Medical Cannabis - Asia

Asia

The revenue in the Medical Cannabis market market in Asia is forecasted to reach US$1,069.00m in 2024.
It is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.96%, leading to a market volume of US$1,237.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues in 2024, US$2.38k are generated in relation to the total population figures.
In Asia, Japan's evolving regulations are shaping the landscape for medical cannabis investments, attracting attention from global market players.

Key regions: Spain, Europe, Australia, Germany, United States

Market

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Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in Asia is experiencing a significant growth trajectory driven by changing attitudes towards cannabis for medical purposes.

Customer preferences: Patients in Asia are increasingly seeking alternative treatment options, leading to a growing demand for medical cannabis products. The shift towards natural and holistic remedies is influencing consumer preferences, with many opting for cannabis-based treatments for various health conditions.

Trends in the market: In countries like Thailand and South Korea, where medical cannabis has been legalized for certain conditions, there is a noticeable trend towards the acceptance and adoption of cannabis-based medicines. This trend is further supported by the increasing number of clinical studies highlighting the potential therapeutic benefits of medical cannabis.

Local special circumstances: Despite the overall positive trend, the medical cannabis market in Asia is not without challenges. Cultural stigmas surrounding cannabis use, strict regulations, and limited awareness among healthcare professionals pose barriers to market growth in some countries. Additionally, the lack of standardized regulations across the region creates a fragmented market landscape.

Underlying macroeconomic factors: The economic landscape in Asia plays a crucial role in shaping the medical cannabis market. Countries with a strong pharmaceutical industry and research capabilities, such as Israel and China, are well-positioned to drive innovation in medical cannabis. Economic factors like healthcare expenditure, GDP growth, and government support also influence the development of the market in the region.

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.