Pharmaceutical Cannabis - Nordics

Nordics

In Nordics, the revenue in the Pharmaceutical Cannabis sector is forecasted to reach US$30.38m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.72%, leading to a market volume of US$36.47m 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$11.43k are generated relative to the total population figures.
In the Nordics, the Pharmaceutical Cannabis market is rapidly evolving with increasing research and regulatory developments shaping the industry landscape.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Nordics has been experiencing significant growth in recent years.

Customer preferences: Consumers in the Nordic region have shown a growing interest in pharmaceutical cannabis products due to the increasing awareness of the potential health benefits associated with cannabis-based treatments. There is a shift towards natural and alternative remedies, driving the demand for pharmaceutical cannabis products in the market.

Trends in the market: In the Nordics, there is a trend towards the legalization and decriminalization of cannabis for medical use, which has created opportunities for pharmaceutical companies to enter the market and develop innovative cannabis-based medications. Additionally, the region's strong focus on research and development in the healthcare sector has led to advancements in pharmaceutical cannabis products, catering to the specific needs of patients in the Nordic countries.

Local special circumstances: One of the key factors influencing the Pharmaceutical Cannabis market in the Nordics is the region's strict regulatory environment. While there is a growing acceptance of medical cannabis, the regulatory framework in the Nordic countries is stringent, requiring companies to meet strict quality and safety standards for pharmaceutical cannabis products. This has led to a limited number of players in the market, with companies needing to navigate complex regulatory processes to bring their products to market.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in the Nordics is also influenced by macroeconomic factors such as healthcare spending, government policies, and overall economic stability in the region. The willingness of governments to invest in healthcare infrastructure and support research and development initiatives plays a crucial role in driving the growth of the pharmaceutical cannabis market. Additionally, economic factors such as disposable income levels and healthcare access impact the affordability and accessibility of pharmaceutical cannabis products for consumers in the Nordic countries.

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.