Pharmaceutical Cannabis - Asia

Asia

In Asia, revenue in the Pharmaceutical Cannabis market is forecasted to reach €153.40m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.56%, leading to a market volume of €191.70m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€846.70m in 2024).
In terms of per person revenues in 2024, €2.27k are generated concerning total population figures.
In Asia, Japan is leading the way in pharmaceutical cannabis research and development, paving the path for future market growth.

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

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Analyst Opinion

The pharmaceutical cannabis market in Asia is experiencing significant growth and development, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Asia are increasingly turning to pharmaceutical cannabis products due to growing awareness of their potential health benefits and therapeutic properties. There is a rising demand for natural and alternative remedies, prompting consumers to explore cannabis-based pharmaceuticals as a viable option for various medical conditions.

Trends in the market: In countries like Japan and South Korea, where the regulatory environment is gradually becoming more favorable towards medical cannabis, there is a noticeable increase in the acceptance and use of pharmaceutical cannabis products. This trend is further supported by the expanding research and development activities in the region, leading to the introduction of innovative cannabis-based medications.

Local special circumstances: In conservative societies like Malaysia and Indonesia, where the use of cannabis is strictly regulated and culturally sensitive, the pharmaceutical cannabis market is still in its nascent stages. However, with evolving attitudes towards medical marijuana and increasing legalization efforts, there is a potential for significant growth in the future as these countries may open up to the benefits of cannabis-based pharmaceuticals.

Underlying macroeconomic factors: The economic landscape in Asia plays a crucial role in shaping the pharmaceutical cannabis market. Countries with strong healthcare infrastructure and robust regulatory frameworks, such as Singapore and Australia, are witnessing a steady rise in the adoption of cannabis-derived medicines. On the other hand, nations facing economic challenges or political uncertainties may experience slower progress in embracing pharmaceutical cannabis due to resource constraints and prioritization of other healthcare needs.

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.