Medical Cannabis Market Highlights

Medical cannabis, also known as medical marijuana, is an herbal drug derived from plants of the genus Cannabis used to treat a specific symptom or disease. Although the word cannabis refers specifically to the plant genus, it is also used interchangeably with marijuana, which describes the crude drug isolated from the plants’ leaves and flowers.

Medical Cannabis Market Size was valued at USD 17.61 billion in 2021 and is projected to grow from USD 19.34 Billion in 2023 to USD 66.24 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.1% during the forecast period (2023 - 2032).

The global medical cannabis market is experiencing a profound transformation as it emerges from the shadows of prohibition into a legitimate and burgeoning industry. This rapidly evolving sector encompasses the cultivation, distribution, and utilization of cannabis for medical purposes, challenging traditional healthcare paradigms. With a growing body of research highlighting its therapeutic potential, medical cannabis has gained acceptance for treating various conditions, including chronic pain, epilepsy, and anxiety disorders. Governments in many regions are reevaluating their stance on cannabis, leading to regulatory changes that facilitate market growth. As investors, patients, and policymakers converge, the medical cannabis market is poised for substantial expansion, offering new hope and opportunities for improved patient outcomes.Top of Form

The key factors that drive the global medical cannabis market are the rising research & development activities and financial support by various government and private organizations for cannabinoid research. However, stringent government policies and increasing illegal use of marijuana sizes are anticipated to hamper the market growth.

Segment Analysis

The global medical cannabis market outlook has been segmented based on product type, derivative, route of administration, application, and distribution channel.

The market, based on product type, has been segregated into solid, dissolvable/powders, oil, and ointment & creams. Based on derivative, the market is bifurcated into cannabidiol and tetrahydrocannabinol. Based on route of administration, the global medical cannabis market has been segmented into inhalation, oral, and topical.

Based on application it is divided into pain management, neurological health management, and mental health management. The inhalation segment dominated the market segment is expected to register the fastest growth in the application segment of the global medical cannabis market during the forecast period. The medical cannabis market, by distribution channel, is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.

Medical Cannabis Market Players

The global medical cannabis market players - Canopy Growth Corporation (Canada), Cannabis Sativa, Inc. (US), GW Pharmaceuticals plc. (UK), Emerald Health Therapeutics (Canada), Tilray, Inc. (Canada), Aurora Cannabis Inc. (Canada), Cara Therapeutics (US), Medical Marijuana, Inc. (US), GB Sciences, Inc. (US), and Canndoc (Israel).

Regional Analysis

The Americas dominated the global medical cannabis market by accounting for the largest share in 2020. This large market share is due to medical cannabis legalization in 37 US states and the increasing adoption of products. The presence of major manufacturers, the rising adoption of medical cannabis products, and an increasing number of companies involved in R&D activities are driving the growth of the market in this region. Europe holds a strong share in the global medical cannabis market. It is the second-largest market due to an increasing number of European countries legalizing cannabis for medical purposes.

Additionally, prominent research and manufacturing activities in the region are anticipated to increase the market size in this region. The increasing prevalence of diseases such as multiple sclerosis, anti-epilepsy, Alzheimer’s disease, Parkinson’s disease, post-traumatic stress disorder, depression, and anxiety are fuelling the market growth in Europe. Asia-Pacific is expected to have a favourable growth rate during the forecast period, owing to the huge patient pool of cancer and government initiatives of healthcare reforms. It holds the third-largest position in the global medical cannabis market. The Middle East would depict the least growth due to major factors, such as underdeveloped regulations and lower adoption rates. The region is expected to witness a restricted growth due to stringent government policies.

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