USD 14.50 billion
Global Medical Cannabis Market Size, Share, Growth Analysis, By Application(Cancer, Pain Disorders and Others), By Type(Flower, Concentrates) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2169 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
63 |
Figures:
76
Global Medical Cannabis Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Flower
Fastest Growth
Flower
Growth Rate
22.50% CAGR
Global Medical Cannabis Market ($ Bn)
Country Share for North america Region (%)
Global Medical Cannabis Market By Type ($ Bn)
Global Medical Cannabis Market By Type (%)
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Global Medical Cannabis Market Segmental Analysis
Global Medical Cannabis Market is segmented on the basis of type, application and region. By type, the market is segmented into flower, edible, concentrates, others. By application, market is segmented into cancer, pain disorders, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Cannabis Market Analysis by Type
Throughout the forecast period, it is expected that the flowers segment will maintain a sizable market share. The smoked portion of a cannabis plant's female counterpart is referred to as the flower. The natural nutrients and medications found in cannabis flowers are extraordinarily abundant. The fact that cannabis flower is unprocessed allows patients with severe chronic diseases to benefit from not only the therapeutic cannabinoids but also the therapeutic terpenes and other plant compounds. This is one of the main reasons to choose cannabis flower. The majority of patients who need a lesser cannabis dosage, however, are prescribed marijuana flowers. For instance, the flower is useful for ailments like chronic pain, anxiety problems, or other mental health issues that call for a lesser dosage of dried flower.
Concentrates are essentially condensed extracts of the cannabis plant's essential oils. Due to rising public demand for marijuana concentrates to treat serious illnesses like cancer, epilepsy, and Parkinson's disease, the concentrates market is anticipated to expand significantly over the course of the analysis period. In the United States, the medicinal marijuana regulatory environment varies from state to state. As a result, only a few American states have prohibited the use of cannabis in the treatment of cancer. But as research into cannabis' effectiveness in the treatment of cancer has grown, several American states have legalized the drug. For those who require intense therapy that call for bigger dosages, marijuana concentrates are more effective.
Medical Cannabis Market Analysis by Application
The pain management segment is expected to dominate this market. For instance, according to the Centers for Disease Control and Prevention (CDC), over 50 million Americans, or little over 20 percent, experience some kind of chronic pain. For immediate relief, people with chronic pain frequently take large doses of painkillers. But taking more painkillers may have a number of negative side effects. As a result, the medical community pioneered the use of cannabis as an option for pain management, spurring the expansion of the medical marijuana market.
Throughout the forecast period, the others segment is anticipated to post a sizable CAGR. This part covers a few more disorders as well as neurological and psychiatric illnesses. The high growth rate can be attributed to the rising global prevalence of neurological and mental illnesses. In the foreseeable future, rising rates of depression and other mental health concerns will be a major driver of market expansion. For instance, a study presented in the Hawaii Journal of Medicine & Public Health emphasized a reduction in anxiety rate and improved sleep when utilizing cannabis as a therapeutic. Another factor that is anticipated to increase demand for marijuana over the forecast period is the growing number of studies looking to improve the effects of the drug on a number of health issues.
Global Medical Cannabis Market By Type, 2023 (%)
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Global Medical Cannabis Market Regional Insights
In 2022, North America had the highest revenue share (76.1%). One of the major factors driving up demand for cannabis is the growing legalization of the drug in the United States. Furthermore, the use of cannabis for therapeutic purposes is now legal in 37 states and the District of Columbia in the United States. While ten other states have also made it legal to use cannabis for recreational purposes. For the first time in more than 50 years, the American government has authorized new marijuana research farmers.
Increasingly supportive government initiatives and support are expected to cause Asia Pacific to experience the fastest CAGR over the coming years. Along with the expansion of cannabis legalization, the cannabis market is undoubtedly impacted by rising disposable income, rising social acceptance, and growing public awareness of the benefits of the product.
Global Medical Cannabis Market By Region, 2024-2031
- Largest
- Fastest
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Global Medical Cannabis Market Dynamics
Medical Cannabis Market Drivers
Modified Edibles containing Cannabinoids and Tetrahydrocannabinol to Bolster Market Growth
- Cannabis has now been given the green light to treat a number of conditions, including nausea and vomiting brought on by chemotherapy, restlessness, muscle tension, and chronic discomfort. Research into the possibilities of therapeutic cannabis and hemp is moving forward quickly for the majority of enterprises.
- In all states that authorise them, edibles with added CBD and THC are growing in popularity. Incorporated drinks are also gaining in popularity with consumers and investors. Industry growth may be hampered by the complex administrative procedure for cannabis acceptance. The potential for market growth is provided by cannabis' medicinal benefits and the gradual legalization of cannabis capsules.
Medical Cannabis Market Restraints
High Cost and Stigma to Hinder Market Growth
- As a result, cannabis capsules are created to deliver exact and calculated dosages of a cannabis-based medicine combination. The ability to treat patients with ailments like Alzheimer's disease, cancer, epilepsy, glaucoma, PTSD, muscular spasms, and other conditions will make these calibrated cannabis capsule dosages highly sought after around the world.
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Global Medical Cannabis Market Competitive Landscape
A variety of strategic initiatives are being developed by the major players to increase their market share and obtain an advantage over rivals. In order to diversify their product offerings and increase their expertise, they are also focusing on strategic efforts including mergers and acquisitions, partnerships, collaborations, funding, and investment rounds.
Medical Cannabis Market Top Player’s Company Profiles
- Aurora Cannabis Inc. (Canada)
- Canopy Growth Corporation (Canada)
- GW Pharmaceuticals plc (UK)
- Tilray, Inc. (Canada)
- Aphria Inc. (Canada)
- MedReleaf Corp. (Canada)
- Cronos Group Inc. (Canada)
- Maricann Group Inc. (Canada)
- Emblem Corp. (Canada)
- CannTrust Holdings Inc. (Canada)
- Organigram Holdings Inc. (Canada)
- Hexo Corp. (Canada)
- Vivo Cannabis Inc. (Canada)
- TerrAscend Corp. (Canada)
- Harvest Health & Recreation Inc. (USA)
- Curaleaf Holdings, Inc. (USA)
- Trulieve Cannabis Corp. (USA)
- Columbia Care Inc. (USA)
- Green Thumb Industries Inc. (USA)
- Cresco Labs Inc. (USA)
- Acreage Holdings, Inc. (USA)
Medical Cannabis Market Recent Developments
- In April 2022, In Germany, Medi Cane Health Inc. and Dr. Reddy's Laboratories Ltd. unveiled their medical cannabis product.
- In April 2022, the first legal marijuana sales in the New York City area took place within a month of seven medicinal marijuana businesses being given the go-ahead to start selling their goods to all adults.
Global Medical Cannabis Key Market Trends
- There is a growing trend towards the development of a wide range of cannabis-based products, including oils, tinctures, capsules, and topical creams. This diversification of products is helping to expand the market and attract a wider range of patients.
Global Medical Cannabis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our research, the global medical cannabis market is expanding significantly as a result of more people using cannabis for medical reasons and more nations legalising it. As more nations legalise medical marijuana and as more people use it, the industry is anticipated to continue expanding in the upcoming years. The industry is also characterized by ongoing research and development, as companies work to develop new and more effective medical cannabis products and delivery. The medical cannabis market has significant potential for growth and innovation, with increasing investment and research into the medical properties of cannabis. As regulations continue to evolve and the industry becomes more established, the medical cannabis market is poised for continued expansion in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.50 billion |
| Market size value in 2031 | USD 90.07 billion |
| Growth Rate | 22.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Cannabis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Cannabis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medical Cannabis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Cannabis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Cannabis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Cannabis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Cannabis Market Report Snapshots
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