Pharmaceutical Cannabis - Belgium

Belgium is expected to see revenue in the Pharmaceutical Cannabis market reach US$17.00m by 2024.
The market is projected to experience an annual growth rate (CAGR 2024-2029) of 4.75%, leading to a market volume of US$21.43m by 2029.
When compared globally, the United States will generate the highest revenue, with US$913.10m expected in 2024.
In terms of per capita figures, in 2024, each person in Belgium generates revenues of US$9.31k.
Belgium's pharmaceutical cannabis market is experiencing a surge in research and development initiatives, positioning the country as a key player in the global industry.

Definition:
The Pharmaceutical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Pharmaceutical Cannabis market encompasses formulated, processed, or synthetic cannabis sold as a finished product. These products, such as Sativex, Epidiolex, and Dronabinol, have undergone full medical trials and hold a medical marketing authorization. The market also includes cannabinoid-based API (Active Pharmaceutical Ingredient), which is registered as an API in a medicinal product with marketing authorization in one or more regions. These APIs can be manipulated and/or compounded by a magistral pharmacy to produce a cannabinoid-based medicine. The Pharmaceutical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Belgium has seen a significant rise in the Pharmaceutical Cannabis market in recent years.

Customer preferences: Consumers in Belgium are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits associated with these products. The shift towards natural and alternative remedies has also influenced customer preferences towards Pharmaceutical Cannabis.

Trends in the market: One notable trend in the Belgian Pharmaceutical Cannabis market is the increasing acceptance and legalization of medical cannabis. This has opened up opportunities for pharmaceutical companies to develop and market a wide range of cannabis-based products to meet the growing demand from patients and healthcare professionals. Additionally, the market is witnessing a rise in research and development activities focused on creating innovative pharmaceutical cannabis solutions tailored to specific medical conditions.

Local special circumstances: Belgium's strategic location in Europe has positioned it as a hub for pharmaceutical companies looking to expand their presence in the region. The country's progressive regulatory framework and supportive government policies have created a favorable environment for the growth of the Pharmaceutical Cannabis market. Moreover, Belgium's well-established healthcare infrastructure and skilled workforce have played a crucial role in driving the development of this market.

Underlying macroeconomic factors: The increasing prevalence of chronic diseases and the aging population in Belgium have contributed to the growing demand for Pharmaceutical Cannabis products. Additionally, the rising healthcare expenditures and shifting trends towards personalized medicine have created opportunities for pharmaceutical companies to capitalize on the expanding market for cannabis-based pharmaceuticals. The country's stable economy and high standards of healthcare services further support the growth of the Pharmaceutical Cannabis market in Belgium.

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.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.