Thailand Medical Cannabis Market to Reach US$ 1,408.0 Million by 2028, Impelled by the Legalization of Cannabis Farming

According to the latest report by IMARC Group, titled " Thailand Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Thailand medical cannabis market reached a value of US$ 122.1 Million in 2022. Cannabis refers to a psychoactive drug that is generally extracted from cannabis indica, cannabis ruderalis and cannabis sativa plants. It is extensively used in the manufacturing of medicines since it contains tetrahydrocannabinol (THC) that offers a relaxing and calming effect when consumed. Therefore, it is widely utilized for treating several medical conditions, such as chronic pain, inflammation, insomnia, anxiety and depression. Apart from this, it is consumed by patients in pill form who are undergoing cancer chemotherapy and suffering from acquired immunodeficiency syndrome (AIDS). In Thailand, it is also provided to women to ease labor pains and used as a condiment in cooking. 

Thailand Medical Cannabis Market Trends:

The market in Thailand is primarily driven by the increasing prevalence of chronic illnesses among the masses. Moreover, the rising awareness regarding the medicinal benefits of cannabis has provided a boost to the market growth. This has impelled the government to legalize cannabis farming in order to utilize it for medicinal purposes. In line with this, significant growth across the pharmaceutical industry is creating a positive outlook for the market across the country. Furthermore, the favorable annual tropical climate of the country and the easy product availability via offline and online channels are also positively influencing the market growth. Other factors, including continuous improvements in the healthcare infrastructure, the introduction of numerous health supplements for treating psychotic ailments and extensive research and development (R&D) activities conducted by key players in order to introduce effective product variants, are further positively influencing the market growth across Thailand. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,408.0 Million by 2028.

Market Summary:

• On the basis of cultivated species, the market has been segmented into indica, sativa and hybrid.
• Based on the derivatives, the market has been categorized into cannabidiol (CBD), tetrahydrocannabinol (THC) and others.
• On the basis of the application areas, the market has been segregated into cancer, arthritis, migraine, epilepsy and others.
• Based on the end use, the market has been classified into pharmaceuticals, research and development centres and others.
• On the basis of the route of administration, the market has been divided into oral solutions and capsules, vaporizers, topicals and others.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.

Report Scope:

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