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

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).

Many nations have legalised the use of medical marijuana, which is the main method of its cultivation, which will reduce imports and generate income in the form of taxes. The emergence of cannabis for medical use is being aided by actions taken by governments around the world. For instance, in January 2022, the Delhi High Court declared that although cannabis use is not entirely legal in India, it is permitted for medical and scientific purposes. Numerous studies have demonstrated the effectiveness of medical cannabis in treating chronic pain, as well as how much safer it is than many other treatment options. It is a time-tested method for treating chronic pain that is inexpensive, all-natural, and free of side effects. Numerous studies on the use of medical marijuana to treat chronic pain are currently being conducted, and it is anticipated that this will have an immediate effect on the market's expansion. According to a May 2022 article headlined "A quarter (26%) of United Kingdom adults report living with chronic pain," 1 in 4 adults in the country reported having this condition. Many researchers are investigating the options for treating the pain due to the rising prevalence of chronic pain. The market is predicted to increase as a result of a number of key factors, including ongoing research, cannabis's proven medical benefits, legalisation, and advancements in its intellectual property rights.

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