The global medical cannabis market value was USD 10.2 billion in 2022, driven by the expanding legalization of medical cannabis across the globe. The market size is anticipated to grow at a CAGR of 24% during the forecast period of 2023-2031 to achieve a value of USD 70.56 billion by 2031.
The medical cannabis market is influenced by regional factors, including legal status, demand patterns, and the presence of key market players. North America is currently the largest market, followed by Europe. However, Asia-Pacific and Latin America are expected to experience significant growth as their legal frameworks evolve and awareness of medical cannabis increases.
The medical cannabis market is expected to continue its growth trajectory, driven by factors such as technological advancements, novel therapeutic applications, and emerging markets. The market's potential may also be shaped by changes in the regulatory landscape and increasing adoption by the medical community.
Medical Cannabis: Introduction
Medical cannabis, derived from the Cannabis sativa plant, has emerged as a promising alternative treatment option for a variety of medical conditions. Despite its long history of traditional use and recent scientific evidence supporting its therapeutic benefits, the plant has faced significant stigma and regulatory hurdles. However, as public opinion and legal frameworks evolve, medical cannabis is gaining acceptance and recognition for its potential to improve patient outcomes in cases where conventional treatments may be inadequate or less effective.Medical Cannabis Market Scenario
The global medical cannabis market has experienced significant growth in recent years, driven by the increasing awareness of the potential therapeutic benefits of cannabis and its derivatives, as well as a shift in public opinion and regulatory landscape. Medical cannabis has shown promise in treating various medical conditions, including chronic pain, epilepsy, multiple sclerosis, and cancer-related symptoms. As more countries move towards legalizing medical cannabis and research continues to unlock new therapeutic applications, the market is expected to witness substantial growth in the coming years. Factors driving the growth of the medical cannabis market include:
- Expanding legalization of medical cannabis across various countries and states
- Rising awareness of the potential therapeutic benefits of cannabis for various medical conditions
- Increasing investments in research and development by both public and private entities
The medical cannabis market is influenced by regional factors, including legal status, demand patterns, and the presence of key market players. North America is currently the largest market, followed by Europe. However, Asia-Pacific and Latin America are expected to experience significant growth as their legal frameworks evolve and awareness of medical cannabis increases.
The medical cannabis market is expected to continue its growth trajectory, driven by factors such as technological advancements, novel therapeutic applications, and emerging markets. The market's potential may also be shaped by changes in the regulatory landscape and increasing adoption by the medical community.
Medical Cannabis Market Segmentations
Market Breakup by Product Type
- Dried Medical Cannabis
- Medical Cannabis Capsules
- Vape Pen
- Whole Flower
- Creams and Moisturizer
- Ground Flower
- Patch
- Oil
- Mask and Serum
- Cleanser
- Others
Market Breakup by Species
- Sativa
- Hybrid
- Cannabis Indica
Market Breakup by Derivatives
- Market Overview
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
- Cannabigerol (CBG)
- Cannabinol
- Others
Market Breakup by Sources
- Natural
- Synthetic
Market Breakup by Applications
- Pain Management
- Anxiety
- Muscle Spasms
- Nausea
- Appetite Loss
- Cancer
- Arthritis
- Alzheimer's Disease
- Epilepsy
- Depression and Sleep Disorders
- Multiple Sclerosis
- Autism
- Mental Health Conditions
- Elevate Mood
- Others
Market Breakup by Route of Administration
- Oral Solutions and Capsules
- Smoking
- Topicals
- Vaporizers
- Others
Market Breakup by End User
- Homecare Settings
- Hospital
- Rehab Centers
- Pharmaceutical Industry
- Research and Development Centers
- Others
Market Breakup by Distribution Channels
- B2B
- B2C
Market Breakup by Region
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Italy
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Trends in the Medical Cannabis Market
The key trends observed in the medical cannabis market include:
- Clinical Trials and Research: The number of clinical trials and research studies investigating the safety, efficacy, and potential applications of medical cannabis has been increasing, contributing to a growing body of scientific evidence supporting its therapeutic use
- Cannabis-derived Pharmaceuticals: The development and approval of cannabis-derived pharmaceuticals, such as Epidiolex (for certain forms of epilepsy) and Sativex (for multiple sclerosis-related spasticity), have demonstrated the medical potential of cannabis and its active compounds
- Product Innovation and Diversification: Companies in the medical cannabis market are focusing on innovation and diversification, developing new strains, formulations, and delivery methods to cater to different patient needs and preferences
- Personalized Medicine: The growing interest in personalized medicine has led to a focus on tailoring medical cannabis treatments to individual patient profiles, considering factors such as genetic makeup, the severity of the condition, and response to other treatments
- Expanding Legalization: The trend of legalizing medical cannabis in various countries and states has been gaining momentum, resulting in increased access to patients and growth in the market
- Telemedicine and Online Platforms: With the rise of telemedicine and digital platforms, patients can now more easily obtain medical cannabis recommendations and prescriptions from healthcare providers, as well as purchase products from online dispensaries
- Consumer Education and Awareness: Companies, patient advocacy groups, and medical professionals are making efforts to educate consumers about the potential therapeutic benefits of medical cannabis, dispelling misconceptions and reducing stigma associated with its use
- Sustainability and Social Responsibility: The medical cannabis industry is increasingly focusing on sustainable cultivation practices, environmental conservation, and social responsibility initiatives to address concerns about the environmental and social impacts of cannabis production
Medical Cannabis Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the medical cannabis market are as follows:- Joy Organics
- CBD istillery
- Gaia Botanicals
- Harmony
- Floyd’s of Leadville
- Lazarus Naturals
- Pure Hemp Botanicals
- ENDOCA
- Green Roads
- Tilray
- Canopy Growth Corp
- GW Pharmaceuticals PLC
- Aurora Cannabis
- Aphria Inc
- CV sciences Inc.
Table of Contents
1 Preface
3 Global Medical Cannabis Market Overview
4 Global Medical Cannabis Market Landscape
5 Global Medical Cannabis Market Dynamics
6 Global Medical Cannabis Market Segmentation
7 North America Medical Cannabis Market
8 Europe Medical Cannabis Market
9 Asia Pacific Medical Cannabis Market
10 Latin America Medical Cannabis Market
11 Middle East and Africa Medical Cannabis Market
12 Patent Analysis
13 Grants Analysis
14 Funding Analysis
15 Partnership and Collaborations Analysis
16 Regulatory Framework
17 Supplier Landscape
18 Global Medical Cannabis Market- Distribution Model (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
21 Payment Methods (Additional Insight)
Companies Mentioned
- Joy Organics
- Cbd Istillery
- Gaia Botanicals
- Harmony
- Floyd’S of Leadville
- Lazarus Naturals
- Pure Hemp Botanicals
- Endoca
- Green Roads
- Tilray
- Canopy Growth Corp.
- Gw Pharmaceuticals plc
- Aurora Cannabis
- Aphria Inc.
- Cv Sciences Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | May 2023 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 12.6 Billion |
| Forecasted Market Value ( USD | $ 70.6 Billion |
| Compound Annual Growth Rate | 24.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
