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Medical Cannabis Market

Global Medical Cannabis Market Size, Share, Report, Forecast: By Product Type: Buds/Marijuana Flower, Cannabis Extracts; By Application: Chronic Pain, Mental Disorders, Cancer, Others; By Distribution Channel: Pharmaceutical, Research and Development Centres; Regional Analysis; Market Dynamics; Supplier Landscape; 2024-2032

Global Medical Cannabis Market Outlook

The global medical cannabis market size was valued at USD 10.2 billion in 2023, driven by the increased legalization of cannabis across the globe. The market size is anticipated to grow at a CAGR of 24% during the forecast period of 2024-2032 to achieve a value of USD 70.7 billion by 2032.

 

Medical Cannabis Market

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Medical Cannabis: Introduction

Cannabis, also known as marijuana, is a psychotropic drug which is derived from the cannabis plant. It is consumed within food as an extract or by smoking or vaporizing. 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.

 

Global Medical Cannabis Market Analysis

The growth of the market is being driven by the rising legalization of marijuana for medical applications as well as a growing acceptance of the substance by potential consumers. The rising number of research and development undertakings, clinical trials, and increased product commercialization will also drive the medical cannabis market growth. Israel is a significant market in terms of research and development investments in medical marijuana.

 

As reported by the Medical Cannabis Research Center, a decline has been experienced in private health insurance premiums linked to legalized medical cannabis. This decline may boost investor’s confidence in the market for medical cannabis. Investors are anticipated to accept this trend as a positive indicator of the industry's economic viability and potential for growth. The observed financial benefits associated with medical cannabis could attract increased funding from investors, which may further result in escalated support for research, development, and increased initiatives within the market and contribute to the global medical cannabis market share.

 

The country has led multiple pioneering studies in the field including the effect of medicinal cannabis on autistic people. Several American companies are showing interest in conducting research on the usage of cannabis in the medical sector to treat other medical conditions but due to the strict regulations of regulatory authorities like the National Institute on Drug Abuse and the Drug Enforcement Agency in the United States, the market expansion is getting hindered. Due to this situation, American companies are now conducting research in Israel and investing in the Israeli cannabis market.

 

Global Medical Cannabis Market Segmentations

 

Medical Cannabis Market by Segments

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Market Breakup by Product Type

  • Buds/Marijuana Flower
  • Cannabis Extracts

 

Market Breakup by Application

  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others

 

Market Breakup by Distribution Channel

  • Pharmaceutical
  • Research and Development Centres

 

Market Breakup by Region
 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Medical Cannabis Market by Region

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Global Medical Cannabis Market Overview

With the increased legalization of cannabis in the medical sector, it is now used to treat a variety of conditions and symptoms including cancer, epilepsy, depression, arthritis, glaucoma, multiple sclerosis, Alzheimer's, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), post-traumatic stress disorder (PTSD), Parkinson's, and Tourette's syndrome, among others. This expanded application of cannabis to treat a variety of medical conditions is the primary factor driving the global medical cannabis market growth.

 

Cannabis has been authorized 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 side-effects. It is also used with other therapies to boost their effectiveness or minimize undesirable side effects. For instance, medical cannabis helps with 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 thriving cannabis market in the United States. The regional market growth is being aided by the legalization drives for the drug for both medical and recreational purposes. With over 60% of the population in the region residing in areas with legalized medical cannabis, the market is expected to witness robust growth during 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 to medical sales. The medical cannabis market size in Canada is being driven by increased legalization 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.

 

Global 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 market are as follows:

 

  • Aurora Marijuana Inc.
  • Canopy Growth Corporation
  • Cronos Group Inc
  • Medical Marijuana, Inc.
  • OrganiGram Holding Inc.
  • Terra Tech Corp.
  • Tikun Olam Ltd.
  • Tilray, Inc.
  • VIVO Cannabis Inc.
  • Medmen Enterprise Inc.
  • Stenocare
  • Trulieve
  • Tikun Olam, Ltd.
  • GW Pharmaceuticals plc.
  • Cannabis Sativa, Inc.

 

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Application
  • Distribution Channel
  • Region
Breakup by Product Type
  • Buds/Marijuana Flower
  • Cannabis Extracts
Breakup by Application
  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others
Breakup by Distribution Channel
  • Pharmaceutical
  • Research and Development Centres
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Aurora marijuana Inc.
  • Canopy Growth Corporation
  • Cronos Group Inc
  • Medical Marijuana, Inc.
  • OrganiGram Holding Inc.
  • Terra Tech Corp.
  • Tikun Olam Ltd.
  • Tilray, Inc.
  • VIVO Cannabis Inc.
  • Medmen Enterprise Inc.
  • Stenocare
  • Trulieve
  • Tikun Olam, Ltd.
  • GW Pharmaceuticals plc.
  • Cannabis Sativa, Inc.

 

*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.

1    Preface
    1.1    Objectives of the Study
    1.2    Key Assumptions 
    1.3    Report Coverage – Key Segmentation and Scope  
    1.4    Research Methodology
2    Executive Summary
3    Global Medical Cannabis Market Overview 

    3.1    Global Medical Cannabis Market Historical Value (2016-2022) 
    3.2    Global Medical Cannabis Market Forecast Value (2023-2031)
4    Global Medical Cannabis Market Landscape
    4.1    Global Medical Cannabis Developers Landscape
        4.1.1    Analysis by Year of Establishment
        4.1.2    Analysis by Company Size
        4.1.3    Analysis by Region
    4.2    Global Medical Cannabis Product Landscape
        4.2.1    Analysis by Disease Type
        4.2.2    Analysis by Product Type
5    Global Medical Cannabis Market Dynamics
    5.1    Market Drivers and Constraints
    5.2    SWOT Analysis
    5.3    Porter’s Five Forces Model 
    5.4    Key Demand Indicators
    5.5    Key Price Indicators
    5.6    Industry Events, Initiatives, and Trends 
    5.7    Value Chain Analysis
6    Global Medical Cannabis Market Segmentation 
    6.1    Global Medical Cannabis Market by Product Type
        6.1.1    Market Overview        
        6.1.2    Buds/Marijuana Flower
        6.1.3    Cannabis Extracts
    6.2    Global Medical Cannabis Market by Application
        6.2.1    Market Overview
        6.2.2    Chronic Pain
        6.2.3    Mental Disorders
        6.2.4    Cancer
        6.2.5    Others
    6.3    Global Medical Cannabis Market by Distribution Channel
        6.3.1    Market Overview
        6.3.2    Pharmaceutical
        6.3.3    Research and Development Centres
    6.4    Global Medical Cannabis Market by Region
        6.4.1    Market Overview
        6.4.2    North America 
        6.4.3    Europe
        6.4.4    Asia Pacific
        6.4.5    Latin America
        6.4.6    Middle East and Africa
7    North America Medical Cannabis Market
    7.1    Market Share by Country
    7.2    United States of America
    7.3    Canada
8    Europe Medical Cannabis Market
    8.1    Market Share by Country
    8.2    United Kingdom
    8.3    Germany
    8.4    France
    8.5    Italy
    8.6    Others
9    Asia Pacific Medical Cannabis Market
    9.1    Market Share by Country
    9.2    China
    9.3    Japan
    9.4    India
    9.5    ASEAN
    9.6    Australia
    9.7    Others
10    Latin America Medical Cannabis Market
    10.1    Market Share by Country
    10.2    Brazil
    10.3    Argentina
    10.4    Mexico
    10.5    Others
11    Middle East and Africa Medical Cannabis Market
    11.1    Market Share by Country
    11.2    Saudi Arabia
    11.3    United Arab Emirates
    11.4    Nigeria
    11.5    South Africa
    11.6    Others
12    Regulatory Framework
    12.1    Regulatory Overview
        12.1.1    US FDA
        12.1.2    EU EMA
        12.1.3    INDIA CDSCO
        12.1.4    JAPAN PMDA
        12.1.5    Others
13    Supplier Landscape
    13.1    Aurora marijuana Inc.
        13.1.1    Financial Analysis
        13.1.2    Product Portfolio
        13.1.3    Demographic Reach and Achievements
        13.1.4    Mergers and Acquisitions
        13.1.5    Certifications
    13.2    Canopy Growth Corporation
        13.2.1    Financial Analysis
        13.2.2    Product Portfolio
        13.2.3    Demographic Reach and Achievements
        13.2.4    Mergers and Acquisitions
        13.2.5    Certifications
    13.3    Cronos Group Inc
        13.3.1    Financial Analysis
        13.3.2    Product Portfolio
        13.3.3    Demographic Reach and Achievements
        13.3.4    Mergers and Acquisitions
        13.3.5    Certifications
    13.4    Medical Marijuana, Inc.
        13.4.1    Financial Analysis
        13.4.2    Financial Portfolio
        13.4.3    Demographic Reach and Achievements
        13.4.4    Mergers and Acquisitions
        13.4.5    Certifications
    13.5    OrganiGram Holding Inc.
        13.5.1    Financial Analysis
        13.5.2    Product Portfolio
        13.5.3    Demographic Reach and Achievements
        13.5.4    Mergers and Acquisitions
        13.5.5    Certifications
    13.6    Terra Tech Corp.
        13.6.1    Financial Analysis
        13.6.2    Product Portfolio
        13.6.3    Demographic Reach and Achievements
        13.6.4    Mergers and Acquisitions
        13.6.5    Certifications
    13.7    Tikun Olam Ltd.
        13.7.1    Financial Analysis
        13.7.2    Product Portfolio
        13.7.3    Demographic Reach and Achievements
        13.7.4    Mergers and Acquisitions
        13.7.5    Certifications
    13.8    Tilray, Inc.
        13.8.1    Financial Analysis
        13.8.2    Product Portfolio
        13.8.3    Demographic Reach and Achievements
        13.8.4    Mergers and Acquisitions
        13.8.5    Certifications
    13.9    VIVO Cannabis Inc.
        13.9.1    Financial Analysis
        13.9.2    Product Portfolio
        13.9.3    Demographic Reach and Achievements
        13.9.4    Mergers and Acquisitions
        13.9.5    Certifications
    13.10    Medmen Enterprise Inc. 
        13.10.1    Financial Analysis
        13.10.2    Product Portfolio
        13.10.3    Demographic Reach and Achievements
        13.10.4    Mergers and Acquisitions
        13.10.5    Certifications
    13.11    Stenocare 
        13.11.1    Financial Analysis
        13.11.2    Product Portfolio
        13.11.3    Demographic Reach and Achievements
        13.11.4    Mergers and Acquisitions
        13.11.5    Certifications
    13.12    Trulieve 
        13.12.1    Financial Analysis
        13.12.2    Product Portfolio
        13.12.3    Demographic Reach and Achievements
        13.12.4    Mergers and Acquisitions
        13.12.5    Certifications
    13.13    Tikun Olam, Ltd.
        13.13.1    Financial Analysis
        13.13.2    Product Portfolio
        13.13.3    Demographic Reach and Achievements
        13.13.4    Mergers and Acquisitions
        13.13.5    Certifications
    13.14    GW Pharmaceuticals plc.
        13.14.1    Financial Analysis
        13.14.2    Product Portfolio
        13.14.3    Demographic Reach and Achievements
        13.14.4    Mergers and Acquisitions
        13.14.5    Certifications
    13.15    Cannabis Sativa, Inc.
        13.15.1    Financial Analysis
        13.15.2    Product Portfolio
        13.15.3    Demographic Reach and Achievements
        13.15.4    Mergers and Acquisitions
        13.15.5    Certifications
14    Global Medical Cannabis Market - Distribution Model (Additional Insight)
    14.1    Overview 
    14.2    Potential Distributors 
    14.3    Key Parameters for Distribution Partner Assessment 
15    Key Opinion Leaders (KOL) Insights (Additional Insight)
16    Company Competitiveness Analysis (Additional Insight)

    16.1    Very Small Companies
    16.2    Small Companies
    16.3    Mid-Sized Companies
    16.4    Large Companies
    16.5    Very Large Companies
17    Payment Methods (Additional Insight)
    17.1    Government Funded
    17.2    Private Insurance
    17.3    Out-of-Pocket


*Additional insights provided are customisable as per client requirements.

Key Questions Answered in the Report

The market attained a value of about USD 10.2 billion in 2023, driven by the increasing commercialization.

The market is anticipated to grow at a CAGR of 24% during the forecast period of 2024-2032, likely to reach a market value of USD 70.7 billion by 2032.

The expanding application in multiple fields and the rising prevalence of medical conditions requiring immediate pain relief are among the major factors driving the market growth.

The market growth is influenced by a major trend including growing acceptance of the substance by potential consumers.

The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is currently leading the global market.

Cannabis products available in the market include buds/marijuana flowers and cannabis extracts.

It finds wide applications in chronic pain, mental disorders, and cancer, among others.

The market operates through pharmaceutical, research and development centres.

Key players involved in the market are Aurora marijuana Inc., Canopy Growth Corporation, Cronos Group Inc, Cannabis Sativa, Inc., Inc., OrganiGram Holding Inc., Terra Tech Corp., Tikun Olam Ltd., Tilray, Inc., VIVO Cannabis Inc., Medmen Enterprise Inc., Stenocare, Trulieve, Tikun Olam, Ltd., GW Pharmaceuticals plc., and Medical Marijuana.

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