Asia Pacific Medical Cannabis Market

APAC Medical Cannabis Market Size (2022 to 2027):

The Medical cannabis market in the Asia Pacific is valued at USD 3.75 billion in 2022 and projected to reach USD 11.49 billion by 2027, forecasted to hike at a decent rate of 25.13% between 2022 to 2027.

Increasing R & D activities for drug discovery using medical cannabis, rising incidence of chronic diseases such as cancer, osteoarthritis, and other diseases in Asia-Pacific countries, and increasing awareness regarding the benefits associated with medical cannabis are majorly propelling the medical cannabis market in the Asia-Pacific.

Increasing cannabis authorization and R & D activities in the medical cannabis sector for drug delivery are expected to add fuel to the market growth. For instance, in January 2018, the Australian government enabled cannabis manufacturers to market and legalized the products' shipment to a few countries. The usage of cannabis in clinical studies to generate drug formulas for cancer treatment and pain management for the increasing aging population of Asia Pacific countries are further contributing to the growth of the market. Moreover, growing investments from the global players operating in the cannabis domain such as Net Savings Link Inc. and vast plantation of cannabis in various parts of China is additionally expected to favor the Asia-Pacific medical cannabis market.

Rising acceptance of medical cannabis, increasing discretionary expenses, and increasing expenses towards healthcare are positive signs to the growth rate of the market. 

Strict government laws in Asia-pacific countries such as India, China, and Japan to manufacture medical cannabis is a significant obstacle to the growth rate of the market to unleash completely. Side effects, such as heart attacks and tachycardia, are associated with a massive intake of cannabis that are likely to hinder the growth of the medical cannabis market in Asia-Pacific during the forecast period. 

This research report on the Asia-Pacific medical cannabis market has been segmented and sub-segmented into the following categories:

By Species: 

• Indica
• Satiiva
• Hybrid

By Derivatives: 

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)
• Others

By Application: 

• Cancer
• Arthritis
• Epilepsy
• Migraine

By End User: 

• Pharmaceutical Industry
• Research and Development Centres
• Others

By Route of Administration: 

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

By Country: 

• India
• China
• Japan
• South Korea
• Australia & New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

REGIONAL ANALYSIS:

The medical cannabis market in the APAC region is anticipated to grow with the highest CAGR over this region's analysis period. The market growth is attributed to factors like the growing number of cancers, osteoarthritis, and other diseases. Countries like China, India, Japan, South Korea, Australia, Singapore, and other APAC region countries.

Australian Medical Cannabis Market is leading the market and has the largest share in APAC and is expected to grow in the coming years. It is the first country of APAC to introduce a countrywide medicinal cannabis framework. 

South Korea Medical Cannabis Market is expected to grow in the medical cannabis market over the forthcoming years significantly. This country's growth is owed to increasing awareness and a growing number of people with chronic diseases that bolster the medical cannabis market growth in the APAC region.

The medical cannabis market in China has strict regulations opposing the sale of these cannabis products in the market. The population in China has a high demand for cannabidiol, which will foster in the future. 

Simultaneously, the Indian medical cannabis market has also got strict regulations that have noticed the legal usage of cannabis production. In India, countries like UP and Uttarakhand states have received Hemp Cultivation licenses. Moreover, Indian based healthcare start-up, Hemp Street, concentrates on cannabis usage, particularly in Ayurveda medicine.

Some of the notable companies playing a significant role in the APAC Medical Cannabis Market Profiled in the Report are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc.