Medical Cannabis - Israel | Statista Market Forecast

Israel's Medical Cannabis market market is forecasted to achieve a revenue of US$294.90m by 2024.
The market is anticipated to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 2.41%, leading to a market volume of US$332.10m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14.53bn in 2024.
In terms of per capita figures, revenues of US$1.23k are generated per person in 2024.
Israel's medical cannabis market is pioneering research and innovation, setting high standards for quality and patient care in the industry.

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

Israel has seen a significant growth in the Medical Cannabis market in recent years, with various factors contributing to its development.

Customer preferences: In Israel, there is a growing acceptance and demand for alternative medical treatments, including Medical Cannabis. Patients are increasingly seeking natural and holistic remedies, leading to a shift towards Medical Cannabis as a preferred choice for managing certain health conditions.

Trends in the market: One of the notable trends in the Israeli Medical Cannabis market is the increasing number of licensed producers and suppliers. This expansion has led to a wider variety of products available to consumers, catering to different needs and preferences. Additionally, there is a trend towards research and development in the sector, with a focus on creating innovative Medical Cannabis products and improving treatment options.

Local special circumstances: Israel has been at the forefront of Medical Cannabis research and innovation, with a supportive regulatory environment that has facilitated the growth of the market. The country has a well-established medical infrastructure and a strong scientific community, which has contributed to advancements in Medical Cannabis treatments. Furthermore, Israel's experience in agriculture and technology has allowed for efficient cultivation and production processes in the Medical Cannabis industry.

Underlying macroeconomic factors: The development of the Medical Cannabis market in Israel is also influenced by macroeconomic factors such as government policies and international partnerships. The government's progressive stance on Medical Cannabis legalization and regulation has created a favorable environment for industry growth. Moreover, collaborations with international partners have enabled knowledge sharing and technology transfer, further driving the advancement of the market in Israel.

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.