Pharmaceutical Cannabis - APAC

APAC

Revenue in the Pharmaceutical Cannabis market in APAC is forecasted to reach US$202.20m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.20%, leading to a market volume of US$248.40m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, in 2024, each individual contributes revenues of US$4.31k.
In APAC, the Pharmaceutical Cannabis market is witnessing a surge in research and development activities, particularly in countries like Australia and Thailand.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

The Pharmaceutical Cannabis market in APAC is experiencing significant growth and development.

Customer preferences: Customers in the APAC region are increasingly seeking alternative and natural remedies for various health conditions, which has led to a growing interest in pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and wellness is driving the demand for cannabis-based pharmaceuticals in the region.

Trends in the market: In countries like Australia and Thailand, there is a growing trend towards legalizing medical cannabis, which is opening up new opportunities for pharmaceutical companies to enter the market and offer innovative products. Additionally, the increasing awareness about the potential therapeutic benefits of cannabis is influencing consumer attitudes and driving the market forward.

Local special circumstances: In countries like Japan and South Korea, where there are strict regulations around cannabis use, the market for pharmaceutical cannabis is still in its nascent stages. However, there is a growing interest from both consumers and regulators in exploring the potential medical applications of cannabis, which could lead to significant developments in the near future.

Underlying macroeconomic factors: The economic growth and increasing healthcare expenditure in many APAC countries are creating a favorable environment for the pharmaceutical cannabis market to thrive. As governments focus on improving healthcare infrastructure and expanding access to medical treatments, there is a growing opportunity for pharmaceutical companies to introduce cannabis-based products and capitalize on the evolving market trends.

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.