Key regions: United States, Spain, Europe, Thailand, Canada
The Pharmaceutical Cannabis market in G20 countries is experiencing significant growth and development driven by changing customer preferences, evolving regulations, and underlying macroeconomic factors.
Customer preferences: Customers in G20 countries are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for pharmaceutical cannabis products. The shift towards more organic and plant-based solutions is influencing the pharmaceutical cannabis market as consumers become more health-conscious and aware of the potential benefits of cannabis-derived products.
Trends in the market: In the United States, the trend towards legalization of medical and recreational cannabis is driving the pharmaceutical cannabis market growth. With an increasing number of states legalizing cannabis for medical purposes, the market is expanding rapidly to meet the growing demand. In Canada, the legalization of recreational cannabis has opened up new opportunities for pharmaceutical cannabis companies to develop innovative products and expand their market presence.
Local special circumstances: In Germany, the pharmaceutical cannabis market is rapidly growing due to the country's progressive regulations and increasing acceptance of medical cannabis. The government's decision to allow health insurance coverage for medical cannabis products has significantly boosted the market and made it more accessible to patients. In Australia, the pharmaceutical cannabis market is also on the rise as the government has implemented a regulatory framework to allow for the cultivation, production, and export of medical cannabis products.
Underlying macroeconomic factors: The growing acceptance and legalization of cannabis for medical purposes in G20 countries are driven by underlying macroeconomic factors such as increasing healthcare costs, aging populations, and the need for alternative treatment options. Governments are recognizing the potential economic benefits of the pharmaceutical cannabis industry, including job creation, tax revenues, and reduced healthcare expenses. As a result, more countries are moving towards legalizing and regulating pharmaceutical cannabis to harness its economic potential and meet the changing healthcare needs of their populations.
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.
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