Medical Cannabis - Eastern Asia

Eastern Asia

Revenue in the Medical Cannabis market market in Eastern Asia is forecasted to reach US$259.90m 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$327.80m 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 person revenues in 2024, US$3.04k is generated relative to the total population figures.
In Eastern Asia, Japan's growing acceptance of medical cannabis is driving investment in the market's pharmaceutical and research sectors.

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

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Analyst Opinion

The Medical Cannabis market in Eastern Asia is experiencing significant growth and development.

Customer preferences: Customers in Eastern Asia are increasingly turning to medical cannabis products due to a growing awareness of the potential health benefits associated with them. The shift towards natural and alternative remedies is driving demand for medical cannabis in the region.

Trends in the market: In countries like Japan, South Korea, and Thailand, there is a noticeable trend towards the legalization and regulation of medical cannabis. Japan, for example, has approved the use of cannabis-based medicines for certain conditions, paving the way for a more structured medical cannabis market in the country. South Korea has also taken steps to allow the use of certain cannabis-based drugs for specific ailments. These regulatory changes are shaping the landscape of the medical cannabis market in Eastern Asia.

Local special circumstances: Each country in Eastern Asia has its own unique set of regulations and cultural attitudes towards cannabis. For instance, in China, where cannabis is largely illegal, there is a growing interest in the potential medical applications of the plant. However, strict government regulations pose a challenge to the expansion of the medical cannabis market in the country. In contrast, countries like Thailand have been more progressive in legalizing medical cannabis, creating opportunities for domestic production and export.

Underlying macroeconomic factors: The economic growth and increasing healthcare expenditures in Eastern Asia are contributing to the development of the medical cannabis market. As disposable incomes rise and healthcare standards improve, consumers are more willing to explore alternative treatment options, including medical cannabis. Additionally, the growing acceptance of cannabis for medical purposes globally is influencing attitudes and policies in Eastern Asia, further driving the market forward.

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.