Medical Cannabis - Europe

Europe

In Europe, the Medical Cannabis market is anticipated to witness a significant growth in revenue, with projections indicating that it will reach US$1.61bn by the year 2024.
Moreover, it is expected that the market will continue to expand at a steady pace, with an annual growth rate (CAGR 2024-2029) of 4.01%.
These projections suggest that the market volume will reach US$1.96bn by 2029.
When comparing the global Medical Cannabis market, it is worth noting that in the United States is expected to generate the highest revenue, reaching a staggering US$14,530.00m in 2024.
This demonstrates the significant market potential and dominance of the United States in the Medical Cannabis market industry.
In terms of per capita revenue, it is estimated that in 2024, each person in Europe will contribute approximately US$1.65k to the Medical Cannabis market.
This figure highlights the individual spending and consumption patterns within the European population.
In Germany, medical cannabis is gaining popularity as an alternative treatment option for chronic pain and neurological disorders.

Key regions: Spain, Europe, Australia, Germany, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in Europe is experiencing significant growth and development, driven by changing attitudes towards cannabis for medicinal purposes and increasing legalization across various countries in the region.

Customer preferences: Customers in Europe are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for medical cannabis products. Patients are looking for effective treatments with fewer side effects compared to traditional pharmaceuticals, driving the popularity of medical cannabis.

Trends in the market: Countries in Europe such as Germany, Italy, and the Netherlands have established medical cannabis programs, allowing patients to access cannabis products for medical use. These countries are witnessing a rise in licensed producers and dispensaries, catering to the growing demand for medical cannabis. Additionally, there is a trend towards research and development in the medical cannabis sector, with a focus on creating innovative products and expanding treatment options for patients.

Local special circumstances: In countries like the Netherlands, where cannabis regulations have been more relaxed compared to other European nations, there is a long-standing culture of tolerance towards cannabis use. This has paved the way for the development of a well-established medical cannabis market in the country, with a focus on research and quality control. Additionally, countries like Germany have stringent regulations in place to ensure the safety and efficacy of medical cannabis products, providing patients with access to high-quality treatments.

Underlying macroeconomic factors: The growth of the medical cannabis market in Europe is also influenced by broader macroeconomic factors such as increasing healthcare expenditures, aging populations, and changing regulatory frameworks. As governments and healthcare providers look for cost-effective solutions to meet the healthcare needs of their populations, medical cannabis is emerging as a viable option for certain conditions. The economic potential of the medical cannabis market is attracting investments and driving innovation in cultivation, production, and distribution processes across 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.