Medical Cannabis Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product Type (Buds/Marijuana Flower, Cannabis Extracts), By Active Ingredient (Tetrahydrocannabinol (THC), Cannabidiol (CBD), Others), By Distribution Channel (B2B, B2C), By Application (Chronic Pain, Mental Disorders, Cancer, Epilepsy, Others), By End User Industry (Pharmaceutical &
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal medical cannabis market is expected to register a CAGR of 14.62% and reach USD 47.58 billion by 2028. This is attributed to the growing government fundings, increase in research and development activities (R&D), and growing acceptance across the world. The medical cannabis market is a rapidly growing industry that is gaining acceptance and legal recognition in many countries around the world.
In Australia, medical cannabis was legalized in 2016, and the number of medical cannabis prescriptions has increased from 1,000 in 2017 to over 100,000 in 2021, according to the surveys conducted by Therapeutic Goods Administration.
A study published in JAMA Internal Medicine found that states with medical cannabis laws had a 25% lower opioid overdose mortality rate compared to states without medical cannabis laws.
Hence, the medical cannabis market is expected to continue to grow as more patients and healthcare professionals recognize the potential benefits of cannabis as a medical treatment option and as more countries legalize medical cannabis use. This advancements and legalization of medical cannabis in different countries is likely to boost the medical cannabis market in the forecast period.
Legalization of Medical Cannabis to drive the Medical Cannabis Market Growth
The medical cannabis market? It's exploding! And it's easy to see why. People's views are shifting, and you hear incredible patient testimonials all the time. Plus, let's not forget the ongoing opioid crisis – people are looking for alternatives. As more countries and states legalize medical cannabis, it's just easier to get your hands on it. We're finally seeing proper rules for how it's grown, sold, and used, making it a whole lot simpler for patients to access. And let's face it, more and more people are starting to understand how it could actually help with things like chronic pain, anxiety, and even epilepsy. Naturally, demand is up, and folks are more open to giving it a shot instead of just sticking with traditional meds. The more research that comes out backing up the benefits, the more legit it seems, right? Which means even more people are thinking, "Hey, maybe I should try this." Ultimately, with chronic illnesses on the rise globally, it's no surprise the global medical cannabis market is set to keep growing in the future.
In 2018, the World Health Organization Expert Committee on Drug Dependence, conducted a review of cannabis and its derivatives, including cannabidiol (CBD) and tetrahydrocannabinol (THC), and recommended that cannabis and certain cannabis-related substances should be rescheduled under international drug control conventions to facilitate research into their potential therapeutic uses. Also, WHO stated that CBD has been shown to be effective in treating some forms of epilepsy and tetrahydrocannabinol (THC) may have therapeutic benefits for certain medical conditions such as chronic pain, nausea, and vomiting.
Growing Acceptance and Awareness About the Potential Benefits Drive the Market
People are starting to understand that medical cannabis might actually help with some health issues, and that's making it way more popular! You see, cannabis has these things called cannabinoids in it, and research shows they can really help with stuff like chronic pain, feeling sick to your stomach, anxiety, and even trouble sleeping. Because of this, more and more places are saying it's okay to use medical cannabis – legalizing it, which makes even more people want it. Plus, it's getting easier to make cannabis products thanks to new technology, so it's simpler for patients to get what they need. Basically, all this awareness and acceptance is why everyone's talking about medical cannabis these days!
As more places – think countries and even states – give the green light to medical cannabis, more patients can actually get their hands on it. This means demand is really taking off, as folks look for different ways to treat their ailments, maybe instead of traditional medicines. Companies are also getting smarter about how they sell cannabis products, highlighting how they can help and how safe they are. This is making more people aware of what's out there and wanting to try it. Plus, let's be honest, how we all think about cannabis has changed. A lot more people now believe it can actually help with medical issues. And that means even more patients who might have been hesitant before are now willing to give medical cannabis a shot. So, yeah, with people becoming more open to it, the medical cannabis market is probably going to keep growing.
As Per The Data Quoted By The National Conference Of State Legislatures, As of April 24, 2023, the District of Columbia, three territories, and 38 states permit the use of cannabis products for medical purposes.
Hence, the growing acceptance and awareness of medical cannabis has created a significant increase in demand for medical cannabis in the market, with patients seeking alternative therapies for a range of medical conditions.
Favorable Government initiatives and Policies Drive the Medical Cannabis Market Growth
Favorable government initiatives and policies drives the growth of the medical cannabis market as more and more countries and states legalize medical cannabis, there is a growing demand for products that contain cannabis and its derivatives. Government initiatives that support research and development of medical cannabis, provide funding for medical cannabis businesses, and streamline the regulatory process that contribute to the growth of the medical cannabis market.
According to the data quoted by Savills plc, the majority of the world's legal medicinal cannabis is produced in the UK. The UK output of cannabis-derived pharmaceuticals surged by nearly 500% between 2015 and 2017, reaching 235 tonnes, making it the largest global producer by a significant margin.
Market Segmentation
So, how's the global medical cannabis market shaping up? Well, it's broken down in a few key ways. First, we look at product typeare we talking buds (the actual marijuana flower) or cannabis extracts? Then, we consider the active ingredientis it primarily Tetrahydrocannabinol (THC), Cannabidiol (CBD), or a blend of others? The distribution channel matters too – is it business-to-business (B2B) or directly to consumers (B2C)? What about application? It's being used for chronic pain, e.g. mental disorders, cancer, epilepsy, and much more. Who's actually using it (the end user)? We see pharmaceutical & biotechnology companies, academic & research institutions, among others. Finally, we look at it geographicallyNorth America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Company Profiles
Canopy Growth Corporation., Aphria, Inc., Maricann Group, Inc., Tikun Olam - Cannabit Pharmaceuticals Ltd., MedReleaf. Corp., GW Pharmaceuticals plc., Cannabis Sativa, Inc., Medical Marijuana, Inc., Aurora Marijuana Inc., and Cronos Group Inc are some of the key players of global medical Cannabis market.
| Attribute | Details |
| Market Size Value in 2022 | USD 21.36 billion |
| Revenue Forecast in 2028 | USD 47.58 billion |
| Growth Rate | 14.62% |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Product TypeActive IngredientDistribution ChannelApplicationEnd User |
| Regional scope | North America, Europe, Asia Pacific, South America, Middle East & Africa |
| Country scope | United States, Mexico, Canada, Germany, Malta, United Kingdom, France, Denmark, Spain, Italy, Australia, China, Thailand, India, South Korea, Brazil, Argentina, Colombia, Lebanon, South Africa, Israel |
| Key companies profiled | Canopy Growth Corporation., Aphria, Inc., Maricann Group, Inc., Tikun Olam - Cannabit Pharmaceuticals Ltd., MedReleaf. Corp., GW Pharmaceuticals plc., Cannabis Sativa, Inc., Medical Marijuana, Inc., Aurora Marijuana Inc., and Cronos Group Inc |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope
In this report, global Medical Cannabis market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below
- Medical Cannabis Market, By Product Type
- Buds/Marijuana Flower
- Cannabis Extracts
- Medical Cannabis Market, By Active Ingredient
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Others
- Medical Cannabis Market, By Distribution Channel
- B2B
- B2C
- Medical Cannabis Market, By Application
- Chronic Pain
- Mental Disorders
- Cancer
- Epilepsy
- Others
- Medical Cannabis Market, By End User
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutions
- Others
- Medical Cannabis Market, By Region
- North America
- United States
- Mexico
- Canada
- Europe
- Germany
- Malta
- United Kingdom
- France
- Denmark
- Italy
- Spain
- Asia-Pacific
- Australia
- China
- Thailand
- South Korea
- India
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Lebanon
- South Africa
- Israel
Competitive landscape
Company Profiles
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Company Information
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