According to IMARC Group, the Thailand medical cannabis market size reached us$ 187.1 million in 2023. Looking forward, Imarc group expects the market to reach us$ 6,328.2 million by 2032, exhibiting a growth rate (CAGR) of 46.4% during 2024-2032.
The report has segmented the market by cultivated species (indica, sativa, hybrid), derivatives (cannabidiol (CBD), tetrahydrocannabinol (THC), and others), application areas (cancer, arthritis, migraine, epilepsy, and others), end-use (pharmaceuticals, research and development centres, and others), route of administration (oral solutions and capsules, vaporizers, topicals, and others).
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Factors Affecting the Growth of the Thailand Medical Cannabis Industry:
- Progressive Regulatory Environment:
Thailand's progressive stance on medical cannabis is a key driver of its market growth. In 2018, Thailand became the first Southeast Asian country to legalize medical cannabis, reflecting a significant shift in policy. This legalization has opened doors for the cultivation, production, and use of cannabis for medical purposes. The government has been actively involved in setting up a regulatory framework that supports the development of the medical cannabis industry, including the establishment of government-run cultivation facilities and the granting of licenses for private enterprises. This regulatory support is crucial for fostering a safe and controlled market environment, and encouraging investments and innovation in the sector.
- Increasing Medical Research and Development:
There is a growing emphasis on research and development in the medical cannabis field within Thailand. With the legalization, research institutions and universities have been exploring the medicinal properties and potential therapeutic applications of cannabis. The focus is not only on the cultivation of different cannabis strains, including Indica and Sativa, but also on the extraction and development of cannabis-derived compounds like THC and CBD for medical use. This research is pivotal in understanding the efficacy and safety of cannabis in treating a range of medical conditions, thereby driving market growth.
- Growing Public Awareness and Acceptance:
Public perception and awareness regarding the medical benefits of cannabis have been changing rapidly in Thailand. With increased educational efforts and the government’s endorsement of medical cannabis, there's a growing acceptance and interest among the Thai population. This shift in public opinion is crucial as it drives patient demand for cannabis-based treatments. The acknowledgment of cannabis's therapeutic potential in managing various conditions, such as cancer, chronic pain, and neurological disorders is fostering its acceptance as a legitimate medical treatment option.
Thailand Medical Cannabis Market Report Segmentation:
Breakup by Cultivated Species:
- Indica
- Sativa
- Hybrid
Indica strains dominate the cultivated species segment in Thailand's medical cannabis market due to their high THC content and effectiveness in treating conditions like pain, insomnia, and anxiety, aligning with the primary medical needs of patients in the region.
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Tetrahydrocannabinol (THC) is the largest derivatives segment in the market, as it is the main psychoactive compound in cannabis, widely used for its therapeutic properties in pain relief, muscle spasticity, glaucoma, and insomnia.
Breakup by Application Areas:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Cancer is the largest application area segment in the market, as medical cannabis is increasingly recognized for its benefits in managing symptoms associated with cancer treatments, such as nausea, pain, and loss of appetite.
Breakup by End Use:
- Pharmaceuticals
- Research and Development Centres
- Others
Pharmaceuticals constitute the largest end-use sector in the market, as they extensively utilize medical cannabis in the formulation of drugs to treat various medical conditions, supported by ongoing research and regulatory approvals.
Breakup by Route Of Administration:
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
Oral solutions and capsules are the most popular route of administration in Thailand's medical cannabis market, offering controlled dosage, ease of use, and better patient compliance compared to other forms.
Thailand Medical Cannabis Market Trends:
The growing focus on research and development (RD) represents one of the key factors driving the growth of the medical cannabis market across Thailand. This, coupled with efforts aimed at exploring the medicinal properties of cannabis and developing effective, safe cannabis-based treatments is influencing the market growth.
The market is witnessing an increase in the cultivation of various cannabis strains, particularly those with higher therapeutic potentials, like Indica for its high THC content. The diversification of cannabis-derived products, including oils, tinctures, and capsules, catering to different patient needs and preferences is fueling the market growth. Furthermore, there's a rising public awareness and acceptance of medical cannabis, driven by educational campaigns and positive patient outcomes. In addition to this, collaborations between government entities, research institutions, and private companies are fostering innovation and expansion in the sector.
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Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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