Medical Cannabis - Germany

Germany

Germany is expected to see a projected revenue of US$499.80m in the Medical Cannabis market market by 2024.
The revenue is forecasted to exhibit a CAGR of 3.54% between 2024 and 2029, leading to a market volume of US$594.80m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in 2024, amounting to US$14,530.00m.
In terms of per person revenues in 2024, US$1.51k are generated based on total population figures.
Germany's Medical Cannabis market is rapidly expanding, with increasing patient access and growing acceptance of its therapeutic benefits.

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

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Analyst Opinion

Germany has been at the forefront of the Medical Cannabis market in Europe, with a rapidly growing demand for alternative medicine and wellness products.

Customer preferences: Customers in Germany are increasingly turning to Medical Cannabis as a natural remedy for various health conditions, seeking alternatives to traditional pharmaceuticals. The growing awareness of the potential benefits of Medical Cannabis in managing chronic pain, anxiety, and other ailments is driving its popularity among consumers.

Trends in the market: One notable trend in the Medical Cannabis market in Germany is the increasing number of prescriptions being issued by healthcare professionals. As more doctors become educated about the therapeutic properties of Medical Cannabis and its potential applications, the number of patients receiving prescriptions is on the rise. Additionally, there is a growing trend towards the use of Medical Cannabis in wellness and beauty products, catering to a broader consumer base beyond those with specific medical needs.

Local special circumstances: Germany has established a regulatory framework that allows for the legal use of Medical Cannabis under certain conditions, contributing to the growth of the market. The country's healthcare system also plays a significant role, as Medical Cannabis is covered by health insurance for eligible patients. This accessibility and support from the healthcare system have created a conducive environment for the expansion of the Medical Cannabis market in Germany.

Underlying macroeconomic factors: The strong economy in Germany provides consumers with the purchasing power to explore alternative healthcare options such as Medical Cannabis. Additionally, the country's progressive stance on medical research and innovation fosters a favorable environment for companies operating in the Medical Cannabis sector. These macroeconomic factors contribute to the overall growth and development of the Medical Cannabis market in Germany.

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.