Medical Cannabis - Worldwide

Worldwide

Revenue in the Medical Cannabis market is projected to reach €18.50bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.16%, resulting in a market volume of €20.59bn by 2029.
In global comparison, most revenue will be generated in the United States (€13,280.00m in 2024).
In relation to total population figures, per person revenues of €2.56k are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Medical Cannabis market is experiencing rapid growth and evolution worldwide.

Customer preferences: Customers are increasingly turning to medical cannabis as an alternative treatment option for various health conditions. The shift towards natural and holistic remedies has driven the demand for medical cannabis products. Patients are seeking relief from chronic pain, anxiety, and other ailments, leading to a growing acceptance and interest in medical cannabis.

Trends in the market: In North America, the trend towards legalization and decriminalization of medical cannabis has significantly impacted the market. Countries like Canada and certain states in the United States have established legal frameworks for medical cannabis use, leading to a surge in market growth. In Europe, countries such as Germany and the Netherlands have also legalized medical cannabis, creating new opportunities for market expansion. Additionally, the increasing research and development activities in the medical cannabis sector are driving innovation and product diversification.

Local special circumstances: In Latin America, countries like Colombia and Uruguay have emerged as key players in the medical cannabis market due to favorable climate conditions for cultivation. These countries have implemented regulations to support the cultivation and export of medical cannabis products, attracting investments and boosting economic growth. In Asia, countries like Israel and Thailand have made significant strides in legalizing medical cannabis for certain medical conditions, signaling a shift in attitudes towards cannabis use in the region.

Underlying macroeconomic factors: The global trend towards cannabis legalization for medical purposes is influenced by various macroeconomic factors. Economic benefits such as job creation, tax revenues, and foreign investments are driving governments to reconsider their stance on medical cannabis. Moreover, the growing awareness of the therapeutic benefits of cannabis and changing consumer preferences are shaping the regulatory environment and market dynamics worldwide. As the medical cannabis market continues to evolve, stakeholders are closely monitoring regulatory developments and market trends to capitalize on the opportunities presented by this burgeoning industry.

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.