Pharmaceutical Cannabis - Eastern Asia

Eastern Asia

Revenue in Eastern Asia's Pharmaceutical Cannabis market is forecasted to reach US$41.75m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.95%, leading to a market volume of US$50.68m by 2029.
When compared globally, the United States is projected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$3.26k is generated relative to the total population figures.
In Eastern Asia, Japan's emerging Pharmaceutical Cannabis market is driven by increasing acceptance and research on medicinal applications.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Eastern Asia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Eastern Asia are increasingly turning to Pharmaceutical Cannabis products due to their perceived health benefits and growing acceptance of alternative medicine. The shift towards natural and plant-based remedies is driving demand for Pharmaceutical Cannabis in the region.

Trends in the market: In countries like Japan, South Korea, and China, there is a rising trend towards the legalization and medical use of Cannabis. Japan has approved the use of Cannabis-based medicines for certain conditions, while South Korea has legalized medical Cannabis under strict regulations. China, as a major player in the pharmaceutical industry, is also exploring the potential of Cannabis for medical purposes. These trends indicate a growing acceptance and openness towards Pharmaceutical Cannabis in Eastern Asia.

Local special circumstances: Eastern Asia has a unique regulatory environment when it comes to Pharmaceutical Cannabis. While some countries have legalized medical Cannabis to a certain extent, the regulations are often strict and require thorough testing and approval processes. This can both hinder and drive the market growth, as companies navigate the complex regulatory landscape to bring Pharmaceutical Cannabis products to market.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Eastern Asia is also influenced by broader macroeconomic factors. Economic growth, technological advancements, and changing healthcare policies in the region play a significant role in shaping the market dynamics. As Eastern Asian countries continue to develop and modernize, there is a growing demand for innovative healthcare solutions, including Pharmaceutical Cannabis products.

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.