Pharmaceutical Cannabis - Australia & Oceania

Australia & Oceania

Revenue in the Pharmaceutical Cannabis market in Australia & Oceania is forecasted to reach US$49.95m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.53%, leading to a market volume of US$59.41m 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, US$3.18k is the revenue generated per person in 2024.
Australia is seeing a surge in pharmaceutical cannabis research and development, positioning itself as a key player in the Oceania cannabis market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in Australia & Oceania is experiencing significant growth and development.

Customer preferences: Customers in Australia & Oceania are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-derived treatments. The shift towards natural and holistic remedies is driving demand for Pharmaceutical Cannabis products in the region.

Trends in the market: In Australia, the Pharmaceutical Cannabis market is witnessing a surge in research and development activities, leading to the introduction of innovative products and treatment options. The country's progressive regulatory environment and increasing acceptance of medical cannabis are propelling market growth. Additionally, partnerships between local pharmaceutical companies and international players are contributing to the expansion of the market.

Local special circumstances: Australia & Oceania boast diverse climates and landscapes, making them ideal for cultivating cannabis plants. This has led to a rise in local production of Pharmaceutical Cannabis, reducing dependency on imports and ensuring a stable supply of high-quality products. Furthermore, the region's strong focus on sustainability and organic practices is shaping the cultivation methods employed by industry players.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Australia & Oceania is also influenced by broader macroeconomic factors such as regulatory reforms, healthcare policies, and economic stability. Government initiatives aimed at legalizing and regulating the use of medical cannabis are creating lucrative opportunities for market players. Moreover, the increasing investment in healthcare infrastructure and research facilities is driving innovation and product development in the Pharmaceutical Cannabis sector.

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.