Medical Cannabis - Lithuania | Statista Market Forecast

In Lithuania, the revenue in the Medical Cannabis market market is forecasted to reach US$45.09m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.70%, leading to a market volume of US$54.08m 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$12.94k are generated concerning total population figures.
Lithuania's Medical Cannabis market is burgeoning, with a focus on research and development for innovative 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 Lithuania has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Lithuania are increasingly turning to medical cannabis products due to the growing awareness of the potential health benefits associated with their use. There is a shift towards natural and alternative remedies, driving the demand for medical cannabis products in the country.

Trends in the market: One of the key trends in the Lithuanian Medical Cannabis market is the expanding availability of different product types and forms. This includes a variety of oils, tinctures, capsules, and topical products, catering to a diverse range of patient needs. Another notable trend is the increasing number of medical professionals who are becoming more open to prescribing medical cannabis as a treatment option.

Local special circumstances: Lithuania's Medical Cannabis market is influenced by the country's regulatory environment, which has been evolving to facilitate the legal use of medical cannabis products. The government has taken steps to streamline the process for patients to access medical cannabis and has been working towards creating a more supportive framework for the industry to operate within.

Underlying macroeconomic factors: The growth of the Medical Cannabis market in Lithuania is also supported by broader macroeconomic factors such as increasing disposable income levels and changing attitudes towards healthcare. As more people prioritize wellness and holistic approaches to health, the demand for medical cannabis products is expected to continue to rise. Additionally, the market is benefiting from a growing network of suppliers and manufacturers who are investing in research and development to bring innovative products to the market.

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.