Pharmaceutical Cannabis - United Kingdom

United Kingdom

Revenue in the Pharmaceutical Cannabis sector in the United Kingdom is forecasted to reach €92.54m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.03%, leading to a market volume of €118.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€846.70m in 2024).
In terms of per person revenues in 2024, €4.05k is generated relative to the total population figures.
In the United Kingdom, the Pharmaceutical Cannabis market is rapidly evolving with increasing research initiatives and growing patient access to medicinal products.

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

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Analyst Opinion

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

Customer preferences: Customers in the United Kingdom are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with these products. The shift towards natural and alternative remedies has driven demand for Pharmaceutical Cannabis-based treatments among a wide range of demographic groups.

Trends in the market: One key trend in the Pharmaceutical Cannabis market in the United Kingdom is the increasing availability of a variety of products, including oils, tinctures, capsules, and topical solutions. This diverse product range caters to different consumer preferences and medical needs, contributing to the overall market growth. Moreover, the market is witnessing a rise in research and development activities focused on creating innovative Pharmaceutical Cannabis formulations to address specific health conditions, further driving market expansion.

Local special circumstances: The United Kingdom's regulatory environment plays a crucial role in shaping the Pharmaceutical Cannabis market. With the legalization of medical cannabis in 2018, the country has established a framework for the prescription of Cannabis-based medicinal products by healthcare professionals. This regulatory approval has boosted consumer confidence in the safety and efficacy of Pharmaceutical Cannabis products, leading to increased adoption and market growth.

Underlying macroeconomic factors: The growing acceptance and normalization of Pharmaceutical Cannabis in the United Kingdom are also influenced by broader macroeconomic factors. The increasing healthcare expenditures, coupled with rising chronic health conditions, have created a favorable environment for the Pharmaceutical Cannabis market to thrive. Additionally, shifting consumer attitudes towards holistic wellness and preventive healthcare have contributed to the growing demand for Pharmaceutical Cannabis products as part of a comprehensive healthcare regimen.

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.