Pharmaceutical Cannabis - Spain

Spain

Spain is expected to see a projected revenue of US$44.12m in the Pharmaceutical Cannabis market by 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.08%, leading to a market volume of US$56.53m by 2029.
When compared globally, the United States will generate the highest revenue, reaching US$913.10m in 2024.
In terms of per person revenues in 2024, in Spain is expected to generate US$3.62k.
Spain's growing acceptance of pharmaceutical cannabis is leading to innovative research and development within the country's cannabis market.

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Analyst Opinion

The Pharmaceutical Cannabis market in Spain is experiencing a significant growth trajectory driven by evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Spain are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits associated with cannabis-based medications. The shift towards natural remedies and alternative medicine is influencing consumers to explore Pharmaceutical Cannabis as a treatment option for various medical conditions.

Trends in the market: One notable trend in the Pharmaceutical Cannabis market in Spain is the increasing acceptance and legalization of medical cannabis. The changing regulatory landscape is opening up opportunities for pharmaceutical companies to develop and market cannabis-based products for therapeutic purposes. Additionally, there is a rising trend towards research and development in the field of Pharmaceutical Cannabis, leading to the introduction of innovative medications and treatment options.

Local special circumstances: Spain has a long history of cannabis consumption for both medicinal and recreational purposes. This cultural acceptance of cannabis has created a favorable environment for the growth of the Pharmaceutical Cannabis market. Moreover, the geographical location of Spain allows for optimal cultivation conditions, making it a hub for cannabis production in Europe.

Underlying macroeconomic factors: The economic landscape in Spain is also contributing to the development of the Pharmaceutical Cannabis market. The increasing healthcare expenditure and government initiatives to expand access to medical cannabis are driving market growth. Additionally, the growing trend of medical tourism in Spain is attracting patients from other countries seeking Pharmaceutical Cannabis treatments, further boosting the market demand.

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.