Pharmaceutical Cannabis - Worldwide

Worldwide

Revenue in the Pharmaceutical Cannabis market worldwide is forecasted to reach €1.85bn in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.36%, leading to a market volume of €2.29bn by 2029.
When considering global comparisons, the United States is expected to generate the highest revenue ( €837.90m in 2024).
In terms of per person revenues in 2024, €1.71k are generated in relation to the total population figures.
In the global Pharmaceutical Cannabis market, the United States leads in research and development, shaping industry standards and driving innovation.

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

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Analyst Opinion

The Pharmaceutical Cannabis market is experiencing rapid growth and development worldwide.

Customer preferences: Customers are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and alternative medicine options is driving the demand for Pharmaceutical Cannabis across various demographics.

Trends in the market: In the United States, the Pharmaceutical Cannabis market is witnessing significant growth due to the increasing legalization of medical and recreational cannabis across several states. This trend is creating opportunities for pharmaceutical companies to develop innovative cannabis-based products to meet the rising consumer demand. In Europe, countries like Germany and the Netherlands are emerging as key players in the Pharmaceutical Cannabis market. The legalization of medical cannabis in these regions has paved the way for pharmaceutical companies to conduct research and development activities to introduce new cannabis-derived medications to the market. In Canada, the legalization of recreational cannabis has led to a surge in the Pharmaceutical Cannabis market. Consumers are showing a preference for cannabis-infused products such as oils, tinctures, and edibles, driving the market growth in the country.

Local special circumstances: In Australia, the Pharmaceutical Cannabis market is expanding rapidly due to the government's efforts to regulate and legalize medicinal cannabis. The country's favorable climate for cannabis cultivation is attracting investments from pharmaceutical companies looking to establish a presence in the Australian market. In Latin America, countries like Colombia and Uruguay are emerging as key players in the Pharmaceutical Cannabis market due to their progressive cannabis regulations. The low production costs and favorable regulatory environment in these countries are attracting international pharmaceutical companies to set up cultivation and manufacturing facilities.

Underlying macroeconomic factors: The global trend towards cannabis legalization for medical and recreational use is a key macroeconomic factor driving the growth of the Pharmaceutical Cannabis market. Changing consumer attitudes towards cannabis, coupled with increasing research on its therapeutic benefits, are shaping the market dynamics worldwide. Overall, the Pharmaceutical Cannabis market is poised for continued growth and expansion as more countries recognize the potential of cannabis for medical purposes and implement favorable regulations to support the 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.