Medical Cannabis - Romania

Romania

Revenue in the Medical Cannabis market is projected to reach US$7.18m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.08%, resulting in a market volume of US$9.20m by 2029.
In global comparison, most revenue will be generated in the United States (US$14,530.00m in 2024).
In relation to total population figures, per person revenues of US$2.95k are generated in 2024.

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

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Analyst Opinion

The Medical Cannabis market in Romania is experiencing a significant growth trajectory, driven by shifting customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Romania are increasingly turning to medical cannabis as an alternative treatment option, driven by a growing awareness of its potential health benefits and effectiveness in managing various medical conditions. The shift towards natural and holistic remedies is influencing consumer choices, with many opting for medical cannabis products over traditional pharmaceuticals.

Trends in the market: In Romania, the Medical Cannabis market is witnessing a surge in demand for a diverse range of products, including oils, tinctures, capsules, and topicals. This trend is fueled by a rising number of patients seeking personalized treatment options and a broader acceptance of medical cannabis within the healthcare community. Additionally, the market is seeing an influx of innovative products and delivery methods, catering to different patient needs and preferences.

Local special circumstances: Romania's Medical Cannabis market is uniquely positioned due to its favorable regulatory environment, which allows for the cultivation, production, and distribution of medical cannabis products. The country's strategic location within Europe also provides opportunities for export to neighboring markets, further driving growth in the industry. Moreover, collaborations between local companies and international players are contributing to the expansion and development of the market.

Underlying macroeconomic factors: The growth of the Medical Cannabis market in Romania is also influenced by macroeconomic factors such as increasing healthcare expenditure, rising disposable income levels, and a growing focus on research and development within the pharmaceutical sector. These factors are creating a conducive environment for market expansion and innovation, attracting investments and driving the overall development of the medical cannabis industry in the country.

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.