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The global medical cannabis market size reached a value of USD 10.18 billion in 2022. The market is likely to grow at a CAGR of 24% during 2023-2028 to attain a value of USD 37 billion by 2028.
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Cannabis is now used to treat a variety of medical conditions and symptoms, such as cancer, diabetes, chronic pain, epilepsy, depression, arthritis, glaucoma, migraines, multiple sclerosis, Alzheimer's, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), post-traumatic stress disorder (PTSD), Parkinson's, and Tourette's syndrome. This is one of the key medical cannabis market trends. Cannabis has been authorised for medical usage in various nations due to its therapeutic advantages, with varied degrees of regulatory restrictions. Compared to other therapy alternatives, cannabis is safe and has mild negative effects. It is also used in conjunction with other therapies, either to boost their effectiveness or minimise undesirable side effects. This is aiding the medical cannabis market. For instance, medical cannabis helps nausea relief and appetite stimulation in chemotherapy patients. It is also combined with conventional opioid medicines to provide patients with pain relief while considerably reducing the amount and frequency of opioids.
North America is the leading region due to the U.S. cannabis market. The regional market is being aided by the legalisation drives for the drug for both, medical and recreational purposes. With over 60% of the population in the region residing in areas with legalised medical cannabis, the market is expected to witness a healthy growth in the forecast period. In Canada, the overall market, including medical and legal along with illegal products, is expected to generate extensive sales revenue with a significant contribution of medical sales. The medical cannabis market size in Canada is being driven by increased legalisation and the willingness of consumers to spend more on legal products. In the Europe medical cannabis market, Germany represents a key market with substantial imports from Canada.
Cannabis, also known as marijuana, is a psychotropic drug which is derived from the cannabis plant. It is consumed within food or as an extract or by smoking or vaporising. Historically, the substance has been used medicinally by the Indian, Egyptian, Chinese, and Islamic cultures. Currently, it is finding extensive use in treating or relieving symptoms related to chronic pain, arthritis, epilepsy, Parkinson’s, Tourette’s, AIDS, and cancer, among others.
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Based on species, the global medical cannabis market can be segmented as follows:
The derivatives can be categorised as following:
On the basis of administration, the market can be divided into the following:
It finds applications in the treatment of the following diseases:
It finds end-use in the following industries:
The major regions in the global medical cannabis market are North America, Europe, Latin America, and the Rest of the World.
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The global medical cannabis market is being aided by the rising legalisation of marijuana for medical usage as well as a growing acceptance of the substance by the potential consumers. As per the medical cannabis market report, the rising number of R & D undertakings, clinical trials, and increased commercialisation of the product will also drive the market growth. Israel is a significant market in terms of the research and development investments into medical marijuana. The country has led multiple pioneering studies in the field including the effect of medicinal cannabis on autistic people. With regulatory authorities in the US like the National Institute on Drug Abuse and the Drug Enforcement Agency hindering the expansion of research on the subject, several US companies are conducting research in Israel and investing in the Israeli cannabis market, influencing the cannabis market share by company. The medical cannabis market size Canada is being driven by the willingness of Canadian insurance companies to reimburse the utilisation of cannabis to treat conditions like cancer-related pain and nausea, spasticity caused by multiple sclerosis, rheumatoid arthritis pain, HIV/AIDS, and other palliative care, thus increasing the global medical cannabis market size.
Globally, the market is also finding impetus for its growth in the rising population of geriatrics who are more vulnerable to chronic illnesses and are likely to suffer from pain related to conditions like rheumatoid arthritis. The increasing disposable income is also likely to drive the market. The growing consumer awareness about the product is also proving to be a catalyst for the market. The market is further aided by consumer satisfaction with cancer patients who have used medicinal cannabis testifying to the product’s contribution to the improvement of their quality of life by relieving pain and the side-effects of chemotherapy like nausea. Medical cannabis is also viewed as a safer option over opioid-based prescription medications, indicating a positive medical cannabis market outlook.
The report gives a detailed analysis of the following key players in the medical cannabis global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Species||
|Breakup by Derivative||
|Breakup by Route of Administration||
|Breakup by Application||
|Breakup by End Use||
|Breakup by Region||
|Report Price and Purchase Option||Explore our purchase options that are best suited to your resources and industry needs.|
|Delivery Format||Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Market Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 COVID-19 Impact and Assessment
9 Global Medical Cannabis Market Analysis
9.1 Key Industry Highlights
9.2 Global Medical Cannabis Historical Market (2018-2022)
9.3 Global Medical Cannabis Market Forecast (2023-2028)
9.4 Global Medical Cannabis Market by Species
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9.5 Global Medical Cannabis Market by Derivative
9.5.1 Cannabidiol (CBD)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9.5.2 Tetrahydrocannabinol (THC)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9.6 Global Medical Cannabis Market by Route of Administration
9.6.1 Oral Solutions and Capsules
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9.7 Global Medical Cannabis Market by Application
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9.8 Global Medical Cannabis Market by End Use
9.8.1 Pharmaceutical Industry
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9.8.2 Research and Development Centre
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9.9 Global Medical Cannabis Market by Region
9.9.1 Market Share
126.96.36.199 North America
188.8.131.52 Latin America
184.108.40.206 Rest of the World
10 Regional Analysis
10.1 North America
10.1.1 Market Trend (2023-2028)
10.1.2 Breakup by Country
10.1.2.1 United States of America
10.2.1 Market Trend (2023-2028)
10.2.2 Breakup by Country
10.2.2.2 United Kingdom
10.3 Latin America
10.3.1 Market Trend (2023-2028)
10.3.2 Breakup by Country
10.4 Rest of the World
10.4.1 Market Trend (2023-2028)
10.4.2 Breakup by Country
10.4.2.3 New Zealand
11 Market Dynamics
11.1 SWOT Analysis
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Company Profiles
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.3.2 Bedrocan International
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.3.3 Canopy Growth Corporation
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.3.4 Aurora Cannabis Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.3.5 Vivo Cannabis Inc.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.3.6 Maricann Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.3.7 Medical Marijuana Inc.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.3.8 Organigram Holdings Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.3.9 The Scotts Company LLC
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.3.10 Curaleaf Holdings, Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
14 Industry Events and Developments
List of Key Figures and Tables
1 Global Medical Cannabis Market: Key Industry Highlights, 2018 and 2028
2 Global Medical Cannabis Historical Market: Breakup by Species (USD Billion), 2018-2022
3 Global Medical Cannabis Market Forecast: Breakup by Species (USD Billion), 2023-2028
4 Global Medical Cannabis Historical Market: Breakup by Derivative (USD Billion), 2018-2022
5 Global Medical Cannabis Market Forecast: Breakup by Derivative (USD Billion), 2023-2028
6 Global Medical Cannabis Historical Market: Breakup by Route of Administration (USD Billion), 2018-2022
7 Global Medical Cannabis Market Forecast: Breakup by Route of Administration (USD Billion), 2023-2028
8 Global Medical Cannabis Historical Market: Breakup by Application (USD Billion), 2018-2022
9 Global Medical Cannabis Market Forecast: Breakup by Application (USD Billion), 2023-2028
10 Global Medical Cannabis Historical Market: Breakup by End Use (USD Billion), 2018-2022
11 Global Medical Cannabis Market Forecast: Breakup by End Use (USD Billion), 2023-2028
12 Global Medical Cannabis Market: Breakup by Region (USD Billion), 2023-2028
13 North America Medical Cannabis Market: Breakup by Country (USD Billion), 2023-2028
14 Europe Medical Cannabis Market: Breakup by Country (USD Billion), 2023-2028
15 Latin America Medical Cannabis Market: Breakup by Country (USD Billion), 2023-2028
16 Rest of the World Medical Cannabis Market: Breakup by Country (USD Billion), 2023-2028
17 Global Medical Cannabis Market Structure
In 2022, the global market for medical cannabis attained a value of USD 10.18 billion.
The market is projected to grow at a CAGR of 24% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 37 billion by 2028.
The major drivers of the market include rising disposable incomes, increasing population, legalisation drives for the drug for both, medical and recreational purposes, rising number of R & D undertakings, clinical trials, and increased commercialisation of the product.
The legalisation of the product in some regions is likely to be a key trend for the market. In January 2020, 33 states in the United States, along with Washington, DC, had legalised the use of marijuana for medical purposes, which is expected to drive the growth of the market.
North America, Europe, and Latin America are the major regions in the global medical cannabis market, with North America accounting for the largest market share.
The major derivatives for the product include cannabidiol (CBD) and tetrahydrocannabinol (THC).
The major species for the product include Indica, sativa, and hybrid.
The major players in the market are Tilray, Bedrocan International, Canopy Growth Corporation, Aurora Cannabis Inc., Vivo Cannabis Inc., Maricann Inc., Medical Marijuana Inc., Organigram Holdings Inc., The Scotts Company LLC, and Curaleaf Holdings, Inc., among others.
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