Pharmaceutical Cannabis - Southeast Asia

Revenue in the Pharmaceutical Cannabis market in Southeast Asia is forecasted to reach US$11.69m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.05%, leading to a market volume of US$14.26m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$12.97k are generated concerning the total population figures.
In Southeast Asia, the Pharmaceutical Cannabis market is gaining traction as more countries explore the potential benefits of medical marijuana legalization.

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 Southeast Asia is experiencing a significant growth trajectory driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Southeast Asia are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing interest in pharmaceutical cannabis products. The shift towards more holistic approaches to health and wellness is driving the demand for cannabis-based pharmaceuticals in the region.

Trends in the market: In countries like Thailand and Malaysia, there is a rising acceptance of medical cannabis for therapeutic purposes, leading to the legalization of its use in certain medical cases. This trend is fueling the growth of the pharmaceutical cannabis market in these countries, as more patients and healthcare providers explore the benefits of cannabis-based treatments.

Local special circumstances: Countries in Southeast Asia have unique cultural and regulatory landscapes that influence the development of the pharmaceutical cannabis market. For example, in Indonesia, where cannabis is strictly prohibited, the market for pharmaceutical cannabis products is limited. On the other hand, in countries like the Philippines and Vietnam, there is a growing interest in exploring the potential of medical cannabis despite regulatory challenges.

Underlying macroeconomic factors: Economic factors such as increasing disposable income levels and expanding healthcare infrastructure in Southeast Asia are contributing to the growth of the pharmaceutical cannabis market. As more resources are allocated to healthcare and wellness initiatives in the region, there is a growing opportunity for pharmaceutical cannabis companies to expand their presence and offerings in Southeast Asia.

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.