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:
Source: Statista Market Insights
Most recent update:
Source: Statista Market Insights
Most recent update:
Source: Statista Market Insights
The Pharmaceutical Cannabis market in Southern Asia is experiencing significant growth and development driven by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in Southern Asia are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of their potential health benefits and therapeutic properties. The shift towards natural remedies and alternative medicine is influencing consumer choices, leading to a rising demand for Pharmaceutical Cannabis products in the region.
Trends in the market: In countries like India and Sri Lanka, there is a noticeable trend towards the legalization and medical use of Cannabis products, including Pharmaceutical Cannabis. This trend is driven by changing regulatory environments and a growing body of research supporting the efficacy of Cannabis-based treatments. As a result, more pharmaceutical companies are entering the market and offering a variety of Cannabis-derived products to cater to the increasing demand.
Local special circumstances: Southern Asia presents a unique set of circumstances that are contributing to the development of the Pharmaceutical Cannabis market in the region. For instance, the cultural acceptance of certain Cannabis products for medicinal purposes in countries like Nepal and Bhutan is shaping consumer attitudes and consumption patterns. Additionally, the presence of a large population with diverse healthcare needs is creating opportunities for Pharmaceutical Cannabis companies to introduce specialized products tailored to local preferences.
Underlying macroeconomic factors: The economic landscape in Southern Asia is also playing a role in the growth of the Pharmaceutical Cannabis market. Factors such as increasing disposable income levels, expanding healthcare infrastructure, and rising investments in research and development are creating a conducive environment for the pharmaceutical industry, including companies focusing on Cannabis-based products. Moreover, the potential for export opportunities and international collaborations is further driving the expansion of the Pharmaceutical Cannabis market in the region.
Most recent update:
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:
Source: Statista Market Insights
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