Pharmaceutical Cannabis - Lithuania

Lithuania is projected to reach a revenue of US$2.14m in Pharmaceutical Cannabis by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 5.27%, leading to a market volume of US$2.76m by 2029.
When compared globally, the United States will generate the highest revenue, reaching US$913.10m in 2024.
In terms of per person revenues in 2024, US$4.09k are generated in relation to Lithuania's total population figures.
Lithuania's pharmaceutical cannabis market is burgeoning with new research and investments, positioning the country as a key player in the global cannabis industry.

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 Lithuania is experiencing a significant growth trajectory driven by changing customer preferences, evolving regulatory landscape, and increasing awareness about the potential benefits of medical cannabis.

Customer preferences: Customers in Lithuania are showing a growing interest in alternative medicine and natural remedies, leading to an increased demand for pharmaceutical cannabis products. This shift is also influenced by a rising awareness about the therapeutic properties of cannabis and its potential to treat various medical conditions.

Trends in the market: One of the key trends in the Lithuanian Pharmaceutical Cannabis market is the gradual acceptance and legalization of medical cannabis for certain health conditions. This has opened up opportunities for pharmaceutical companies to introduce cannabis-based products in the market, catering to the needs of patients seeking alternative treatment options. Additionally, the market is witnessing a surge in research and development activities focused on exploring the medicinal properties of cannabis and developing innovative pharmaceutical formulations.

Local special circumstances: Lithuania's geographical location within the European Union provides a strategic advantage for companies looking to enter the Pharmaceutical Cannabis market. The country's regulatory framework is also evolving to accommodate the growing interest in medical cannabis, creating a conducive environment for market growth. Furthermore, the increasing acceptance of cannabis for medical purposes among healthcare professionals and patients is shaping the market landscape in Lithuania.

Underlying macroeconomic factors: The economic stability and healthcare infrastructure in Lithuania play a crucial role in driving the growth of the Pharmaceutical Cannabis market. As the government continues to focus on healthcare reforms and improving access to medical treatments, the demand for pharmaceutical cannabis products is expected to rise. Moreover, the country's participation in the European pharmaceutical market enables companies to leverage opportunities for expansion and collaboration in the region.

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.