Medical Cannabis - Ireland | Statista Market Forecast

Ireland is expected to see revenue in the Medical Cannabis market market reach US$87.24m by 2024.
The revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 4.15%, leading to a market volume of US$106.90m by 2029.
When compared globally, the United States will generate the most revenue (US$14.53bn in 2024).
In terms of per person revenues in 2024, US$17.68k are generated concerning total population figures.
Ireland's evolving regulatory framework is fostering growth in the medical cannabis market, attracting increased investment and expanding patient access to therapeutic 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 Ireland has been steadily growing in recent years, reflecting a global trend towards the acceptance and legalization of medical cannabis for various health conditions.

Customer preferences: Patients in Ireland are increasingly turning to medical cannabis as an alternative form of treatment for a range of medical conditions. The shift in preferences towards natural and holistic remedies has driven demand for medical cannabis products in the country. Additionally, the growing awareness about the potential therapeutic benefits of cannabis has contributed to the changing preferences among consumers.

Trends in the market: One of the key trends in the Irish Medical Cannabis market is the expanding product offerings and availability of different forms of medical cannabis. Patients now have access to a variety of products such as oils, tinctures, capsules, and topical solutions, catering to different preferences and medical needs. Moreover, there is a growing trend towards personalized treatment plans involving medical cannabis, as healthcare providers and patients work together to find the most effective solutions.

Local special circumstances: Ireland's regulatory environment plays a significant role in shaping the Medical Cannabis market in the country. The gradual easing of restrictions and the introduction of specific regulations governing the use of medical cannabis have created a more conducive environment for patients to access these products. Additionally, the increasing number of clinics and healthcare professionals specializing in medical cannabis further facilitates the growth of the market.

Underlying macroeconomic factors: The economic landscape in Ireland, with a focus on healthcare innovation and research, has also contributed to the development of the Medical Cannabis market. The government's support for medical research and development, as well as initiatives to attract pharmaceutical companies, has created opportunities for the advancement of medical cannabis products and treatment options in the country. Furthermore, the changing attitudes towards cannabis at a global level have influenced the market dynamics in Ireland, leading to a more favorable outlook for the Medical Cannabis industry.

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.