Thailand Medical Cannabis Market – Industry Trends and Forecast to 2031

Thailand Medical Cannabis Market Analysis and Size

Medical cannabis market, growing with research and innovation, sees applications in alleviating chemotherapy side effects. Its therapeutic potential extends to anxiety, PTSD, and multiple sclerosis. With expanding legalization and acceptance, it is poised to redefine traditional medicine, offering hope and relief to millions globally.                                

Data Bridge Market Research analyses that the Thailand medical cannabis market, which was USD 21.93 billion in 2023, is expected to reach USD 132.05 billion by 2031, and is expected to undergo a CAGR of 25.16% during the forecast period of 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Medical cannabis refers to the use of cannabis and its cannabinoids to treat symptoms or conditions under medical supervision. It is prescribed for various ailments such as chronic pain, nausea, epilepsy, and anxiety. Its therapeutic potential lies in its ability to alleviate symptoms and improve quality of life for patients with qualifying conditions.            

Thailand Medical Cannabis Market Dynamics

Drivers

• Rising Prevalence of Chronic Diseases Creates Demand

The increasing prevalence of chronic diseases such as cancer, multiple sclerosis, epilepsy, and chronic pain fuels demand for alternative treatments such as medical cannabis. With its potential to alleviate symptoms and enhance quality of life, medical cannabis is sought after as a promising therapeutic option for patients facing these challenging health conditions.

• Regulatory Support for Quality Control

Strong regulatory frameworks for medical cannabis production, distribution, and quality control instill trust in patients and healthcare providers, strengthening market growth. Compliance ensures safety and efficacy, vital for widespread acceptance and utilization in medical settings. Regulatory clarity fosters confidence, encouraging investment and participation in the evolving medical cannabis industry.

Opportunities

• Focus on Patient-Centric Approach for Personalized Treatment

The patient-centric approach prioritizes personalized treatment plans, prompting healthcare providers to integrate medical cannabis into comprehensive therapeutic strategies. This emphasis on individualized care drives demand for cannabis-based therapies, fuelling growth in the medical cannabis market as it becomes increasingly recognized as a valuable component of patient-centred healthcare.

• Growing Acceptance and Awareness Among Public

Increasing public acceptance and awareness of cannabis's therapeutic benefits for various medical conditions fuel the demand for medical cannabis products. As understanding grows, the desire for alternative treatments, propelling the market forward with heightened interest in its potential health benefits.   

Restraints/Challenges

• Complexities of Intellectual Property and Licensing for New Entrants

Navigating the complexities of intellectual property rights and licensing agreements in the cannabis industry poses a significant challenge. The intricacies involved can deter new entrants, stifle innovation, and hinder market growth, ultimately limiting the development of novel products and solutions within the medical cannabis market in Thailand. 

• Restrictions for International Trade

International trade restrictions on cannabis may hinder Thailand's medical cannabis market by limiting its ability to import advanced products or export locally produced ones. This constraint restricts access to diverse strains, technologies, and global markets, impeding market growth and reducing competitiveness as Thailand may struggle to keep up with international advancements and collaborations. 

This Thailand medical cannabis market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Thailand medical cannabis market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In March 2022, Aurora Cannabis Inc. acquired Terra Farma Inc., bolstering its Canadian and Europe’s market presence. The integration of Terra Farma's Thrive team into Aurora's portfolio aims to enhance its Canadian recreational offerings, focusing on premium cannabis products such as dried flowers, pre-rolls, vapor products, and concentrates
• In January 2021, Canopy Growth Corporation launched nine retail franchised cannabis outlets across Ontario, aiming to meet rising consumer demands and boost sales. This expansion reflects the company's strategic efforts to capture market opportunities and strengthen its retail footprint
• In November 2020, Aurora Cannabis entered a strategic supply pact with Cantek Holdings, facilitating the distribution of cannabis products in Israel and diversifying its market reach. This collaboration signifies Aurora's commitment to expanding globally and tapping into emerging markets for sustained growth
• In November 2020, EcoGen Biosciences finalized the acquisition of General Processing LLC, a prominent U.S. hemp processing and extraction firm. This strategic move elevates EcoGen's standing in the medical cannabis market and substantially augments its production capabilities, poised for significant growth

Thailand Medical Cannabis Market Scope

The Thailand medical cannabis market is segmented on the basis of product, source, species, derivatives, application, treatment type, route of administration, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Oil
• Dried Medical Cannabis
• Medical Cannabis Capsules
• Vape Pen
• Whole Flower
• Creams and Moisturiser
• Ground Flower
• Patch
• Mask and Serum
• Cleanser
• Others

 Application

• Pain Management
• Anxiety
• Muscle Spasms
• Nausea
• Appetite Loss
• Cancer
• Arthritis
• Alzheimer’s Disease/Migraines
• Epilepsy
• Depression and Sleep Disorders
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others

 Derivatives

• Cannabidiol (CBD)
• Tetrahydrocannibinol (THC)/Delta-8-Tetrahydrocannabiol
• Patch
• Cannabigerol (CBG)
• Cannabinol (CBN)
• Others

 Source

• Natural
• Synthetic

 Species

• Sativa
• Hybrid
• Cannabis Indica

 Treatment Type

• Expectorant
• Antiviral
• Analgesic
• Aphrodisiac
• Psychedelic
• Others

Route of Administration

• Oral Solutions and Capsules
• Smoking
• Topicals
• Vaporizers
• Others

 End User

• Homecare Setting
• Hospital
• Rehab Centres
• Pharmaceutical Industry
• Research and Development Centres,
• Others

 Distribution Channel

• B2C
• B2B

Thailand Medical Cannabis Market Regional Analysis/Insights

The Thailand medical cannabis market is analysed and market size insights and trends are provided by country, product, source, species, derivatives, application, treatment type, route of administration, end user and distribution channel as referenced above.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Thailand medical cannabis market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Thailand medical cannabis market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Thailand medical cannabis market. The data is available for historic period 2016-2021.

Competitive Landscape and Thailand Medical Cannabis Market Share Analysis

The Thailand medical cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Thailand medical cannabis market.

Some of the major players operating in the Thailand medical cannabis market are:

• Tilray (U.S.)
• Elixinol (Australia)
• Medical Marijuana, Inc. (U.S.)
• Extractas (Australia)
• Peace Naturals Project Inc. (Canada)
• BOL Pharma (Israel)
• PharmaHemp (Slovenia)
• Kiehl’s Since 1851. (U.S.)
• Canopy Growth Corporation (Canada)
• AURORA CANNABIS INC. (Canada)
•  Althea Company Pty Ltd (Australia)
• Cresco Labs (U.S.)
• IDT Australia (Australia)
• MediPharm Labs Inc. (Canada)
• Thai Cannabis Corporation (Thailand)

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