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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
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.
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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
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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 End User
- Pharmaceutical
- Research and Development Centres
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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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
- 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:
|
| Breakup by Product Type |
|
| Breakup by Application |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Supplier Landscape |
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| Companies Covered |
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Medical Cannabis Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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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, GW Pharmaceuticals plc., and Medical Marijuana.
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