Medical Cannabis - Australia

Australia

The Medical Cannabis market in Australia is expected to achieve a revenue of US$356.70m by 2024.
It is projected to experience a steady annual growth rate (CAGR 2024-2029) of 4.58%, leading to a market volume of US$446.30m by 2029.
When compared globally, in the United States is anticipated to generate the highest revenue of US$14,530.00m in 2024.
In terms of per capita revenues, in Australia is estimated to generate US$3.48k in 2024.
Australia's medical cannabis market is rapidly growing, with an increasing number of patients seeking alternative treatments for chronic conditions.

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

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Analyst Opinion

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

Customer preferences: Customers in Australia are increasingly turning to medical cannabis products as an alternative or complementary treatment to traditional pharmaceuticals. There is a growing demand for natural and plant-based remedies, driving the popularity of medical cannabis among consumers. Additionally, patients are becoming more educated about the potential benefits of medical cannabis in managing various health conditions.

Trends in the market: One of the key trends in the Australian Medical Cannabis market is the expanding product offerings and availability. As regulations around medical cannabis continue to evolve and become more lenient, more companies are entering the market and introducing a variety of products to cater to different patient needs. This trend is further fueling the growth of the market and attracting new consumers.

Local special circumstances: Australia has been proactive in legalizing and regulating the use of medical cannabis, creating a conducive environment for market growth. The country has established a robust framework for licensing and production of medical cannabis, which has encouraged investment and innovation in the sector. Additionally, Australia's climate is suitable for cultivating cannabis, leading to the emergence of local producers and suppliers.

Underlying macroeconomic factors: The growing acceptance and legalization of medical cannabis globally have had a positive impact on the Australian market. As more countries recognize the medical benefits of cannabis and legalize its use, the demand for medical cannabis products is expected to increase. This global trend is likely to drive further growth in the Australian market as well, creating opportunities for domestic companies to expand internationally.

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.