Medical Cannabis - Western Asia

  • Western Asia
  • In Western Asia, revenue in the Medical Cannabis market market is forecasted to reach US$316.70m in 2024.
  • The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.44%, leading to a market volume of US$357.20m by 2029.
  • When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
  • In terms of per person revenues in 2024, US$1.31k are generated based on total population figures.
  • In Western Asia, the medical cannabis market is rapidly evolving, with increasing legalization and growing investor interest in the region.

Key regions: Australia, Europe, South Africa, United States, Netherlands

 
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Analyst Opinion

The Medical Cannabis market in Western Asia is experiencing a notable growth trajectory, driven by evolving customer preferences, changing regulations, and unique local circumstances.

Customer preferences:
Customers in Western Asia are increasingly turning to Medical Cannabis products due to growing awareness of its potential health benefits and therapeutic properties. There is a rising demand for alternative medical treatments, especially among individuals seeking natural remedies for various health conditions. Additionally, the shift towards wellness and holistic approaches to healthcare is influencing consumers to explore Medical Cannabis as a viable option.

Trends in the market:
In countries like Israel and Lebanon, there is a notable trend towards research and development in Medical Cannabis, leading to the creation of innovative products and treatment solutions. Israel, known for its advanced medical research capabilities, is at the forefront of Medical Cannabis research in the region. On the other hand, Lebanon's recent legalization of Medical Cannabis cultivation is expected to boost the market significantly. These trends indicate a growing acceptance and integration of Medical Cannabis into the healthcare systems of Western Asian countries.

Local special circumstances:
Western Asia presents unique circumstances that are shaping the Medical Cannabis market in the region. For instance, the historical significance of certain plants like cannabis in the region has contributed to a more tolerant attitude towards its medical use in some countries. Moreover, the presence of research institutions and a skilled workforce in countries like Israel has fostered an environment conducive to the growth of the Medical Cannabis industry. These local factors play a crucial role in driving the development and expansion of the market.

Underlying macroeconomic factors:
The evolving regulatory landscape surrounding Medical Cannabis in Western Asia is a key macroeconomic factor influencing market growth. As more countries in the region legalize or decriminalize Medical Cannabis, it opens up opportunities for businesses to enter the market and for consumers to access a wider range of products. Additionally, the economic potential of the Medical Cannabis industry, including job creation and revenue generation, is a motivating factor for governments to consider legalization and regulation. Overall, the interplay of regulatory changes, economic incentives, and cultural attitudes is shaping the landscape of the Medical Cannabis market in Western Asia.

Methodology

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.

Overview

  • Revenue
  • Users
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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