- Cannabidiol
- Tetrahydrocannabinol
- Others
Medical Cannabis Market size was valued at USD 8,432.25 million in 2021 and is expected to reach USD 37,159.76 million by 2028, at a CAGR of 23.6% during the forecast period 2022-2028. Due to the increase in the prevalence of cancer and other chronic diseases across the globe. For instance, as per World Health Organization 2018, about 9.6 Mn deaths occurred due to cancer throughout the world. Moreover, rise in R&D activities for the development of newer cannabis products, rapid legalization of cannabis in developed and developing countries, increase in adoption of medical cannabis among the healthcare professionals, and less adverse effects with cannabis compared with other therapeutics are expected to bolster the market over the forecast years. However, stringent regulatory framework, approval for legal marijuana in limited countries, lack of testing standards for medical cannabis, and lack of awareness about medical cannabis in underdeveloped countries are hinder the growth of the market over the forecast years. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global medical cannabis market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities).
Key Developments :
In October 2021, Canonic Ltd. announced the full commercial launch of its first two medical cannabis products, G200 and G150 in Israel. In June 2021, Tilray, Inc. launched new medical cannabis product, Symbios in Canada.Global Medical Cannabis Market Summary
Study Period
2023-29
Base Year
2022
CAGR
23.6%
Largest Market
Europe
Fastest Growing Market
North-America
Medical Cannabis Market Drivers And Restraints
Rapid legalization of cannabis for the treatment of chronic diseases in developed and developing countries is a major factor surge the growth of medical cannabis market over the forecast timeframe. Cannabis is more effective for chemotherapy patients to reduce the nausea and vomiting and increase the appetite that enhance the treatment more tolerable. Moreover, at present, 33 US states marketing the medical cannabis with $10.4 billion in legal sales nationally in 2018. In addition, in March 2017, Germany legalized the medical cannabis after passing a bill by parliamentarians. Additionally, in 2013, Czech Republic legalized the medical marijuana for the patients suffering with chronic pain.
Asia-Pacific Got Significant Share
Medical Cannabis Market
North America dominated the medicinal cannabis market in 2018 and the same trend is expected over the forecast years owing to a surge in the incidence of cancer and other chronic diseases in the USA and Canada. For instance, as per National Cancer Institute 2018 data, approximately 1,735,350 cases were diagnosed with cancer in the United States. Moreover, high awareness about medical cannabis among healthcare professionals and the presence of a huge number of market players also surge the market over the forecast years. Europe medical cannabis market burgeoning at significant growth rate attributed to the legalization of marijuana in European countries such as Germany and the Czech Republic, adoption of advanced treatment procedures, and increase in the prevalence of chronic diseases in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2016-2021) and forecast (2022-2028)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Global Medical Cannabis Market Segmentation
By Product Type
By Application
- Nausea and Vomiting
- Pain
- Epilepsy
- Multiple Sclerosis
- Arthritis
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
Frequently Asked Questions
The medical cannabis market is projected to expand at a CAGR of 23.6% during the forecast period
Green Relief Inc, Cannabis Sativa, Inc, Vico Cannabis, Inc, Chronos Group, Inc, Organisms Holding, Inc.
North America is the fastest-growing region for medical cannabis market
- Canopy Growth Corporation
- Aurora Medical Cannabis Inc.
- GW Pharmaceuticals
- Cannimed, Ltd.
- Aphria Inc.
- Emerald Health Ltd.
- Tilray Inc.
- Medreleaf Corporation
- Medical Marijuana, Inc.
- Insys Therapeutics, Inc.
- Green Relief Inc.
- Cannabis Sativa, Inc.
- Vico Cannabis, Inc.
- Chronos Group, Inc.
- Organisms Holding, Inc.
- Curaleaf Holdings, inc.