Medical Cannabis - Chile | Statista Market Forecast

Chile's Medical Cannabis market market is forecasted to achieve revenues of US$5.53m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.32%, leading to a market volume of US$7.16m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14.53bn in 2024).
In terms of per capita figures, in 2024, revenues of US$1.61k are generated per person.
Chile's medical cannabis market is gaining traction with increasing research initiatives and growing acceptance of cannabis-based treatments.

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).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

The Medical Cannabis market in Chile has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Chile are increasingly turning to medical cannabis products as an alternative form of treatment for various health conditions. The growing awareness about the potential therapeutic benefits of cannabis has led to a shift in consumer preferences towards natural and holistic remedies.

Trends in the market: One of the key trends in the Chilean Medical Cannabis market is the increasing acceptance and legalization of medical cannabis for therapeutic use. This has opened up opportunities for local companies to enter the market and for international players to expand their operations in the region. Additionally, there is a rising trend of research and development in medical cannabis products tailored to specific medical conditions, catering to the evolving needs of consumers.

Local special circumstances: Chile stands out in the region for its progressive approach towards medical cannabis legalization and regulation. The country has established a comprehensive regulatory framework that allows for the cultivation, production, and distribution of medical cannabis products. This has created a conducive environment for market growth and innovation, attracting investments and fostering partnerships within the industry.

Underlying macroeconomic factors: The evolving regulatory landscape and increasing social acceptance of medical cannabis in Chile are driven by a combination of factors such as changing attitudes towards cannabis, growing demand for alternative healthcare solutions, and the potential economic benefits associated with the industry. Moreover, the government's efforts to promote research and development in the medical cannabis sector are also contributing to the market expansion in the country.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.