Medical Cannabis - Norway

Norway

Norway is expected to see revenue in the Medical Cannabis market market reach US$1.78m in 2024.
The revenue is projected to display an annual growth rate (CAGR 2024-2029) of 5.44%, leading to a market volume of US$2.32m by 2029.
When compared globally, the United States is set to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues in 2024, US$267.20 are generated in relation to the total population figures.
Norway's medical cannabis market is budding, with increasing public acceptance and growing interest from pharmaceutical companies for research and development.

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

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Analyst Opinion

Norway has seen a gradual but steady growth in the Medical Cannabis market, reflecting a global trend towards increased acceptance and legalization of medical cannabis for therapeutic purposes.

Customer preferences: In Norway, customer preferences in the Medical Cannabis market are influenced by a growing awareness of the potential health benefits of cannabis products. Patients are increasingly seeking alternative treatments for various medical conditions, driving the demand for medical cannabis products. Additionally, there is a preference for high-quality, regulated products that adhere to strict safety and quality standards.

Trends in the market: One notable trend in the Medical Cannabis market in Norway is the expanding range of available products. As regulations evolve and more companies enter the market, patients have access to a wider variety of medical cannabis products to suit their individual needs. Moreover, there is a growing emphasis on research and development within the industry, leading to innovative formulations and delivery methods.

Local special circumstances: Norway's strict regulatory framework plays a significant role in shaping the Medical Cannabis market. The country has stringent requirements for licensing and quality control, ensuring that only safe and effective products reach consumers. This regulatory environment contributes to a sense of trust and reliability among patients, driving the market forward while also providing a level of assurance in product quality and safety.

Underlying macroeconomic factors: The development of the Medical Cannabis market in Norway is also influenced by broader macroeconomic factors. As the healthcare sector continues to prioritize patient-centered care and personalized medicine, medical cannabis is increasingly being recognized as a viable treatment option for certain conditions. Additionally, shifting attitudes towards cannabis globally and increasing research supporting its therapeutic potential contribute to the growth of the market in Norway.

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.