Medical Cannabis - Cyprus

Cyprus

Cyprus is projected to reach a revenue of US$26.23m in the Medical Cannabis market market by 2024.
The market is expected to grow annually at a rate of 4.33% between 2024 and 2029, leading to a market volume of US$32.43m by 2029.
Among global comparisons, the United States is expected to generate the most revenue in 2024, with US$14,530.00m.
In terms of per person revenues in 2024, US$16.99k is generated in relation to the total population figures.
Cyprus is witnessing a growing acceptance and demand for medical cannabis products, reshaping the landscape of the cannabis market in the country.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

Cyprus has seen a steady growth in its Medical Cannabis market, reflecting the global trend towards acceptance and legalization of cannabis for medicinal purposes.

Customer preferences: Patients in Cyprus are increasingly turning to Medical Cannabis as an alternative treatment option, driven by a growing awareness of its potential health benefits. The demand is further fueled by a preference for natural remedies and a shift towards more holistic approaches to healthcare.

Trends in the market: One notable trend in the Cyprus Medical Cannabis market is the rising number of licensed producers and suppliers entering the industry. This trend indicates a growing competition and a diversification of product offerings to cater to the evolving needs of patients. Additionally, there is a noticeable increase in medical professionals prescribing Medical Cannabis, highlighting a growing acceptance and integration of cannabis into the traditional healthcare system.

Local special circumstances: Cyprus's strategic geographical location and favorable climate provide ideal conditions for cultivating Medical Cannabis. This advantage has attracted investments in cultivation facilities, positioning Cyprus as a potential hub for Medical Cannabis production in the region. Moreover, the country's progressive regulatory framework and government support for the industry have created a conducive environment for market growth.

Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has also played a role in shaping the Medical Cannabis market in Cyprus. The pandemic has underscored the need for resilient and sustainable healthcare solutions, leading to an increased interest in alternative treatments like Medical Cannabis. Furthermore, the potential economic benefits of a thriving Medical Cannabis industry, including job creation and export opportunities, have garnered attention from investors and policymakers alike.

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.