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Global Medical Cannabis Market Size, Share, Industry Forecast: By Product Type: Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, Others; By Species; By Derivatives; By Sources; By Applications; By Route of Administration; By End User; By Distribution Channels; Regional Analysis; Supplier Landscape; 2023-2031
Global Medical Cannabis Market Outlook
The global medical cannabis market size was valued at USD 10.2 billion in 2022, driven by the increased commercialisation of product. The market is expected to grow at a CAGR of 24.0% during the forecast period 2023-2031 to attain a value of USD 70.6 billion by 2031.
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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.
Properties and Applications
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:
- Indica
- Sativa
- Hybrid
The derivatives can be categorised as following:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
On the basis of administration, the market can be divided into the following:
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- Others
It finds applications in the treatment of the following diseases:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
It finds end-use in the following industries:
- Pharmaceutical Industry
- Research and Development Centre
- Others
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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Market Analysis
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.
Competitive Landscape
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:
- Tilray
- Bedrocan International
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Vivo Cannabis Inc.
- Maricann Inc.
- Medical Marijuana Inc.
- Organigram Holdings Inc.
- The Scotts Company LLC
- Curaleaf Holdings, Inc.
- Others
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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2016-2022 |
| Forecast Period | 2023-2031 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Species |
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| Breakup by Derivatives |
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| Breakup by Sources |
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| Breakup by Applications |
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| Breakup by Route of Administration |
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| Breakup by End User |
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| Breakup by Distribution Channels |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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| 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.
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 Product Type
4.2.2 Analysis by Applications
4.2.3 Analysis by End User
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 Dried Medical Cannabis
6.1.3 Medical Cannabis Capsules
6.1.4 Vape Pen
6.1.5 Whole Flower
6.1.6 Creams and Moisturizer
6.1.7 Ground Flower
6.1.8 Patch
6.1.9 Oil
6.1.10 Mask and Serum
6.1.11 Cleanser
6.1.12 Others
6.2 Global Medical Cannabis Market by Species
6.2.1 Market Overview
6.2.2 Sativa
6.2.3 Hybrid
6.2.4 Cannabis Indica
6.3 Global Medical Cannabis Market by Derivatives
6.3.1 Market Overview
6.3.2 Cannabidiol (CBD)
6.3.3 Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
6.3.4 Cannabigerol (CBG)
6.3.5 Cannabinol
6.3.6 Others
6.4 Global Medical Cannabis Market by Sources
6.4.1 Market Overview
6.4.2 Natural
6.4.3 Synthetic
6.5 Global Medical Cannabis Market by Applications
6.5.1 Market Overview
6.5.2 Pain Management
6.5.3 Anxiety
6.5.4 Muscle Spasms
6.5.5 Nausea
6.5.6 Appetite Loss
6.5.7 Cancer
6.5.8 Arthritis
6.5.9 Alzheimer's Disease
6.5.10 Epilepsy
6.5.11 Depression and Sleep Disorders
6.5.12 Multiple Sclerosis
6.5.13 Autism
6.5.14 Mental Health Conditions
6.5.15 Elevate Mood
6.5.16 Others
6.6 Global Medical Cannabis Market by Route of Administration
6.6.1 Market Overview
6.6.2 Oral Solutions and Capsules
6.6.3 Smoking
6.6.4 Topicals
6.6.5 Vaporizers
6.6.6 Others
6.7 Global Medical Cannabis Market by End User
6.7.1 Market Overview
6.7.2 Homecare Settings
6.7.3 Hospital
6.7.4 Rehab Centers
6.7.5 Pharmaceutical Industry
6.7.6 Research and Development Centers
6.7.7 Others
6.8 Global Medical Cannabis Market by Distribution Channels
6.8.1 Market Overview
6.8.2 B2B
6.8.3 B2C
6.9 Global Medical Cannabis Market by Region
6.9.1 Market Overview
6.9.2 North America
6.9.3 Europe
6.9.4 Asia Pacific
6.9.5 Latin America
6.9.6 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 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 Joy Organics
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 CBD istillery
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Gaia Botanicals
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 Harmony
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Floyd’s of Leadville
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Lazarus Naturals
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 Pure Hemp Botanicals
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 ENDOCA
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Green Roads
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Tilray
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 Canopy Growth Corp.
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 GW Pharmaceuticals PLC
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 Aurora Cannabis
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
17.14 Aphria Inc.
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.14.5 Certifications
17.15 CV sciences Inc.
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
17.15.5 Certifications
18 Global Medical Cannabis Market- Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
In 2022, the global market medical cannabis attained a value of USD 10.2 billion.
The market is anticipated to grow at a CAGR of 24.0% during the forecast period of 2023-2031 to reach a value of USD 70.6 billion by 2031.
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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