Pharmaceutical Cannabis - Estonia

Estonia is expected to witness a significant growth in revenue within the Pharmaceutical Cannabis sector, with projections indicating a figure of US$1.04m in 2024.
This growth is anticipated to continue, with an estimated annual growth rate (CAGR 2024-2029) of 4.95%, leading to a market volume of US$1.32m by 2029.
When compared on a global scale, the United States is poised to generate the highest revenue, amounting to US$913.10m in 2024.
In terms of per capita analysis, in 2024, each individual in Estonia is expected to contribute revenues of US$3.76k.
Estonia's pharmaceutical cannabis market shows promising growth potential with increasing research and development activities for medicinal applications.

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 Estonia is experiencing a surge in demand and development, mirroring the global trend towards the acceptance and legalization of medical cannabis.

Customer preferences: In Estonia, customers are increasingly seeking alternative and natural remedies for various health conditions, driving the demand for pharmaceutical cannabis products. Patients are showing a growing interest in the potential therapeutic benefits of cannabis-based medications, leading to a shift in consumer preferences towards these products.

Trends in the market: One of the notable trends in the Pharmaceutical Cannabis market in Estonia is the expanding availability of cannabis-based pharmaceuticals in pharmacies and healthcare facilities. This accessibility is contributing to the growing acceptance and integration of medical cannabis into the mainstream healthcare system. Additionally, there is a rising trend of research and development activities focused on creating innovative cannabis-derived medications tailored to specific medical needs in the country.

Local special circumstances: Estonia's unique position as a European Union (EU) member state influences the development of its Pharmaceutical Cannabis market. The country's adherence to EU regulations and standards ensures the quality and safety of cannabis-based pharmaceuticals available in the market. Furthermore, Estonia's progressive stance on healthcare and wellness issues creates a conducive environment for the growth of the Pharmaceutical Cannabis sector.

Underlying macroeconomic factors: The economic stability and growth in Estonia play a crucial role in the expansion of the Pharmaceutical Cannabis market. With a stable economy and increasing disposable income levels, consumers in Estonia have greater purchasing power to afford pharmaceutical cannabis products. Moreover, the government's initiatives to support research and innovation in the healthcare sector contribute to the overall development of the Pharmaceutical Cannabis market in the country.

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.