IMARC Group, a leading market research company, has recently releases report titled “Thailand Medical Cannabis Market Report 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 Centers, and Others), Route of Administration (Oral Solutions and Capsules, Vaporizers, Topicals, and Others) 2024-2032”. The study provides a detailed analysis of the industry, including the Thailand medical cannabis market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.How Big is the Thailand Medical Cannabis Market?
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.
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Thailand Medical Cannabis Market Growth:
The implementation of laws favorable to the medical use of cannabis for various applications is one of the factors responsible for the growth of the Thailand medical cannabis market. Additionally, Thailand was the first country in Southeast Asia to legalize medical cannabis in 2018, demonstrating a progressive approach to alternative treatments and signaling a shift in regional attitudes towards cannabis use, which is fueling the market.
Besides this, the endorsement of medical cannabis by Thai government authorities, including the removal of cannabis from the category of narcotics, aims to enhance access to medical treatments and stimulate the domestic pharmaceutical industry, which is further bolstering the market. Moreover, there is a significant research and development push within the country to explore and validate the therapeutic benefits of cannabis, supported by initiatives by government authorities.
Thailand Medical Cannabis Market Trends:
Emerging trends in the Thailand medical cannabis market include the rise of cannabis clinics and the incorporation of traditional Thai medicine practices with modern medical cannabis treatments. These clinics are rapidly increasing in number, providing patients with legal, safe, and professionally supervised access to medical cannabis products, thereby escalating the market.
Additionally, the move by government authorities to allow the production and trade of cannabis within the country has led to a burgeoning domestic industry focused on cultivating high-quality medical-grade cannabis, which is acting as another growth-inducing factor. This initiative not only serves the medical community but also opens up significant economic opportunities for local farmers and businesses, which is anticipated to drive the Thailand medical cannabis market over the forecasted period.
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