Pharmaceutical Cannabis - 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.

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 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.

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.