The global demand for Medical Cannabis Market is presumed to reach the market size of nearly USD 117.02 MN by 2030 from USD 16.24 MN in 2022 with a CAGR of 28% under the study period 2023 - 2030.
As the name implies, medical cannabis refers to cannabis meant for medicinal purposes. The chemical content in it is used to treat diseases or conditions. The marijuana plant consists of more than 100 different chemicals called cannabinoids. Each one has a different effect on the body. Delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD) are the prime chemicals used in medicine. Medical cannabis can be administered through various methods, including capsules, tablets, cannabis edibles, tinctures, dermal patches, oral or dermal sprays, and vaporizing or smoking dried buds.
Market Dynamics
Increasing use of cannabis for drug formulation and growing awareness among pharma companies about medicinal benefits drive the global medical cannabis market. The medical cannabis market is majorly driven by the US. More than two-thirds of US states have legalized cannabis for medical treatments, and more are considering bills to do the same. Increasing research and growing approvals for medicinal use are predicted to create ample opportunities for market growth. Moreover, increasing therapeutic applications and product development through research and novel product delivery solutions will propel market growth. However, inadequate legal support in some regions and insufficient data to draw firm conclusions about medical cannabis safety hamper the market growth. Cannabis production and use as a medicine are restricted due to legal rules by the government, resulting in limited clinical research to define the safety and efficacy of using cannabis to treat diseases.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of medical cannabis. The growth and trends of medical cannabis industry provide a holistic approach to this study.
Market Segmentation
This section of the medical cannabis market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Derivatives
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
By Application
- Mental Health Management
- Neurological Disorders Management
- Pain Management (Neuropathic Pain, Cancer Pain, Others)
By Route of Administration
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacy
- Online Pharmacy
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Medical Cannabis market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Medical Cannabis Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Medical Cannabis market include Canopy Growth Corporation, Cannabis Sativa Inc., GW Pharmaceuticals plc, Emerald Health Therapeutics, Tilray Inc., Aurora Cannabis Inc., Medical Marijuana Inc., Cronos Group Inc, The Supreme Cannabis Company Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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