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).
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Israel has emerged as a key player in the Pharmaceutical Cannabis market, showcasing significant growth and development in recent years.
Customer preferences: Consumers in Israel are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of their potential health benefits. With a culture that is open to alternative medicine and a high level of innovation in the healthcare sector, there is a strong demand for Cannabis-based pharmaceuticals in the country.
Trends in the market: One notable trend in the Israeli Pharmaceutical Cannabis market is the emphasis on research and development. The country has established itself as a leader in cannabis research, with numerous clinical trials and studies being conducted to explore the medical applications of Cannabis. This focus on innovation has led to the introduction of a wide range of advanced pharmaceutical cannabis products in the market, catering to diverse consumer needs.
Local special circumstances: Israel's progressive regulatory environment has played a significant role in shaping the Pharmaceutical Cannabis market. The country was one of the first to legalize medical cannabis and has since implemented policies that support the growth of the industry. This favorable regulatory landscape has attracted numerous domestic and international players, leading to a competitive market with a variety of high-quality products.
Underlying macroeconomic factors: The strong economy and robust healthcare infrastructure in Israel have also contributed to the growth of the Pharmaceutical Cannabis market. With a well-developed pharmaceutical industry and a high level of healthcare spending, the country provides a conducive environment for the production and distribution of cannabis-based pharmaceuticals. Additionally, Israel's strategic location at the crossroads of Europe, Asia, and Africa offers opportunities for export and international collaboration in the Pharmaceutical Cannabis sector.
Most recent update: Mar 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights