The global medical cannabis market is anticipated to reach a market value of USD 47.46 billion by 2030.
Medical cannabis, a term for a term for results of the cannabis sativa plant that are used to improve symptoms caused by some medical conditions. Medical marijuana is also known as medical cannabis.
The growth of global medical cannabis is driven by the factors such as the rising prevalence of chronic disease and other medical conditions that can be addressed by prescription of Cannabis are expected to boost the market growth. However, the advanced effect associated with cannabis is likely to restrain the market growth.
Medical cannabis is a versatile treatment option, containing various cannabinoids with distinct therapeutic properties. Cannabidiol (CBD) is non-psychoactive and has shown potential in managing anxiety, inflammation, and epilepsy. On the other hand, tetrahydrocannabinol (THC) is psychoactive and may help alleviate pain, nausea, and stimulate appetite in cancer patients. The diverse applications of medical cannabis have led to a surge in the development of cannabis-based pharmaceuticals, creating new opportunities for companies within the healthcare sector.
Segment Analysis
The global medical cannabis market is segmented into product type, derivative, route of administration, application, distribution channel, and region. The product type segment is further segmented into solids, dissolvable/powders, oil, and ointments & creams. The derivative segment is categorized into dental prostheses and dental implants. The route of administration segment is further segmented into inhalation, oral, and topical. The application segment is further segmented into pain management, neurological health management, and mental health management. Pain management is further sub segmented into neuropathic pain, cancer, and inflammatory pain. Mental health management is further sub-segmented into post-traumatic stress disorder (PTSD), depression, anxiety, and others. The distribution channel segment is further segmented into online pharmacy, offline pharmacy.
Regional Analysis
The global medical cannabis market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas dominated the global medical cannabis market by accounting for the largest share in 2021 in terms of revenue. This large market share is due to medical cannabis legalization in 37 US states and the increasing adoption of products. The presence of major manufacturers, the rising adoption of medical cannabis products, and an increasing number of companies involved in R&D activities are driving the growth of the market in this region. Moreover, rising support for legalization in America is boosting the growth of the market. For instance, in 2019, as per the Pew Research Center, approximately two-thirds of the population supported legalizing marijuana. The Americas is divided into two regions, North America and Latin Americas.
Europe holds a healthy share of the global medical cannabis market. It is the second-largest market after the Americas due to an increasing number of European countries legalizing cannabis for medical purposes. Additionally, prominent research and manufacturing activities in the region are anticipated to increase the market size in this region. The increasing prevalence of diseases such as multiple sclerosis, epilepsy, Alzheimer’s disease, Parkinson’s disease, post-traumatic stress disorder, depression, and anxiety are fueling market growth in Europe. The high adoption of medical cannabis products for pain management in European countries is expected to increase the growth rate of the medical cannabis market in the region.
Asia-Pacific is expected to have a promising growth rate during the forecast period, owing to the huge patient pool of cancer and government initiatives of healthcare reforms. It holds the third-largest position in the global medical cannabis market. In most Asia-Pacific countries, cannabis-based products are completely not acceptable. However, due to the increasing cases of epilepsy, cannabis-based products are prescribed by some physicians. For instance, a recent Australian nationwide survey of 976 people with epilepsy indicated that 13% of the parents were using illicit cannabis extracts to manage their child’s seizures. Recently, China has legalized the cultivation of CBD and extraction of the product.
The Middle East would depict the least growth in the market due to some major factors, such as underdeveloped regulations and lower adoption rates. The region is expected to witness a restricted growth due to stringent government policies. Furthermore, the market is expected to demonstrate slow growth owing to adverse effects associated with cannabis and the illegal use of marijuana. In the Middle East, few Arab countries are imposing strict laws over the use and handling of cannabis-related products. Thus, the market in these regions has limited scope for growth during the forecast period.
Key players:
Some key players operating in the medical cannabis market are Canopy Growth Corporation (Canada), Cannabis Sativa, Inc. (US), GW Pharmaceuticals plc (UK), Emerald Health Therapeutics, Inc. (Canada), Tilray Brands, Inc (US), Aurora Cannabis Inc. (Canada), Cara Therapeutics, Inc. (US), Medical Marijuana, Inc. (US), GB Sciences, Inc (US), Canndoc (Israel).
Key Findings of the Study
- The global medical cannabis market is estimated to reach USD 46 Billion by 2030 at a CAGR of 18.14% during the assessment period of 2022 to 2030.
- By derivative, the cannabidiol segment held the largest share of 75.0% and is projected to be the fastest-growing segment during the forecast period.
- Americas is expected to hold the largest share in the global medical cannabis market. The presence of major manufacturers, the rising adoption of medical cannabis products, and an increasing number of companies involved in R&D activities are driving the growth of the market in this region. Moreover, rising support for legalization in America is boosting the growth of the market.
- Based on product type, the solids segment accounted for the largest market share of 16.4% in 2021.
- Some key players operating in the medical cannabis market are Canopy Growth Corporation (Canada), Cannabis Sativa, Inc. (US), GW Pharmaceuticals plc (UK), Emerald Health Therapeutics, Inc. (Canada), Tilray Brands, Inc (US), Aurora Cannabis Inc. (Canada), Cara Therapeutics, Inc. (US), Medical Marijuana, Inc. (US), GB Sciences, Inc (US), Canndoc (Israel).
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