaceutical Cannabis products.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in the United States is also influenced by macroeconomic factors such as healthcare policies and insurance coverage. As more research supports the efficacy of Pharmaceutical Cannabis in treating certain medical conditions, there is a growing push for insurance companies to cover these products. This could further drive the growth of the market as access to Pharmaceutical Cannabis products becomes more affordable for patients.

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.