Pharmaceutical Cannabis - Baltics

The Baltics is expected to see revenue in the Pharmaceutical Cannabis market reach US$3.18m by 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.17%, leading to a market volume of US$4.09m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue, amounting to US$913.10m in 2024.
In terms of per capita figures, US$3.97k in revenue is generated per person in 2024.
In the Baltics, the Pharmaceutical Cannabis market is rapidly growing, attracting investment and fostering innovation in medical cannabis products.

Definition:
The Pharmaceutical 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 Pharmaceutical Cannabis market encompasses formulated, processed, or synthetic cannabis sold as a finished product. These products, such as Sativex, Epidiolex, and Dronabinol, have undergone full medical trials and hold a medical marketing authorization. The market also includes cannabinoid-based API (Active Pharmaceutical Ingredient), which is registered as an API in a medicinal product with marketing authorization in one or more regions. These APIs can be manipulated and/or compounded by a magistral pharmacy to produce a cannabinoid-based medicine. The Pharmaceutical 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 holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

The Pharmaceutical Cannabis market in Baltics is experiencing a notable surge in interest and growth, reflecting a global trend towards the acceptance and legalization of medical cannabis.

Customer preferences: Customers in the Baltic region are increasingly seeking alternative and natural remedies for various health conditions, driving the demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and growing awareness of the potential therapeutic benefits of cannabis are influencing consumer preferences in the region.

Trends in the market: In the Baltics, the Pharmaceutical Cannabis market is witnessing a rise in the number of companies entering the industry and offering a diverse range of cannabis-based products. This trend is fueled by changing regulations that are creating new opportunities for pharmaceutical cannabis companies to operate in the region. Additionally, there is a growing acceptance of medical cannabis among healthcare professionals and patients, leading to an increase in prescriptions and sales.

Local special circumstances: The Baltic countries, comprising Estonia, Latvia, and Lithuania, have unique regulatory environments that are gradually evolving to accommodate the growing Pharmaceutical Cannabis market. Each country has its own approach to medical cannabis legalization and access, presenting both challenges and opportunities for industry players. The relatively small size of the Baltic market also means that companies need to tailor their products and strategies to meet the specific needs of the local population.

Underlying macroeconomic factors: The economic landscape in the Baltics is playing a significant role in shaping the Pharmaceutical Cannabis market. As the region continues to experience steady economic growth and increasing healthcare expenditures, there is a growing focus on innovative treatment options such as medical cannabis. Moreover, the push for healthcare reform and modernization in the Baltic countries is creating a conducive environment for the development of the pharmaceutical cannabis sector.

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.

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.