Pharmaceutical Cannabis - Northern Europe

Northern Europe

In Northern Europe, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$33.56m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.86%, leading to a market volume of US$40.55m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, US$9.70k in revenue is generated per person in 2024.
In Northern Europe, the Pharmaceutical Cannabis market is experiencing a surge in research and development initiatives driven by growing demand for medical cannabis products.

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

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Analyst Opinion

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

Customer preferences: Customers in Northern Europe are increasingly seeking alternative and natural remedies for various health conditions, driving the demand for pharmaceutical cannabis products. The shift towards organic and plant-based treatments is influencing consumer preferences in the region.

Trends in the market: In countries like Denmark and Sweden, there is a growing acceptance and legalization of medical cannabis, leading to an expansion of the pharmaceutical cannabis market. The increasing awareness of the potential therapeutic benefits of cannabis is driving the demand for pharmaceutical cannabis products in Northern Europe.

Local special circumstances: Northern Europe has a well-established healthcare system with a focus on research and innovation. This environment is conducive to the development and adoption of pharmaceutical cannabis products for medical purposes. Additionally, the region's strict regulations and quality standards ensure the safety and efficacy of cannabis-based medications.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Northern Europe is also influenced by macroeconomic factors such as increasing healthcare expenditure, aging population, and changing regulatory landscape. These factors create opportunities for pharmaceutical companies to invest in research and development of cannabis-based medications to meet the growing demand in the region.

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.