Pharmaceutical Cannabis - Ghana | Statista Market Forecast

Ghana's revenue in the Pharmaceutical Cannabis market is forecasted to reach US$2.00m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.52%, leading to a market volume of US$2.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of total population figures, per person revenues of US$3.62k are generated in 2024.
Ghana's pharmaceutical cannabis market is poised for growth with increasing government support and rising demand for medicinal 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

Ghana has seen a significant rise in the Pharmaceutical Cannabis market in recent years, reflecting a global trend towards the acceptance and legalization of medical marijuana.

Customer preferences: Customers in Ghana are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of its potential health benefits and therapeutic properties. The shift towards natural remedies and alternative medicine is driving demand for Cannabis-based pharmaceuticals in the country.

Trends in the market: The Pharmaceutical Cannabis market in Ghana is witnessing a surge in investments and partnerships between local companies and international pharmaceutical firms. This collaboration is not only expanding the product offerings in the market but also improving the quality and standards of Cannabis-based medications available to consumers.

Local special circumstances: One of the key factors driving the growth of the Pharmaceutical Cannabis market in Ghana is the supportive regulatory environment. The government's openness to exploring the medical benefits of Cannabis and willingness to implement new policies and regulations have created a conducive atmosphere for industry players to operate and innovate.

Underlying macroeconomic factors: Ghana's stable economic growth and increasing disposable income levels among the population are contributing to the expansion of the Pharmaceutical Cannabis market. As more Ghanaians are able to afford healthcare products, the demand for Pharmaceutical Cannabis is expected to continue rising in the coming years.

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.