Pharmaceutical Cannabis - India | Statista Market Forecast

India is expected to witness a significant growth in the Pharmaceutical Cannabis sector, with projected revenue reaching US$88.51m by 2024.
The market is anticipated to maintain an annual growth rate (CAGR 2024-2029) of 4.94%, leading to a market volume of US$112.60m by 2029.
Among global counterparts, the United States is poised to lead in revenue generation with US$913.10m expected in 2024.
When considering per person revenues in 2024, each individual in India is forecasted to generate US$5.47k.
India's evolving regulatory landscape is driving growth in the pharmaceutical cannabis sector, attracting attention from global investors and paving the way for innovative research and development.

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 India is experiencing significant growth and development.

Customer preferences: Customers in India are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits of cannabis-based medicines. The shift towards natural and alternative remedies is also driving the demand for Pharmaceutical Cannabis in the country.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in India is the increasing acceptance and legalization of medical cannabis. As more research highlights the therapeutic properties of cannabis, there is a growing acceptance among healthcare professionals and patients regarding its use in medical treatments. This trend is shaping the market landscape and opening up new opportunities for pharmaceutical companies to develop innovative cannabis-based products.

Local special circumstances: India has a long history of using cannabis for medicinal and recreational purposes. The traditional knowledge and cultural acceptance of cannabis in certain regions of the country are influencing the current market dynamics. Additionally, the diverse regulatory environment across different states in India is impacting the growth of the Pharmaceutical Cannabis market. Companies operating in this sector need to navigate these local nuances to effectively tap into the market potential.

Underlying macroeconomic factors: The macroeconomic factors driving the growth of the Pharmaceutical Cannabis market in India include the increasing disposable income levels, changing lifestyle patterns, and a growing focus on wellness and preventive healthcare. These factors are creating a favorable environment for the expansion of the Pharmaceutical Cannabis market in the country. Additionally, the evolving regulatory landscape and government initiatives to promote research and development in the pharmaceutical sector are further propelling the growth of the market.

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.