IMARC Group’s latest research report, titled “Thailand Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Thailand medical cannabis market has witnessed stable growth over the past few years. 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.
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.
- Based on the cultivated species, the market has been segmented as Indica, Sativa and hybrid.
- On the basis of the derivatives, the market has been classified into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others.
- The market has also been categorized on the basis of application area into cancer, arthritis, migraine, epilepsy and others.
- Based on the end use, the market has been segregated into the pharmaceuticals, research and development centers, and others.
- On the basis of the route of administration, the market has been divided into oral solutions and capsules, smoking, vaporizer, topicals and others.
- The competitive landscape of the industry has also been analyzed in the report along with the profiles of the key market players.
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.
Follow us on twitter: @imarcglobal