Medical Cannabis - Uruguay | Statista Market Forecast

in Uruguay, a country South_America, is projected to see revenue in the Medical Cannabis market market reach US$70.38m by 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.43%, leading to a market volume of US$79.36m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$14.53bn in 2024.
Calculated in terms of the total population, the per person revenues in 2024 stand at US$8.23k.
Uruguay's medical cannabis market is rapidly expanding, with a focus on research and innovation to drive growth and access to quality products.

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

Uruguay, known for its progressive stance on cannabis, has been making significant strides in the Medical Cannabis market.

Customer preferences: Consumers in Uruguay are increasingly turning to Medical Cannabis products due to the growing awareness of its potential health benefits and therapeutic properties. The shift towards natural and alternative medicine is also driving the demand for Medical Cannabis in the country.

Trends in the market: Uruguay has been at the forefront of cannabis legalization, becoming the first country in the world to fully legalize recreational cannabis. This progressive stance has paved the way for a well-regulated Medical Cannabis market, attracting both domestic and international investors. The country's favorable climate for cannabis cultivation has also positioned it as a key player in the global market.

Local special circumstances: One of the unique aspects of the Medical Cannabis market in Uruguay is the government's active involvement in regulating and overseeing the industry. The country's strict quality control measures and emphasis on research and development have helped establish Uruguay as a hub for Medical Cannabis production and innovation. Additionally, the government's support for medical research and clinical trials has further bolstered the credibility of the industry.

Underlying macroeconomic factors: Uruguay's stable political environment and commitment to cannabis reform have created a conducive atmosphere for the growth of the Medical Cannabis market. The country's strong agricultural tradition and skilled workforce have also contributed to the development of a thriving cannabis industry. Furthermore, Uruguay's strategic location in South America allows for easy access to regional markets, positioning it as a key player in the emerging global cannabis 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.