Pharmaceutical Cannabis - Malta | Statista Market Forecast

Malta is projected to reach a revenue of US$545.10k in the Pharmaceutical Cannabis sector by 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 5.32%, leading to a market volume of US$706.30k by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$913.10m in 2024.
In terms of per person revenues in 2024, US$13.78k is generated concerning the total population figures.
Malta's pharmaceutical cannabis market is rapidly expanding, with a focus on research and development to drive innovation and competitiveness.

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 Malta has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Malta are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and wellness is driving consumers to explore the potential benefits of cannabis-based treatments.

Trends in the market: In Malta, there has been a notable trend towards the legalization and regulation of medical cannabis, creating opportunities for pharmaceutical companies to enter the market and offer a wide range of cannabis-based products. The increasing acceptance and awareness of the therapeutic properties of cannabis among healthcare professionals and patients are further fueling the growth of the pharmaceutical cannabis market in the country.

Local special circumstances: Malta's strategic location in the Mediterranean region and its favorable regulatory environment have positioned it as a hub for pharmaceutical companies looking to expand their cannabis operations. The country's progressive stance on medical cannabis and its efforts to establish a robust regulatory framework have attracted investments and expertise in the pharmaceutical cannabis sector.

Underlying macroeconomic factors: The growing pharmaceutical cannabis market in Malta is also influenced by broader macroeconomic factors such as increasing healthcare expenditures, rising prevalence of chronic diseases, and shifting consumer preferences towards natural and plant-based remedies. These factors are driving the demand for pharmaceutical cannabis products and shaping the competitive landscape in the country.

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.