Medical Cannabis - Northern Europe

Northern Europe

Revenue in the Medical Cannabis market market in Northern Europe is forecasted to reach US$81.05m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.95%, leading to a market volume of US$98.38m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$14,530.00m in 2024).
In terms of total population figures, per person revenues of US$3.52k are projected to be generated in 2024.
In Northern Europe, the Medical Cannabis market is experiencing a surge in research collaborations and regulatory advancements, positioning the country as a key player in the industry.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Northern Europe are increasingly seeking alternative and natural forms of medicine, leading to a growing demand for medical cannabis products. The shift towards more holistic healthcare approaches and the increasing acceptance of cannabis for medical purposes are driving this trend in the region.

Trends in the market: Countries in Northern Europe, such as Denmark, Sweden, and Finland, have been implementing medical cannabis legalization and regulatory frameworks, which is opening up new opportunities for market growth. The increasing number of prescriptions for medical cannabis and the expanding patient base are contributing to the overall expansion of the market in the region.

Local special circumstances: Northern Europe has a well-established healthcare system with a focus on research and innovation, which is conducive to the development of the medical cannabis market. Additionally, the region has a high level of public awareness and acceptance of medical cannabis, creating a favorable environment for market growth.

Underlying macroeconomic factors: The economic stability and high disposable income levels in Northern Europe are supporting the growth of the medical cannabis market. Moreover, the region's progressive regulatory environment and supportive government policies are encouraging investments in the industry, further fueling market expansion.

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.