Pharmaceutical Cannabis - Italy

Italy

In Italy, revenue in the Pharmaceutical Cannabis market is forecasted to reach €55.42m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.60%, leading to a market volume of €69.38m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€837.90m in 2024).
In terms of per person revenues in 2024, €3.10k are generated in relation to the total population figures.
Italy's growing acceptance of medical cannabis is driving significant interest in the pharmaceutical cannabis market within the country.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

The Pharmaceutical Cannabis market in Italy continues to show promising growth and development, reflecting the increasing acceptance and demand for medical cannabis products in the country.

Customer preferences: Italian consumers are increasingly turning to pharmaceutical cannabis products due to growing awareness of their potential health benefits and therapeutic properties. Patients are seeking alternative treatment options for a variety of medical conditions, driving the demand for medical cannabis products in Italy. Additionally, there is a preference for products that are high quality, safe, and compliant with regulations to ensure efficacy and reliability.

Trends in the market: One notable trend in the Italian Pharmaceutical Cannabis market is the expanding range of products available to consumers. Companies are introducing innovative formulations and delivery methods to cater to different patient needs and preferences. Moreover, there is a growing emphasis on research and development within the industry to create new and improved cannabis-based medications. This trend is shaping the market landscape and driving competition among pharmaceutical cannabis companies in Italy.

Local special circumstances: Italy has a unique regulatory framework that governs the Pharmaceutical Cannabis market. The country legalized medical cannabis in 2013, creating a legal pathway for patients to access cannabis-based treatments under medical supervision. This progressive legislation has paved the way for the growth of the pharmaceutical cannabis industry in Italy. Furthermore, Italy's strategic location in Europe allows for easier import and export of medical cannabis products, contributing to the market's expansion.

Underlying macroeconomic factors: The Italian Pharmaceutical Cannabis market is also influenced by broader macroeconomic factors. Economic stability, government support for the healthcare sector, and investments in research and development all play a role in shaping the market environment. Additionally, changing consumer attitudes towards cannabis and increasing healthcare expenditures contribute to the market growth. These macroeconomic factors create a favorable landscape for the development of the Pharmaceutical Cannabis market in Italy.

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.