Global Medical Cannabis Market Report and Forecast 2023-2031

Global Medical Cannabis Market Report and Forecast 2023-2031

Global Medical Cannabis Market Outlook

The global medical cannabis market value was USD 10.2 billion in 2022, driven by the expanding legalization of medical cannabis across the globe. The market size is anticipated to grow at a CAGR of 24% during the forecast period of 2023-2031 to achieve a value of USD 70.56 billion by 2031.

Medical Cannabis: Introduction

Medical cannabis, derived from the Cannabis sativa plant, has emerged as a promising alternative treatment option for a variety of medical conditions. Despite its long history of traditional use and recent scientific evidence supporting its therapeutic benefits, the plant has faced significant stigma and regulatory hurdles. However, as public opinion and legal frameworks evolve, medical cannabis is gaining acceptance and recognition for its potential to improve patient outcomes in cases where conventional treatments may be inadequate or less effective.

Medical Cannabis Market Scenario

The global medical cannabis market has experienced significant growth in recent years, driven by the increasing awareness of the potential therapeutic benefits of cannabis and its derivatives, as well as a shift in public opinion and regulatory landscape. Medical cannabis has shown promise in treating various medical conditions, including chronic pain, epilepsy, multiple sclerosis, and cancer-related symptoms. As more countries move towards legalizing medical cannabis and research continues to unlock new therapeutic applications, the market is expected to witness substantial growth in the coming years. Factors driving the growth of the medical cannabis market include:

• Expanding legalization of medical cannabis across various countries and states.
• Rising awareness of the potential therapeutic benefits of cannabis for various medical conditions.
• Increasing investments in research and development by both public and private entities.

The regulatory environment for medical cannabis varies significantly across countries and regions. Some countries, such as Canada and certain U.S. states, have broadly legalized medical cannabis, while others have a more restrictive approach or only allow specific cannabis-derived pharmaceuticals.

The medical cannabis market is influenced by regional factors, including legal status, demand patterns, and the presence of key market players. North America is currently the largest market, followed by Europe. However, Asia-Pacific and Latin America are expected to experience significant growth as their legal frameworks evolve and awareness of medical cannabis increases.

The medical cannabis market is expected to continue its growth trajectory, driven by factors such as technological advancements, novel therapeutic applications, and emerging markets. The market's potential may also be shaped by changes in the regulatory landscape and increasing adoption by the medical community.

Medical Cannabis Market Segmentations

Market Breakup by Product Type

• Dried Medical Cannabis
• Medical Cannabis Capsules
• Vape Pen
• Whole Flower
• Creams and Moisturizer
• Ground Flower
• Patch
• Oil
• Mask and Serum
• Cleanser
• Others

Market Breakup by Species

• Sativa
• Hybrid
• Cannabis Indica

Market Breakup by Derivatives

• Market Overview
• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
• Cannabigerol (CBG)
• Cannabinol
• Others

Market Breakup by Sources

• Natural
• Synthetic

Market Breakup by Applications

• Pain Management
• Anxiety
• Muscle Spasms
• Nausea
• Appetite Loss
• Cancer
• Arthritis
• Alzheimer's Disease
• Epilepsy
• Depression and Sleep Disorders
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others

Market Breakup by Route of Administration

• Oral Solutions and Capsules
• Smoking
• Topicals
• Vaporizers
• Others

Market Breakup by End User

• Homecare Settings
• Hospital
• Rehab Centers
• Pharmaceutical Industry
• Research and Development Centers
• Others

Market Breakup by Distribution Channels

• B2B
• B2C

Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Medical Cannabis Market

The key trends observed in the medical cannabis market include:

• Clinical Trials and Research: The number of clinical trials and research studies investigating the safety, efficacy, and potential applications of medical cannabis has been increasing, contributing to a growing body of scientific evidence supporting its therapeutic use.
• Cannabis-derived Pharmaceuticals: The development and approval of cannabis-derived pharmaceuticals, such as Epidiolex (for certain forms of epilepsy) and Sativex (for multiple sclerosis-related spasticity), have demonstrated the medical potential of cannabis and its active compounds.
• Product Innovation and Diversification: Companies in the medical cannabis market are focusing on innovation and diversification, developing new strains, formulations, and delivery methods to cater to different patient needs and preferences.
• Personalized Medicine: The growing interest in personalized medicine has led to a focus on tailoring medical cannabis treatments to individual patient profiles, considering factors such as genetic makeup, the severity of the condition, and response to other treatments.
• Expanding Legalization: The trend of legalizing medical cannabis in various countries and states has been gaining momentum, resulting in increased access to patients and growth in the market.
• Telemedicine and Online Platforms: With the rise of telemedicine and digital platforms, patients can now more easily obtain medical cannabis recommendations and prescriptions from healthcare providers, as well as purchase products from online dispensaries.
• Consumer Education and Awareness: Companies, patient advocacy groups, and medical professionals are making efforts to educate consumers about the potential therapeutic benefits of medical cannabis, dispelling misconceptions and reducing stigma associated with its use.
• Sustainability and Social Responsibility: The medical cannabis industry is increasingly focusing on sustainable cultivation practices, environmental conservation, and social responsibility initiatives to address concerns about the environmental and social impacts of cannabis production.

Medical Cannabis Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the medical cannabis market are as follows:

• Joy Organics
• CBD istillery
• Gaia Botanicals
• Harmony
• Floyd’s of Leadville
• Lazarus Naturals
• Pure Hemp Botanicals
• ENDOCA
• Green Roads
• Tilray
• Canopy Growth Corp.
• GW Pharmaceuticals PLC
• Aurora Cannabis
• Aphria Inc.
• CV sciences Inc.

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