Medical Cannabis - Malta | Statista Market Forecast

Malta is expected to see revenue in the Medical Cannabis market market reaching US$4.26m in 2024.
The market is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.65%, leading to a market volume of US$5.35m by 2029.
When compared globally, the United States will generate the most revenue, amounting to US$14.53bn in 2024.
In terms of per person revenues in 2024, US$16.16k are generated based on total population figures.
Malta's medical cannabis market is flourishing with a surge in regulatory developments attracting significant investments from global players.

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 Malta 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 Malta are increasingly turning to medical cannabis as an alternative treatment option for a range of medical conditions. This shift in consumer preferences can be attributed to the growing awareness of the potential therapeutic benefits of cannabis products, as well as the desire for more natural and holistic treatment options.

Trends in the market: One notable trend in the Maltese Medical Cannabis market is the increasing availability of a variety of cannabis-based products, including oils, tinctures, capsules, and topical solutions. This trend is driven by the growing number of licensed producers and distributors in the country, as well as the expanding research and development efforts focused on creating innovative cannabis formulations to meet the diverse needs of patients.

Local special circumstances: Malta's strategic location in the Mediterranean region, along with its progressive regulatory framework for medical cannabis, has positioned the country as a key player in the European cannabis market. The Maltese government's proactive approach to regulating the industry and attracting foreign investment has created a favorable environment for the growth of the medical cannabis sector in the country.

Underlying macroeconomic factors: The positive growth trajectory of the Medical Cannabis market in Malta is also influenced by broader macroeconomic factors, such as increasing healthcare expenditures, changing attitudes towards cannabis use, and the potential economic benefits associated with the development of a thriving medical cannabis industry. These factors, combined with Malta's favorable business climate and supportive regulatory environment, are contributing to the continued expansion of the Medical Cannabis market in the country.

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.