Pharmaceutical Cannabis - Western Asia

Western Asia

In Western Asia, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$13.16m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.47%, leading to a market volume of US$15.61m 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$0.36k are generated based on total population figures.
In Western Asia, the Pharmaceutical Cannabis market is rapidly expanding, with Israel leading in research and development initiatives.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Western Asia is experiencing significant growth and development.

Customer preferences: Customers in Western Asia are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of its potential health benefits and therapeutic properties. The shift towards natural and alternative medicine options is driving the demand for Pharmaceutical Cannabis in the region.

Trends in the market: In Western Asia, countries like Israel and Lebanon are emerging as key players in the Pharmaceutical Cannabis market. Israel, known for its advanced research and development capabilities, is leading innovation in Cannabis-based pharmaceuticals. On the other hand, Lebanon's favorable climate for Cannabis cultivation is attracting investments in the industry. These trends indicate a promising future for Pharmaceutical Cannabis in the region.

Local special circumstances: Western Asia is characterized by a diverse regulatory landscape when it comes to Cannabis. While some countries have legalized medical Cannabis and are actively promoting research and development in the sector, others maintain strict regulations that limit the growth of the Pharmaceutical Cannabis market. This disparity in regulatory frameworks poses challenges for companies operating in the region.

Underlying macroeconomic factors: The growing acceptance of Cannabis for medical purposes globally is influencing the Pharmaceutical Cannabis market in Western Asia. As more countries recognize the therapeutic potential of Cannabis and legalize its use for medical applications, the demand for Pharmaceutical Cannabis products is expected to rise in the region. Additionally, economic factors such as investment opportunities and job creation in the Cannabis industry are driving the market growth in Western Asia.

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.