Pharmaceutical Cannabis - Canada

Canada

Canada is expected to witness a projected revenue of US$56.96m in the Pharmaceutical Cannabis market by 2024.
The market is anticipated to display an annual growth rate (CAGR 2024-2029) of 3.43%, leading to a market volume of US$67.42m by 2029.
Among global counterparts, the United States is set to generate the highest revenue of US$913.10m in 2024.
In terms of per person revenues in 2024, US$0.47k is generated in relation to Canada's total population figures.
Canada's pharmaceutical cannabis sector is experiencing a surge in research and development, positioning the country as a global leader in cannabis-based pharmaceutical innovations.

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

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Analyst Opinion

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

Customer preferences: Customers in Canada are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare has driven consumers to explore the benefits of cannabis-based treatments.

Trends in the market: One of the key trends in the Canadian Pharmaceutical Cannabis market is the legalization of recreational cannabis, which has opened up opportunities for pharmaceutical companies to expand their product offerings. This regulatory change has also helped reduce the stigma associated with cannabis, making it more socially acceptable for medical use.

Local special circumstances: Canada's progressive regulatory environment and early legalization of medical cannabis have positioned the country as a leader in the pharmaceutical cannabis market. The government's support for research and development in the cannabis sector has fostered innovation and attracted investment from both domestic and international companies.

Underlying macroeconomic factors: The growing acceptance and use of pharmaceutical cannabis in Canada can also be attributed to the country's robust healthcare system and high standards for medical products. With an aging population and increasing prevalence of chronic diseases, there is a rising need for effective and safe treatment options, driving the demand for pharmaceutical cannabis. Additionally, Canada's strong economy and stable political environment have created a favorable landscape for companies looking to enter the pharmaceutical cannabis market.

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.