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Pharmaceutical Cannabis - United Kingdom

United Kingdom
  • Revenue in the Pharmaceutical Cannabis sector in the United Kingdom is forecasted to reach US$99.79m in 2024.
  • The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.81%, leading to a market volume of US$126.20m 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$4.37k is generated relative to the total population figures.
  • In the United Kingdom, the Pharmaceutical Cannabis market is rapidly evolving with increasing research initiatives and growing patient access to medicinal products.

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).

In-Scope

  • Cannabinoid-based medicine holding marketing authorisation containing THC
  • Cannabinoid-based medicine holding marketing authorisation containing CBD

Out-Of-Scope

  • Cannabinoid-based medicine not holding marketing authorisation containing THC
  • Cannabinoid-based medicine not holding marketing authorisation containing CBD

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Mar 2024

Source: Statista Market Insights

Most recent update: Mar 2024

Source: Statista Market Insights

Users

Most recent update: Mar 2024

Source: Statista Market Insights

Analyst Opinion

The Pharmaceutical Cannabis market in United Kingdom has been experiencing significant growth and development in recent years.

Customer preferences:
Customers in the United Kingdom are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with these products. The shift towards natural and alternative remedies has driven demand for Pharmaceutical Cannabis-based treatments among a wide range of demographic groups.

Trends in the market:
One key trend in the Pharmaceutical Cannabis market in the United Kingdom is the increasing availability of a variety of products, including oils, tinctures, capsules, and topical solutions. This diverse product range caters to different consumer preferences and medical needs, contributing to the overall market growth. Moreover, the market is witnessing a rise in research and development activities focused on creating innovative Pharmaceutical Cannabis formulations to address specific health conditions, further driving market expansion.

Local special circumstances:
The United Kingdom's regulatory environment plays a crucial role in shaping the Pharmaceutical Cannabis market. With the legalization of medical cannabis in 2018, the country has established a framework for the prescription of Cannabis-based medicinal products by healthcare professionals. This regulatory approval has boosted consumer confidence in the safety and efficacy of Pharmaceutical Cannabis products, leading to increased adoption and market growth.

Underlying macroeconomic factors:
The growing acceptance and normalization of Pharmaceutical Cannabis in the United Kingdom are also influenced by broader macroeconomic factors. The increasing healthcare expenditures, coupled with rising chronic health conditions, have created a favorable environment for the Pharmaceutical Cannabis market to thrive. Additionally, shifting consumer attitudes towards holistic wellness and preventive healthcare have contributed to the growing demand for Pharmaceutical Cannabis products as part of a comprehensive healthcare regimen.

Global Comparison

Most recent update: Mar 2024

Source: Statista Market Insights

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

Explore more high-quality data on related topic

Cannabis market worldwide - Statistics & Facts

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.
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