Medical Cannabis - Austria

Austria

In Austria, revenue within the Medical Cannabis market market is forecasted to reach US$92.41m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.34%, leading to a market volume of US$114.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
With respect to total population figures, per person revenues of US$10.92k are generated in 2024.
Austria sees a growing acceptance and demand for medical cannabis, leading to increased research and investment in the sector.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

The Medical Cannabis market in Austria is experiencing a notable growth trajectory, driven by changing attitudes towards cannabis for medical purposes and evolving regulatory landscape in the country.

Customer preferences: Patients in Austria are increasingly turning to medical cannabis as an alternative or complementary treatment option for various health conditions. The demand is fueled by a growing awareness of the potential therapeutic benefits of cannabis products and a shift towards more natural and holistic healthcare approaches.

Trends in the market: One of the key trends shaping the Medical Cannabis market in Austria is the expanding product offerings and availability. As more pharmaceutical companies and suppliers enter the market, patients have access to a wider range of medical cannabis products with different cannabinoid profiles and delivery methods. This trend is enhancing patient choice and driving competition in the market.

Local special circumstances: Austria's medical cannabis market is also influenced by the country's strict regulatory framework. The legal framework for medical cannabis in Austria is relatively conservative compared to some other European countries, with stringent requirements for medical prescription and limited conditions for which cannabis can be prescribed. These regulations impact the market dynamics and the accessibility of medical cannabis for patients.

Underlying macroeconomic factors: The growth of the Medical Cannabis market in Austria is further supported by macroeconomic factors such as increasing healthcare expenditures and a growing aging population. As healthcare priorities shift towards more personalized and patient-centric care, medical cannabis is gaining recognition as a viable treatment option for certain conditions. Additionally, the economic potential of the medical cannabis industry is driving investments and innovation in research and development, contributing to the market's expansion.

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.