Medical Cannabis - Australia & Oceania

Australia & Oceania

Revenue in the Medical Cannabis market market in Australia & Oceania is forecasted to reach US$362.70m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.56%, leading to a market volume of US$453.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per capita figures, US$3.47k in revenue is generated per person in 2024.
Australia's medical cannabis market is growing steadily, offering patients alternative treatment options and driving innovation in the healthcare sector.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

The Medical Cannabis market in Australia & Oceania is experiencing significant growth and development.

Customer preferences: Customers in Australia & Oceania are increasingly turning to medical cannabis products due to the growing acceptance of alternative medicine and natural remedies. There is a rising awareness of the potential health benefits of cannabis-based treatments, leading to a shift in consumer preferences towards these products.

Trends in the market: In Australia, the medical cannabis market is witnessing a trend towards increased research and development activities to expand the range of available products and improve treatment options for patients. The country has also seen a rise in the number of licensed producers, indicating a maturing market with more players entering the industry.

Local special circumstances: Australia, in particular, has implemented a strict regulatory framework for medical cannabis, which has helped legitimize the industry and build trust among consumers. Additionally, the country's favorable climate allows for outdoor cultivation of cannabis, which can potentially lead to lower production costs and increased supply of medical cannabis products.

Underlying macroeconomic factors: The economic landscape in Australia & Oceania is also playing a role in the development of the medical cannabis market. The increasing investment in the healthcare sector, coupled with a growing focus on research and development, is creating opportunities for the expansion of medical cannabis products. Moreover, changing attitudes towards cannabis and its potential medical benefits are shaping the regulatory environment and driving market growth.

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.