Pharmaceutical Cannabis - Uruguay

Uruguay

Uruguay's revenue in the Pharmaceutical Cannabis sector is forecasted to reach US$2.17m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.62%, leading to a market volume of US$2.72m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of total population figures, per person revenues of US$1.69k are generated in 2024.
Uruguay's Pharmaceutical Cannabis market is experiencing a surge in research and development initiatives, positioning the country as a pioneer in cannabis-based pharmaceutical innovation.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

Uruguay has been at the forefront of the Pharmaceutical Cannabis market in Latin America, with a unique approach to cannabis regulation and a progressive stance on legalization.

Customer preferences: Uruguayan consumers have shown a growing interest in Pharmaceutical Cannabis products due to the increasing awareness of the potential health benefits associated with medical cannabis. Patients are seeking alternative treatments for various medical conditions, driving the demand for Pharmaceutical Cannabis products in the country.

Trends in the market: One of the notable trends in the Pharmaceutical Cannabis market in Uruguay is the emphasis on research and development. Local companies are investing in innovative technologies to improve the quality and effectiveness of Pharmaceutical Cannabis products. Additionally, there is a growing trend towards the production of specialized medical cannabis strains tailored to treat specific medical conditions.

Local special circumstances: Uruguay stands out in the region for being the first country in the world to fully legalize the production, distribution, and consumption of cannabis for recreational and medical purposes. This progressive regulatory framework has created a conducive environment for the growth of the Pharmaceutical Cannabis market in the country. Moreover, the government's support for the industry and its efforts to ensure quality control and patient safety have further boosted confidence in Pharmaceutical Cannabis products among consumers.

Underlying macroeconomic factors: The stable political environment and strong regulatory framework in Uruguay have provided a solid foundation for the development of the Pharmaceutical Cannabis market. Additionally, the country's strategic location and access to international markets have attracted foreign investment in the sector, contributing to its growth. The increasing acceptance of medical cannabis globally and the potential for export opportunities have also played a significant role in shaping the Pharmaceutical Cannabis market in Uruguay.

Methodology

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.