The Asia Pacific cannabis market is expected to reach US$ 22,870.6 million by 2027 from US$ 2,318.6 million in 2019. The market is estimated to grow at a CAGR of 28.6% from 2020 to 2027.
The growth of the market in the region is driven by the factors, such as increasing research on medical cannabis and rising cannabis industry in Southeast Asia. Similarly, ongoing COVID-19 pandemic is likely to drive the demand for medical cannabis products to treat several conditions including headache, muscular pain, and others which is expected to serve wider growth opportunities for the market. However, the restriction on cannabis use in the region is likely to restraint the market growth during the forecast period.
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Asia Pacific has grown in terms of the healthcare industry. Various countries, such as Australia, South Korea, India, Japan, and China, have extensively grown research for cannabis to study its medical applications. According to the Queensland Government, Australia has strengthened its research for cannabis. The country would use products that are being approved by the Therapeutic Goods Administration (TGA) and the relevant Human Research Ethics Committee (HREC). In addition, the government has approved funding through two schemes: Clinical Trial Exemption scheme (CTX) and Clinical Trial Notification scheme (CTN), which are regulated by the Commonwealth Therapeutic Goods Administration.
Asia Pacific Cannabis Market – Market Segmentation
Asia Pacific Cannabis Market – by Product Type
Asia Pacific Cannabis Market – by Application
- Pain Management
- Neurological Health Management
- Mental Health Management
Asia Pacific Cannabis Market – by Compound
On the other hand, Asia Pacific is highly considered as an attractive market for the pharmaceutical industry. The growing research in the pharmaceutical industry has enabled the use of cannabis for medical research. Countries, such as Japan, India, China, South Korea, and Australia, are among the leading countries in the pharmaceutical industry. These countries have a large base of manufacturing and research laboratories engaged in product development for generic medicines. The growing evidence for cannabis that shows the potential for the medical capabilities of cannabis has enhanced the acceptance of cannabis for clinical research.
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In addition, increasing adoption of laboratory information management systems (LIMS) has helped in understanding the laboratory works by reducing the cost of research. It has also improved techniques to understand efficient properties of medical cannabis. Thus, the growing research on medical cannabis is likely to drive market growth during the forecast period significantly.
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