Pharmaceutical Cannabis - Ireland

Ireland

In Ireland, revenue in the Pharmaceutical Cannabis sector is forecasted to reach US$12.32m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.95%, leading to a market volume of US$15.69m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, US$16.64k is the revenue generated per person in 2024.
Ireland's pharmaceutical cannabis market is burgeoning with increased research, paving the way for innovative medical treatments and regulatory advancements.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Ireland has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Ireland are increasingly seeking alternative and natural remedies for various health conditions, which has led to a growing interest in pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and the increasing awareness of the potential benefits of cannabis-based treatments have contributed to the rising demand in the market.

Trends in the market: One notable trend in the Pharmaceutical Cannabis market in Ireland is the expanding range of product offerings. Companies are introducing a variety of cannabis-based pharmaceuticals, including oils, capsules, and topical solutions, to cater to different consumer preferences and needs. Additionally, there is a growing emphasis on research and development to create innovative formulations with enhanced therapeutic effects.

Local special circumstances: Ireland's regulatory environment plays a crucial role in shaping the Pharmaceutical Cannabis market. The country has made significant progress in terms of legalizing medical cannabis products and establishing a framework for their prescription and use. This regulatory clarity has provided a boost to market growth by instilling confidence among consumers and healthcare professionals.

Underlying macroeconomic factors: The economic landscape in Ireland, characterized by steady economic growth and increasing disposable incomes, has also contributed to the development of the Pharmaceutical Cannabis market. As consumers become more willing to spend on healthcare and wellness products, the demand for pharmaceutical cannabis products is expected to continue rising. Moreover, the presence of a well-established healthcare infrastructure and a supportive research ecosystem further propels the market forward.

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.