Medical Cannabis - EU-27

EU-27

Revenue in the Medical Cannabis market market in EU-27 is forecasted to reach US$1.48bn in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.88%, leading to a market volume of US$1.79bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per capita figures, in 2024, each person contributes US$1.91k to the revenues.
The Medical Cannabis market in EU-27 is experiencing increasing regulatory support, paving the way for potential growth opportunities in the region.

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

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Analyst Opinion

The Medical Cannabis market in EU-27 has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the EU-27 are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits. Patients are seeking alternative treatment options for various medical conditions, driving the demand for medical cannabis products across the region.

Trends in the market: In countries like Germany and the Netherlands, medical cannabis has been legalized for specific medical purposes, leading to a rise in the number of patients accessing these products. Additionally, the shift towards more lenient regulations surrounding medical cannabis in countries like Italy and Spain is further fueling market growth. As a result, the market is witnessing an increase in the availability of medical cannabis products and a growing number of clinics specializing in medical cannabis treatment.

Local special circumstances: Each country in the EU-27 has its own unique set of regulations and policies regarding medical cannabis. For example, in France, medical cannabis products are strictly controlled and only available to patients with specific medical conditions. On the other hand, countries like Portugal and Czech Republic have adopted more progressive approaches towards medical cannabis legalization, allowing for broader patient access.

Underlying macroeconomic factors: The development of the Medical Cannabis market in the EU-27 is also influenced by broader macroeconomic factors such as increasing healthcare expenditures, changing attitudes towards alternative medicine, and the growing trend of cannabis legalization worldwide. These factors are contributing to the overall growth and acceptance of medical cannabis products 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.