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).
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The Pharmaceutical Cannabis market in Eastern Africa is experiencing a notable growth trajectory driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in Eastern Africa are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based medications. The shift towards natural remedies and alternative medicine options is fueling the demand for Pharmaceutical Cannabis products in the region.
Trends in the market: In countries like Kenya and Uganda, there is a rising trend of legalizing the cultivation and use of Cannabis for medicinal purposes. This regulatory shift is opening up new opportunities for pharmaceutical companies to enter the market and develop innovative cannabis-based medications to cater to the growing demand.
Local special circumstances: Eastern Africa has a conducive climate for Cannabis cultivation, making it an attractive region for pharmaceutical companies looking to establish local production facilities. The availability of skilled labor and relatively lower production costs compared to other regions further enhance the attractiveness of Eastern Africa for Pharmaceutical Cannabis market players.
Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Eastern Africa is also influenced by macroeconomic factors such as population growth, urbanization, and increasing healthcare expenditure. As the population in the region continues to grow and urbanize, there is a higher demand for healthcare services, including pharmaceutical products like Cannabis-based medications. Additionally, the rising disposable income levels in Eastern Africa are enabling more consumers to afford pharmaceutical cannabis products, driving market growth.
Most recent update: Mar 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights