Pharmaceutical Cannabis - Czechia

In Czechia, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$8.63m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.50%, leading to a market volume of US$11.28m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$30.94k are generated relative to the total population figures.
Czechia is seeing a surge in pharmaceutical cannabis research, positioning itself as a key player in the evolving cannabis market.

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 Czechia is experiencing significant growth and development.

Customer preferences: Customers in Czechia are increasingly seeking natural and alternative 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 country.

Trends in the market: One notable trend in the Czech Pharmaceutical Cannabis market is the increasing acceptance and legalization of medical cannabis. As more research highlights the potential therapeutic benefits of cannabis, there is a growing acceptance of its use in the medical field. This trend is reflected in the increasing number of prescriptions for medical cannabis products in Czechia.

Local special circumstances: Czechia has relatively lenient regulations regarding the use of medical cannabis compared to some other European countries. This more permissive regulatory environment has created opportunities for both domestic and international pharmaceutical companies to enter the market and offer a variety of cannabis-based products to consumers. Additionally, the country's strong tradition of herbal medicine and natural remedies has contributed to the growing popularity of pharmaceutical cannabis among Czech consumers.

Underlying macroeconomic factors: The overall positive economic outlook in Czechia is also playing a role in the development of the Pharmaceutical Cannabis market. With a stable economy and increasing disposable income levels, consumers in the country have more purchasing power to invest in healthcare products, including pharmaceutical cannabis. Additionally, the government's support for the medical cannabis industry through favorable regulations and policies is further fueling market growth and attracting investments in the 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.