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 CustomizationMedical 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 &
Global 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 has been rapidly growing in recent years due to various factors such as changing public attitudes towards the medical cannabis, patient testimonials, and opioid crisis. The legalization of medical cannabis in many countries and states has led to increased availability and accessibility of cannabis for medical use. This has helped to create a legal framework for the production, distribution, and consumption of medical cannabis products, making it easier for patients to access them. Also, there is growing acceptance and awareness about the potential benefits of medical cannabis in treating a wide range of medical conditions such as chronic pain, anxiety, and epilepsy. This has led to increased demand for medical cannabis products, and more people are willing to try them as a potential alternative to traditional medications. As more research is conducted on the potential health benefits of medical cannabis, more evidence is emerging to support medical cannabis use in the treatment of various medical conditions. This has helped to increase the credibility of medical cannabis as a legitimate treatment option, which in turn has encouraged more patients to consider using it. Therefore, the growing occurrences of chronic diseases across the globe is influencing the growth of the global medical cannabis market in the coming years
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
Growing acceptance and awareness about the potential benefits of medical cannabis is leading to an increase in demand for medical cannabis in the market. Cannabis contains compounds called cannabinoids, which have been found to have various therapeutic properties for example, cannabinoids can help alleviate symptoms of chronic pain, nausea and vomiting, anxiety, and sleep disorders. In response, more countries and states are legalizing medical cannabis, which further drives the demand. Additionally, advancements in technology have made it easier to extract and produce cannabis-based products, making them more accessible to patients who need them. Therefore, the growing acceptance and awareness of medical cannabis are driving the demand for medical cannabis in the market.
Also, more countries and states legalize medical cannabis, more patients have access to medical cannabis. This has led to a significant increase in demand as patients seek alternative therapies to traditional medicines. Cannabis-based products are being marketed more effectively, with companies emphasizing their therapeutic properties and safety. This has led to increased consumer awareness and demand. The perception of cannabis has shifted in recent years, with more people accepting cannabis potential medical benefits. This has led to greater demand from patients who may have previously been reluctant to try medical cannabis. Therefore, the growing acceptance of people towards the use of medical cannabis is likely to fuel the medical cannabis market in the forecast period.
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
Global medical cannabis market is segmented based on product type, active ingredient, distribution channel, application, end user, and region. Based on product type, the medical cannabis market is segmented into buds/marijuana flower and cannabis extracts. Based on active ingredient, the medical cannabis market is segmented into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and others. Based on distribution channel, the medical cannabis market is segmented into B2B and B2C. Based on application, the medical cannabis market is divided into chronic pain, mental disorders, cancer, epilepsy, and others. Based on end user, the medical cannabis market is segmented into pharmaceutical & biotechnology companies, academic & research institutions, and others. Based on region, the medical cannabis market is divided into North America, Europe, Asia Pacific, South America, 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
found at Customizations
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are found at for the report
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Global Medical Cannabis Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy