Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.
Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.
Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Cannabis market in Baltics has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the Baltics are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits and therapeutic properties. There is a shift towards natural and alternative remedies, driving the demand for medical cannabis products in the region.
Trends in the market: One of the key trends in the Medical Cannabis market in the Baltics is the gradual relaxation of regulations surrounding the use of medical cannabis. This has led to an expansion of the market as more patients have access to medical cannabis products for various health conditions. Additionally, there is a rising trend of research and development in the region to explore the full potential of medical cannabis for medical purposes.
Local special circumstances: The Baltics region has a unique regulatory environment that is shaping the development of the Medical Cannabis market. Each country in the Baltics has its own set of regulations governing the use of medical cannabis, creating a diverse landscape for market players. This diversity presents both challenges and opportunities for companies operating in the region.
Underlying macroeconomic factors: The growing acceptance of medical cannabis in the Baltics is also influenced by broader macroeconomic factors. Economic growth, increasing healthcare expenditures, and changing attitudes towards healthcare and wellness are all contributing to the expansion of the Medical Cannabis market in the Baltics. As the region continues to evolve, the market is expected to witness further growth and innovation in the coming years.
Most recent update: Mar 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights