Pharmaceutical Cannabis - Portugal

Portugal is expected to see revenue in the Pharmaceutical Cannabis market reach US$8.24m by 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 4.95%, leading to a market volume of US$10.50m by 2029.
When compared on a global scale, the United States is anticipated to generate the highest revenue in 2024, amounting to US$913.10m.
In terms of per person revenues in 2024, US$21.88k is generated relative to the total population figures.
Portugal's pharmaceutical cannabis market is flourishing with progressive regulations and a growing number of companies investing in research and development.

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

Portugal has seen a significant growth in the Pharmaceutical Cannabis market in recent years.

Customer preferences: Customers in Portugal are increasingly turning to Pharmaceutical Cannabis products due to their perceived effectiveness in managing various health conditions. The shift towards natural and alternative remedies has been a driving factor in the growing demand for Pharmaceutical Cannabis in the country.

Trends in the market: One notable trend in the Portuguese Pharmaceutical Cannabis market is the increasing acceptance and legalization of medical cannabis. This has opened up opportunities for pharmaceutical companies to develop and market Cannabis-based products to meet the rising demand from patients and healthcare professionals. Additionally, the growing number of clinical studies supporting the therapeutic benefits of Cannabis has further fueled the market growth in Portugal.

Local special circumstances: Portugal's progressive stance on drug policy, including the decriminalization of personal drug use, has created a favorable environment for the development of the Pharmaceutical Cannabis market. The country's regulatory framework for medical cannabis is relatively advanced compared to some other European nations, providing a conducive setting for companies to operate and innovate in this sector.

Underlying macroeconomic factors: The economic landscape in Portugal, characterized by a stable GDP growth and increasing healthcare expenditure, has also played a role in the expansion of the Pharmaceutical Cannabis market. As the government continues to prioritize healthcare and invest in medical research, the pharmaceutical industry, including Cannabis-based products, is poised to benefit from these macroeconomic conditions.

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.