Medical Cannabis - Czechia | Statista Market Forecast

In Czechia, revenue in the Medical Cannabis market market is forecasted to reach US$2.08m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.75%, leading to a market volume of US$2.62m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14.53bn in 2024).
In terms of per person revenues in 2024, US$1.12k are generated in relation to the total population figures.
Czechia's medical cannabis market is rapidly expanding, with a growing number of patients seeking alternative treatment options.

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 Czechia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Czechia are increasingly turning to medical cannabis as an alternative form of treatment for various health conditions. The growing awareness about the potential therapeutic benefits of cannabis products has led to a shift in consumer preferences towards natural and holistic remedies. Patients are seeking out medical cannabis products for pain management, anxiety, insomnia, and other medical issues, driving the demand for such products in the market.

Trends in the market: One notable trend in the Czech Medical Cannabis market is the increasing number of registered patients who are authorized to use medical cannabis. This trend reflects a growing acceptance and recognition of medical cannabis as a legitimate form of treatment by healthcare professionals and regulatory authorities in the country. Additionally, there is a rising trend towards the legalization and decriminalization of cannabis for medical purposes in Czechia, which is further fueling the growth of the market.

Local special circumstances: Czechia has a relatively progressive stance towards medical cannabis compared to some other countries in the region. The country legalized medical cannabis in 2013, allowing patients with certain medical conditions to access cannabis-based products with a prescription. This early legalization has created a favorable environment for the development of the medical cannabis market in Czechia. Moreover, the country's favorable climate for cannabis cultivation has also contributed to the growth of the local industry.

Underlying macroeconomic factors: The increasing acceptance of medical cannabis in Czechia is also influenced by broader macroeconomic factors such as changing societal attitudes towards cannabis and a growing trend towards natural and organic healthcare products. Additionally, the medical cannabis market in Czechia is benefiting from the overall growth of the healthcare sector in the country, as more patients seek alternative treatment options and healthcare providers explore the potential of cannabis-based medicines. These macroeconomic factors are expected to continue driving the growth of the medical cannabis market in Czechia in the coming years.

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.