Pharmaceutical Cannabis - EU-27

EU-27

Revenue in the Pharmaceutical Cannabis market in EU-27 is forecasted to achieve US$473.40m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.93%, leading to a market volume of US$602.20m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$4.08k are generated concerning total population figures.
In the EU-27, the Pharmaceutical Cannabis market is experiencing a surge in research and development for medical applications.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in EU-27 is witnessing significant growth and development.

Customer preferences: Customers in the EU-27 region are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. There is a rising demand for alternative and natural remedies, which has led to an uptick in the consumption of Pharmaceutical Cannabis products.

Trends in the market: In countries like Germany and the Netherlands, there has been a notable trend towards the legalization and medical use of cannabis products, including Pharmaceutical Cannabis. This trend is driven by changing regulations and a more lenient attitude towards the medicinal use of cannabis. As a result, pharmaceutical companies are investing more in research and development of cannabis-based medications to cater to this growing market.

Local special circumstances: In countries like Spain and Italy, where traditional medicines have long been integrated with natural remedies, the acceptance and use of Pharmaceutical Cannabis products are relatively higher compared to other EU-27 nations. Additionally, the presence of a well-established medical cannabis industry in countries like the Czech Republic and Portugal is contributing to the overall growth of the Pharmaceutical Cannabis market in the region.

Underlying macroeconomic factors: The increasing prevalence of chronic diseases and the aging population in the EU-27 countries are driving the demand for Pharmaceutical Cannabis products. Moreover, the shift towards more sustainable and organic healthcare solutions is further fueling the growth of the market. Additionally, the economic impact of the COVID-19 pandemic has prompted a greater focus on healthcare and wellness, leading to an increased interest in Pharmaceutical Cannabis as a potential treatment option.

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.