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)'

What is the key driver of the Global Medical Cannabis Market?

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.

What is the key market trend for the Global Medical Cannabis Market?

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.

Which region accounted for the largest share in the Global Medical Cannabis Market?

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.

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 2025-2032

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

Medical Cannabis Market Insights

Medical Cannabis Market size was valued at USD 17.76 Billion in 2023 and is poised to grow from USD 21.76 Billion in 2024 to USD 110.34 Billion by 2032, growing at a CAGR of 22.50% during the forecast period (2025-2032).

To receive these medicines, patients must have a prescription from a licensed physician or be enrolled in an approved medical trial. However, patients must pay for their medication in full, as medical cannabis is not covered by the Pharmaceutical Benefits Scheme (PBS). Considering the considerable history pertaining to cannabis, there exists today very little official evidence to aid doctors in using it for medical purposes. However, some studies indicate that distinct therapies based on cannabis can alleviate the conditions caused by multiple sclerosis, epilepsy, cancer (such as pain, nausea, anorexia), chronic non cancer pain and some symptoms of palliative care. The Government of the Commonwealth has issued papers on the latest research regarding its benefits for a range of diseases.

Advances in scientific research, shifting societal attitudes, and growing support from medical professionals are all fueling the rapid increase in medical cannabis acceptance. Research provides a solid foundation for the therapeutic use of cannabis by demonstrating their medical benefits in the treatment of multiple sclerosis, anxiety, epilepsy, and chronic pain. This growing body of evidence is influencing public opinion, reducing the stigma associated with cannabis, and promoting broader social acceptance of its therapeutic use. At the same time, as medical cannabis has been shown to improve patient outcomes, more and more doctors are recommending it.

US Medical Cannabis Market is poised to grow at a sustainable CAGR for the next forecast year.

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).

The global medical cannabis market is fierce and has a lot of innovations as well as players who are taking more market share. Major firms include Aurora Cannabis, Canopy Growth, Tilray, and Cronos Group, which have a cultivation, product development, and distribution of medical goods related to cannabis. These firms are committing resources to undertake clinical studies, expand globally, and enter strategic alliances. Also, this is a fast-changing market and apart from the key players, the competition is becoming more intense with the entry of new players and expansion of regional players. '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'

The growth of the global medical cannabis market is largely on account of the regulatory changes, with several more countries allowing the use of medical cannabis for treatment purposes. However, more welcoming policies such as allowing the introduction of cannabis products into the market, providing standard procedures for growing and distributing them, establishes ready market conditions that enhance increased patient access and product development.

Increasing Adoption of Cannabis for Mental Health Treatment: One key trend in the global medical cannabis market is the growing use of cannabis for mental health treatment. Cannabis for medical purposes is gaining popularity as a better option to patients seeking other therapeutic interventions as the benefits in minimizing anxiety, depression and post-traumatic stress disorders are coming to light.

North America dominates the global medical cannabis market due to progressive legalization, robust healthcare infrastructure, and a well-established cannabis industry in countries like the U.S. and Canada. It is evident that the presence of enabling regulations such as medical cannabis legalization and decriminalization has positively influenced the market. There is a high public awareness, sophisticated cultivation techniques, and more resources deployed in the region towards R&D for the cause of their leadership. Also, there is a high occurrence of chronic diseases, mental health issues and the need for pain management that has created a demand. North America is also at the center of the evolution of the global medical cannabis industry, assisted by the market ecosystems that inform its developments.

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Medical Cannabis Market Insights

Medical Cannabis Market Report Snapshots

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What is the global market size of Medical Cannabis Market?

Who are the key vendors in the Medical Cannabis Market?

What is the key driver of Medical Cannabis Market?

What is the key market trend for Medical Cannabis Market?

Which region accounted for the largest share in Medical Cannabis Market?

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