Pharmaceutical Cannabis - Norway | Statista Market Forecast

In Norway, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$11.77m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.49%, leading to a market volume of US$13.31m by 2029.
When comparing 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$11.78k are generated relative to the total population figures.
Norway's pharmaceutical cannabis market shows promising growth potential with increasing research initiatives and a favorable regulatory environment.

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

The Pharmaceutical Cannabis market in Norway has been experiencing significant growth in recent years, driven by changing customer preferences, evolving regulations, and increasing awareness of the potential benefits of medical cannabis.

Customer preferences: Customers in Norway are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and a preference for organic and plant-based treatments have contributed to the rising popularity of medical cannabis among consumers.

Trends in the market: One notable trend in the Norwegian Pharmaceutical Cannabis market is the expanding range of products available to consumers. With advancements in research and development, pharmaceutical companies are introducing innovative cannabis-based medications tailored to specific medical needs. This trend is providing patients with more options for treatment and is driving further growth in the market.

Local special circumstances: Norway's strict regulatory environment presents a unique challenge for the Pharmaceutical Cannabis market. While the country has legalized medical cannabis under certain conditions, the regulatory framework remains stringent compared to other regions. This has led to a slower adoption of medical cannabis products and limited market access for both consumers and businesses operating in the industry.

Underlying macroeconomic factors: The growing acceptance of medical cannabis as a legitimate treatment option, coupled with an aging population seeking alternative therapies, is fueling the expansion of the Pharmaceutical Cannabis market in Norway. Additionally, increasing investments in research and development are driving innovation in the sector, leading to the development of more effective and targeted cannabis-based medications. These macroeconomic factors are expected to continue shaping the growth of the Pharmaceutical Cannabis market in Norway in the coming years.

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.