What is the global market size of the Medical Cannabis Market?

Global Medical Cannabis Market size was valued at USD 11.84 billion in 2021 and is poised to grow from USD 14.50 billion in 2022 to USD 60.04 billion by 2030, at a CAGR of 22.5% during the forecast period (2023-2030).

Who are the key vendors in the Global Medical Cannabis Market?

A variety of strategic initiatives are being developed by the major players to increase their market share and obtain an advantage over rivals. In order to diversify their product offerings and increase their expertise, they are also focusing on strategic efforts including mergers and acquisitions, partnerships, collaborations, funding, and investment rounds. 'Aurora Cannabis Inc. (Canada)', 'Canopy Growth Corporation (Canada)', 'GW Pharmaceuticals plc (UK)', 'Tilray, Inc. (Canada)', 'Aphria Inc. (Canada)', 'MedReleaf Corp. (Canada)', 'Cronos Group Inc. (Canada)', 'Maricann Group Inc. (Canada)', 'Emblem Corp. (Canada)', 'CannTrust Holdings Inc. (Canada)', 'Organigram Holdings Inc. (Canada)', 'Hexo Corp. (Canada)', 'Vivo Cannabis Inc. (Canada)', 'TerrAscend Corp. (Canada)', 'Harvest Health & Recreation Inc. (USA)', 'Curaleaf Holdings, Inc. (USA)', 'Trulieve Cannabis Corp. (USA)', 'Columbia Care Inc. (USA)', 'Green Thumb Industries Inc. (USA)', 'Cresco Labs Inc. (USA)', 'Acreage Holdings, Inc. (USA)'

Medical Cannabis Market Size, Share, Growth Analysis, By Formulation Type(Flowers, Oils & Tinctures, Capsules, and Others), By Application(Cancer, Chronic Pain, Depression & Anxiety, Arthritis), By End-User(Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35I2169 | Region: Global | Published Date: August, 2024
Pages: 219 | Tables: 63 | Figures: 76

Medical Cannabis Market News

In April 2022, In Germany, Medi Cane Health Inc. and Dr. Reddy's Laboratories Ltd. unveiled their medical cannabis product.

In April 2022, the first legal marijuana sales in the New York City area took place within a month of seven medicinal marijuana businesses being given the go-ahead to start selling their goods to all adults.

Medical Cannabis Market Report Snapshots

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Global Medical Cannabis Market size was valued at USD 14.50 billion in 2022 and is poised to grow from USD 17.76 billion in 2023 to USD 90.07 billion by 2031, growing at a CAGR of 22.50% in the forecast period (2024-2031).

A variety of strategic initiatives are being developed by the major players to increase their market share and obtain an advantage over rivals. In order to diversify their product offerings and increase their expertise, they are also focusing on strategic efforts including mergers and acquisitions, partnerships, collaborations, funding, and investment rounds. 'Lexaria Bioscience Corp.', 'Canopy Growth Corporation', 'Aurora Cannabis Inc.', 'Acreage Holdings, Inc.', 'Cara Therapeutics, Inc.', 'Jazz Pharmaceuticals plc', 'LivWell Enlightened Health LLC', 'Tilray Brands, Inc.', 'Medical Marijuana, Inc.', 'Arcadia Biosciences, Inc.', 'Tikun Olam Ltd.', 'DocMJ', 'Babylon Sciences SA', 'ADREXpharma GmbH', 'Demecan GmbH', 'Bedrocan International BV', 'Dutch Harvest BV', 'Sensi Seeds BV', 'PharmaCielo Ltd.', 'KannaCare Health GmbH'

Cannabis has now been given the green light to treat a number of conditions, including nausea and vomiting brought on by chemotherapy, restlessness, muscle tension, and chronic discomfort. Research into the possibilities of therapeutic cannabis and hemp is moving forward quickly for the majority of enterprises.

There is a growing trend towards the development of a wide range of cannabis-based products, including oils, tinctures, capsules, and topical creams. This diversification of products is helping to expand the market and attract a wider range of patients.

In 2022, North America had the highest revenue share (76.1%). One of the major factors driving up demand for cannabis is the growing legalization of the drug in the United States. Furthermore, the use of cannabis for therapeutic purposes is now legal in 37 states and the District of Columbia in the United States. While ten other states have also made it legal to use cannabis for recreational purposes. For the first time in more than 50 years, the American government has authorized new marijuana research farmers.

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