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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Medical Cannabis Market Report Snapshots
Medical Cannabis Market Analysis
*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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