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
The Pharmaceutical Cannabis market in LATAM has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the LATAM region are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. There is a rising demand for natural and alternative medical solutions, which has driven the popularity of Pharmaceutical Cannabis among consumers in the region.
Trends in the market: In countries like Colombia, there has been a trend towards the legalization and regulation of Pharmaceutical Cannabis for both medical and research purposes. This has led to an increase in investments in the industry and the establishment of Pharmaceutical Cannabis cultivation and production facilities. Additionally, there is a growing trend towards the export of Pharmaceutical Cannabis products to other markets, further boosting the industry in the region.
Local special circumstances: One of the key special circumstances in the LATAM region is the favorable climate for cannabis cultivation in countries like Colombia and Uruguay. The ideal growing conditions have positioned these countries as key players in the Pharmaceutical Cannabis market, attracting investments and driving growth in the industry. Additionally, the regulatory environment in each country plays a crucial role in shaping the development of the Pharmaceutical Cannabis market in LATAM.
Underlying macroeconomic factors: The economic landscape in LATAM, characterized by a growing middle class and increasing healthcare expenditures, has contributed to the expansion of the Pharmaceutical Cannabis market in the region. As disposable incomes rise and access to healthcare improves, more consumers are willing to explore alternative medical treatments like Pharmaceutical Cannabis. This, coupled with supportive government policies and regulations, has created a conducive environment for the growth of the Pharmaceutical Cannabis market in LATAM.
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