Medical Cannabis - Germany

Germany

In Germany, the Medical Cannabis market is anticipated to witness a substantial growth in revenue, with projections estimating it to reach US$499.80m by the year 2024.
Moreover, the market is expected to display a steady annual growth rate (CAGR 2024-2029) of 3.54%, resulting in a significant expansion of the market volume to US$594.80m by 2029.
When compared on a global scale, in the United States is predicted to generate the highest revenue in the Medical Cannabis market, with a staggering US$14,530.00m in 2024.
This showcases the dominance of the United States in this market.
To provide a perspective on the revenue generated per person, it is estimated that in Germany, each individual will contribute US$1.51k in revenue in 2024.
This figure gives us an understanding of the economic impact of the Medical Cannabis market on the population as a whole.
Germany's medical cannabis market is experiencing significant growth due to increasing patient demand and favorable government regulations.

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

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Analyst Opinion

Germany has been at the forefront of the Medical Cannabis market in Europe, with a rapidly growing demand for alternative medicine and wellness products.

Customer preferences: Customers in Germany are increasingly turning to Medical Cannabis as a natural remedy for various health conditions, seeking alternatives to traditional pharmaceuticals. The growing awareness of the potential benefits of Medical Cannabis in managing chronic pain, anxiety, and other ailments is driving its popularity among consumers.

Trends in the market: One notable trend in the Medical Cannabis market in Germany is the increasing number of prescriptions being issued by healthcare professionals. As more doctors become educated about the therapeutic properties of Medical Cannabis and its potential applications, the number of patients receiving prescriptions is on the rise. Additionally, there is a growing trend towards the use of Medical Cannabis in wellness and beauty products, catering to a broader consumer base beyond those with specific medical needs.

Local special circumstances: Germany has established a regulatory framework that allows for the legal use of Medical Cannabis under certain conditions, contributing to the growth of the market. The country's healthcare system also plays a significant role, as Medical Cannabis is covered by health insurance for eligible patients. This accessibility and support from the healthcare system have created a conducive environment for the expansion of the Medical Cannabis market in Germany.

Underlying macroeconomic factors: The strong economy in Germany provides consumers with the purchasing power to explore alternative healthcare options such as Medical Cannabis. Additionally, the country's progressive stance on medical research and innovation fosters a favorable environment for companies operating in the Medical Cannabis sector. These macroeconomic factors contribute to the overall growth and development of the Medical Cannabis market in Germany.

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.