Medical Cannabis - United Kingdom

United Kingdom

Revenue in the Medical Cannabis market is projected to reach US$22.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.37%, resulting in a market volume of US$29.49m 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$149.10 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in the UK are increasingly turning to medical cannabis as an alternative form of treatment for various health conditions. This shift in preferences can be attributed to the growing awareness of the potential therapeutic benefits of cannabis products and a changing attitude towards traditional medicine.

Trends in the market: One noticeable trend in the UK's Medical Cannabis market is the increasing availability of a variety of cannabis-based products, including oils, tinctures, capsules, and topical creams. This diversification of products is driven by the rising demand for different consumption methods and potency levels among consumers. Additionally, there is a growing number of clinics and healthcare professionals in the UK that are becoming more open to prescribing medical cannabis, further fueling market growth.

Local special circumstances: The UK has seen a gradual relaxation of regulations surrounding medical cannabis, making it more accessible to patients in need. This shift in policy has paved the way for increased research and development in the industry, leading to the introduction of innovative products tailored to the specific needs of UK consumers. Moreover, the presence of a well-established pharmaceutical industry in the country has facilitated the production and distribution of medical cannabis products, ensuring quality and safety standards are met.

Underlying macroeconomic factors: The economic landscape in the UK, with its stable and growing healthcare sector, has provided a conducive environment for the expansion of the Medical Cannabis market. Additionally, the increasing acceptance of cannabis for medical purposes at a global level has influenced the market dynamics in the UK, encouraging investments and collaborations within the industry. The evolving regulatory framework and government support for medical cannabis research further indicate a positive outlook for the market's future growth and development.

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.