Medical Cannabis - Belgium | Statista Market Forecast

Belgium is projected to reach a revenue of US$104.00m in the Medical Cannabis market market by 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 3.87%, leading to a market volume of US$125.80m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14.53bn in 2024.
In terms of per person revenues in 2024, US$8.54k are generated relative to the total population figures.
Belgium's medical cannabis market is burgeoning, with increased patient demand driving regulatory changes and expanding investment opportunities in the sector.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Belgium has seen a growing interest in the Medical Cannabis market in recent years, with a number of factors driving this development.

Customer preferences: Consumers in Belgium are increasingly turning to medical cannabis as an alternative form of treatment for various health conditions. The shift towards natural and holistic remedies has influenced many individuals to explore the potential benefits of medical cannabis products.

Trends in the market: One notable trend in the Belgian Medical Cannabis market is the increasing availability of different product types and forms. From oils and tinctures to edibles and topicals, consumers have a wide range of options to choose from based on their preferences and needs. Additionally, there has been a rise in the number of medical professionals and clinics offering guidance on the use of medical cannabis, further legitimizing its place in the healthcare industry.

Local special circumstances: Belgium's progressive stance on medical cannabis has played a significant role in shaping the market within the country. The legalization of medical cannabis for certain conditions has opened up opportunities for both patients and businesses to explore this emerging industry. Moreover, the country's strategic location in Europe allows for easy access to a larger market, contributing to the growth of the Medical Cannabis sector in Belgium.

Underlying macroeconomic factors: The increasing acceptance and legalization of medical cannabis across Europe have created a favorable environment for the market to thrive in Belgium. As more countries within the region adopt similar regulations, there is a growing sense of normalization and standardization surrounding medical cannabis products. This, coupled with the rising awareness of the potential therapeutic benefits of cannabis, has led to a steady increase in demand within the Belgian market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.