Medical Cannabis - Italy

Italy

Italy's Medical Cannabis market market is forecasted to achieve a revenue of US$39.37m by 2024.
The sector is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.05%, leading to a market volume of US$43.58m by 2029.
Among countries worldwide, the United States is expected to generate the highest revenue, reaching US$14,530.00m in 2024.
When considering the total population, per person revenues of US$0.33k are projected for Italy in 2024.
Italy's medical cannabis market is blooming with increasing legalization and a growing number of patients seeking alternative treatments.

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

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Analyst Opinion

Italy has seen a significant growth in the Medical Cannabis market in recent years, reflecting changing attitudes towards cannabis and its potential health benefits.

Customer preferences: Italian consumers are increasingly turning to Medical Cannabis as an alternative treatment option for various medical conditions, driving the demand for a wider range of cannabis-based products. Patients are seeking natural remedies and are more open to exploring non-traditional medical solutions, contributing to the expansion of the market.

Trends in the market: One notable trend in the Italian Medical Cannabis market is the increasing availability of different product types, including oils, capsules, and topical solutions. This trend aligns with the global shift towards diversifying cannabis products to cater to a wider consumer base with varying preferences and needs. Additionally, there is a growing focus on research and development in Italy to create innovative cannabis-based medications, indicating a maturing market.

Local special circumstances: Italy's regulatory framework plays a crucial role in shaping the Medical Cannabis market. The country has made significant strides in legalizing medical cannabis and establishing a clear regulatory structure, providing a conducive environment for market growth. Furthermore, Italy's strong agricultural tradition and favorable climate conditions have positioned the country as a key player in cannabis cultivation, supporting the local industry.

Underlying macroeconomic factors: The economic landscape in Italy, including factors such as healthcare expenditure and disposable income levels, influences the Medical Cannabis market. As the healthcare sector continues to prioritize patient-centric care and personalized treatment options, the demand for Medical Cannabis is expected to rise. Moreover, economic factors such as job creation and investments in the cannabis industry contribute to the market's development and sustainability.

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.