Medical Cannabis - Nordics

Nordics

Revenue in the Medical Cannabis market market in the Nordics is forecasted to hit US$6,238.00k in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.52%, leading to a market volume of US$8,161.00k 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 in the Nordics generates revenues of US$352.00.
In the Nordics, the medical cannabis market is rapidly expanding with increased research, patient access, and regulatory developments.

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

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Analyst Opinion

The Medical Cannabis market in Nordics has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the Nordics are increasingly turning to medical cannabis products as an alternative form of treatment for various health conditions. The rising awareness about the potential therapeutic benefits of cannabis, coupled with a shift towards more natural and holistic remedies, has driven the demand for medical cannabis products in the region.

Trends in the market: In the Nordics, there is a growing trend towards the legalization and decriminalization of medical cannabis. Countries in the region are updating their legislation to allow for the use of medical cannabis under strict regulations. This trend is opening up new opportunities for both domestic and international companies looking to enter the market and provide innovative cannabis-based products to consumers.

Local special circumstances: One of the key special circumstances in the Nordics is the region's strong focus on research and innovation in the healthcare sector. This emphasis on scientific advancement and evidence-based medicine has paved the way for medical cannabis to be more widely accepted as a legitimate form of treatment. Additionally, the high level of trust in the healthcare system in the Nordics has contributed to the growing acceptance of medical cannabis among both patients and healthcare professionals.

Underlying macroeconomic factors: The economic stability and high disposable income levels in the Nordics have also played a role in driving the growth of the medical cannabis market. Consumers in the region are willing to invest in premium medical cannabis products, creating a lucrative market for companies operating in the space. Furthermore, the progressive regulatory environment and strong support for healthcare innovation have attracted investment and talent to the region, further fueling the development of the medical cannabis market in the Nordics.

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.