According to the latest report by IMARC Group, titled “Thailand Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the Thailand medical cannabis market reached a value of US$ 26.3 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 32% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Request Free Report Sample: https://www.imarcgroup.com/thailand-medical-cannabis-market/requestsample
Until 1934, when the country passed its Marijuana Act, the people in Thailand had used marijuana as a traditional medicine for centuries. The fibers from both the hemp and marijuana plants were used for creating fabrics which were employed for clothing purposes. In addition to this, cannabis was utilized as a spice in the Thai boat noodle soup, natively known as kuaytiaw reua. Farmers and pregnant women were also known to consume cannabis as a muscle relaxer and to ease labor pains. Later in 1979, when the country passed its Narcotics Act, the use of marijuana in all its forms was prohibited entirely along with its production, imports or exports. However, in December 2018, the Government approved the use of cannabis for medical purposes, making it the first country to legalize cannabis in Southeast Asia. However, recreational use remains illegal in the country.
Market Trends:
Cannabis has healing properties owing to which it is used as a treatment for chronic pain, chemotherapy-induced nausea and vomiting along with improving patient-reported multiple sclerosis spasticity symptoms. Recent studies have also found that cannabidiol (CBD), an active ingredient in cannabis, can reduce seizures in individuals with rare childhood epilepsy disorders. Growing awareness about these medical benefits of cannabis has significantly increased its sales. Besides this, there has been an increase in medical tourism in Thailand which has led to a rise in the requirement of medical cannabis across the region. Moreover, the Government of Thailand has allowed companies to conduct research on the marijuana plant and its production. It has also granted access to foreign players to enter into a joint venture with a local company which has prompted international investments in the industry. For instance, the companies in the US and Canada are investing considerable capital in the Thailand medical cannabis market through joint ventures.
Market Segmentation:
The report has segmented the global animal model market on the basis of cultivated species, derivatives, application areas, end-use and route of administration.
Market Potential by Cultivated Species
1. Indica
2. Sativa
3. Hybrid
Market Potential by Derivatives
1. Cannabidiol (CBD)
2. Tetrahydrocannabinol (THC)
3. Others
Market Potential by Application Areas
1. Cancer
2. Arthritis
3. Migraine
4. Epilepsy
5. Others
Market Potential by End-Use
1. Pharmaceuticals
2. Research and Development Centres
3. Others
Market Potential by Route of Administration
1. Oral Solutions and Capsules
2. Smoking
3. Vaporizer
4. Topicals
5. Others
Explore Full Report with TOC List of Figure: https://www.imarcgroup.com/thailand-medical-cannabis-market
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas: – +1 631 791 1145 | Africa and Europe: – +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
