Medical Cannabis Market

Medical Cannabis Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

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.

Medical cannabis refers to the use of the cannabis plant or its extracts to treat a range of medical conditions, including chronic pain, nausea, seizures, and anxiety, among others. The market for medical cannabis includes a wide range of products, including dried cannabis flower, oils, capsules, tinctures, and edibles. These products can be administered in different ways, such as smoking, vaporizing, or ingestion, depending on the patient's needs and preferences. One of the main factors driving the growth of the medical cannabis market is increasing public acceptance of cannabis as a legitimate medical treatment option. As more research is conducted into the medical properties of cannabis and more patients report positive outcomes from using cannabis to manage their conditions, demand for medical cannabis products is growing. 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.

The medical cannabis market is benefiting from advancements in cannabis cultivation and production techniques, which are leading to higher-quality products and greater consistency in dosing and potency. The legalization of medical cannabis has made it easier for patients to access this treatment option, especially in places where it was previously illegal. 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

Legalization increases the number of patients who can access medical cannabis products. When medical cannabis is illegal, patients may be forced to obtain it from the black market, which can be risky and unsafe. Legalization ensures that patients have access to legal and regulated products, which can help to improve the quality of their healthcare. In addition to improving access and safety, legalization creates economic opportunities in the medical cannabis market. Legalization can create jobs, generate tax revenue, and encourage investment in research and development. This can help to drive innovation in the medical cannabis industry, leading to the development of new and more effective products. Countries that legalize medical cannabis can benefit from the economic and public health potential, and manage the legal and social implications. 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.

Medical cannabis has been found to have several potential benefits in treating various medical conditions such as Medical cannabis has shown to be effective in reducing chronic pain, including neuropathic pain, back pain, and arthritis. Cannabis-based products can be effective in reducing nausea and vomiting caused by chemotherapy, HIV/AIDS medications, and other medical treatments. Cannabinoids found in medical cannabis have been shown to reduce symptoms of anxiety and depression. 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.

In addition, government policies that allow for easier access to medical cannabis for patients and healthcare professionals, such as removing barriers to prescribing and dispensing, can help to drive the growth. This can lead to increased adoption of medical cannabis as a treatment option, which in turn can drive demand for related products and services. However, different countries and states have different policies and regulations regarding medical cannabis. Some may have strict requirements for licensing, testing, and quality control, while others may have more relaxed regulations. Therefore, the growth of the medical cannabis market can vary depending on the specific regulatory environment in a given region. 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.

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: Detailed analysis of the major companies present in the global Medical Cannabis market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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