Pharmaceutical Cannabis - Australia

Australia

Revenue in the Pharmaceutical Cannabis sector in Australia is forecasted to reach €40.03m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.66%, leading to a market volume of €47.92m 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, €2.61k are generated in relation to the total population figures.
Australia's pharmaceutical cannabis market is burgeoning, driven by evolving regulations and increasing acceptance of medical marijuana for various health conditions.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Australia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Australia are increasingly seeking alternative and natural remedies for various health conditions, which has led to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare and an increasing awareness of the potential benefits of cannabis for medical purposes have been driving factors behind this trend.

Trends in the market: In Australia, there has been a notable increase in the number of clinical trials and research studies focusing on the medical applications of cannabis. This has not only contributed to the expansion of product offerings in the market but has also helped to destigmatize the use of cannabis for medicinal purposes. Additionally, the Australian government has taken steps to streamline the regulatory process surrounding pharmaceutical cannabis, making it easier for patients to access these products through legal channels.

Local special circumstances: One of the unique aspects of the Pharmaceutical Cannabis market in Australia is the country's strict regulatory framework. The Therapeutic Goods Administration (TGA) regulates the production, prescription, and use of medicinal cannabis products, ensuring that high-quality standards are maintained throughout the supply chain. This regulatory oversight has helped to build trust among consumers and healthcare professionals, further driving the growth of the market.

Underlying macroeconomic factors: Australia's growing aging population and increasing prevalence of chronic health conditions have created a strong demand for effective treatment options, including pharmaceutical cannabis products. Additionally, the country's robust healthcare system and high levels of disposable income have made it a lucrative market for pharmaceutical companies looking to expand their cannabis-based offerings. The combination of favorable demographic trends and supportive regulatory environment is expected to continue fueling the growth of the Pharmaceutical Cannabis market in Australia in the coming years.

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.