Pharmaceutical Cannabis - Austria

Austria

Austria is expected to see its revenue in the Pharmaceutical Cannabis market reach US$14.96m by 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 5.18%, leading to a market volume of US$19.26m by 2029.
When compared globally, the United States is projected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, in Austria is expected to generate US$11.78k.
Austria's pharmaceutical cannabis market is experiencing a surge in research and development initiatives, positioning the country as a key player in the global cannabis industry.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

The Pharmaceutical Cannabis market in Austria is experiencing significant growth and development.

Customer preferences: Customers in Austria are increasingly seeking alternative and natural remedies for various health conditions, which has led to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare is driving consumers to explore the potential benefits of cannabis-based medications.

Trends in the market: One notable trend in the Austrian Pharmaceutical Cannabis market is the increasing acceptance and legalization of medical cannabis. This has opened up new opportunities for companies to enter the market and offer a wider range of products to meet the growing demand. Additionally, there is a rising trend of research and development in the pharmaceutical cannabis sector, leading to the introduction of innovative products and formulations tailored to specific medical needs.

Local special circumstances: Austria has a well-established healthcare system with a strong focus on patient care and safety. This emphasis on quality and regulation extends to the pharmaceutical cannabis market, where stringent standards and guidelines are in place to ensure the efficacy and safety of products. The country's progressive attitude towards medical cannabis and its supportive regulatory environment have created a conducive landscape for market growth and innovation.

Underlying macroeconomic factors: The growing Pharmaceutical Cannabis market in Austria is also influenced by broader macroeconomic factors such as increasing healthcare expenditure, changing demographics, and evolving consumer preferences. As the population ages and the prevalence of chronic diseases rises, there is a greater need for alternative treatment options like pharmaceutical cannabis. Moreover, the shifting regulatory landscape and increasing awareness about the potential therapeutic benefits of cannabis are driving the market forward.

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.