Medical Cannabis Market Synopsis

Medical Cannabis Market Size Was Valued at USD 13119.89 Million in 2023, and is Projected to Reach USD 91065.89 Million by 2032, Growing at a CAGR of 24.02% From 2024-2032.

Medical cannabis, also called medical marijuana, is using the Cannabis plant or its extracts to alleviate symptoms of different medical conditions. The active components in it are called cannabinoids, with the most famous ones being tetrahydrocannabinol (THC) and cannabidiol (CBD). THC causes a psychoactive effect and is associated with the euphoric feeling from cannabis, whereas CBD does not cause a high and has been connected to different healing properties.

  • Rising support among the general public and healthcare professionals for the advantages of medical cannabis; improved knowledge for physicians and individuals about its various applications. Many countries are increasingly legalizing medical cannabis as a global trend, with regulatory entities backing its medicinal advantages, resulting in improved availability and approval for therapeutic use.
  • The expanding clinical research is backing the safety and effectiveness of medical cannabis, fuelling the development of new products tailored for specific medical purposes. A growing number of elderly people are facing an increase in long-term illnesses such as pain, cancer, and neurological disorders, resulting in a rise in the utilization of medical marijuana for treatment.
  • Patients are seeking holistic treatments like medical cannabis as a safer option for pain management instead of opioids, in efforts to address the opioid crisis. Investments from pharmaceutical, biotech, and venture capital sectors are drawn to the medical cannabis market due to its economic growth. The potential for growth in the medical cannabis market looks promising due to increasing legalization, new product developments, wider range of uses, and the possibility of insurance coverage. This may enhance the availability and efficacy of cannabis-derived therapies for patients.

Medical Cannabis Market Trend Analysis

Increased Execution of Cannabis for Recreational Purpose

  • Legalizing cannabis for recreational use has made it more available, resulting in a decrease in stigma and it’s becoming more socially acceptable. This promotes a greater number of patients to consider cannabis as a viable option for medical treatment. Awareness of the therapeutic benefits of cannabis may cause a wider range of consumers to shift from using it recreationally to using it for medical purposes. Investing in recreational markets has a positive impact on the medical cannabis industry by providing more resources for research, goods, and services. Overall growth in the industry helps to develop infrastructure for both recreational and medical markets.
  • The expansion of products like edibles, tinctures, and topicals for medical use is driven by the growth of the recreational market, leading to increased product innovation and diversification. A competitive market increases the level of quality expected, which helps medical patients who rely on dependable, high-quality products for treatment. Having unified regulatory frameworks in states and countries with both recreational and medical cannabis markets can make it easier for businesses to operate. Achieving success in recreational markets can result in policy changes that increase the accessibility and affordability of medical cannabis.
  • Support from recreational markets can enhance funding for cannabis research, resulting in advancements in medical applications and a deeper comprehension of its advantages. Additional clinical trials are being carried out, offering robust evidence to back up medical assertions and enhance dosage recommendations. Public campaigns advocating for the legalization of recreational cannabis frequently feature details regarding proper usage and potential medical advantages. Greater exposure from recreational use leads to increased recognition of the medicinal benefits of cannabis, prompting more individuals to explore its medical applications.

Opportunity

Novel product development with increasing R&D activities

  • Innovations in product formulations provide a variety of cannabis-based products such as oils, edibles, capsules, tinctures, and topicals. Enhancements in delivery methods such as transdermal patches and inhalers offer more accurate dosing and quicker onset of action, ultimately improving effectiveness and patient satisfaction. An increase in research and development results in specific cannabinoid treatments for chronic pain, epilepsy, and mental health disorders.
  • Advancements in genetics and biotechnology make it possible to create personalized medical cannabis treatments based on individual patient profiles and genetic markers. Continuing research and development work produces clinical data that supports the safety and effectiveness of medical cannabis. Having standardized cultivation and extraction methods is essential for obtaining regulatory approvals and increasing legal availability, guaranteeing reliable, top-notch products that healthcare providers and patients can rely on.
  • The identification of fresh medical applications for cannabinoids may result in market growth as it targets additional groups such as those with arthritis and neurodegenerative illnesses. Customized product development assists in penetrating new global markets by fulfilling regulatory standards. Collaborations with pharmaceutical companies expedite the advancement and marketing of products in the cannabis sector. Additional funding from venture capitalists and private equity firms is backing extensive research and development efforts, fueled by the promising prospects of medical cannabis.

Medical Cannabis Market Segment Analysis:

Medical Cannabis Market is segmented on the basis of Product Type, Species, Derivatives, Source, Application, End-User and Region.

By Species, Cannabis Indica Segment Is Expected to Dominate the Market During the Forecast Period

  • Cannabis Indica is characterized by its compact size, bushy growth, wider leaves, and quicker flowering period compared to Cannabis sativa. Indica varieties contain more THC and less CBD, resulting in distinct effects and medicinal advantages. Indica varieties are helpful for alleviating pain, controlling long-term and nerve-related pain, arthritis, fibromyalgia, sleep problems, inability to sleep, and encouraging relaxation and triggering sleep because of their potent pain-relieving and calming characteristics. Indica varieties are successful in reducing anxiety, stress, muscle spasms, and seizures. Their calming and muscle-relaxant properties can assist in managing anxiety disorders, PTSD, high stress levels, multiple sclerosis, and epilepsy.
  • The market for indica-dominant products is influenced by consumer demand for indica strains, which are popular for their strong therapeutic benefits such as pain relief and improving sleep quality. The demand for these strains has led to a broad selection of indica-dominant products being made accessible in different forms to meet diverse patient requirements.
  • Medical marijuana programs make sure that patients can get access to suitable strains that are effective for their medical conditions, specifically emphasizing the use of indica strains for their therapeutic advantages. Research indicates that indica strains have been found to be effective, resulting in their inclusion in medical cannabis protocols by regulatory agencies. Research has demonstrated that indica strains can effectively help with pain relief, better sleep, and anxiety reduction. Patient feedback continues to confirm these advantages, which is a key factor in indica's widespread use in the medical field.

By End-User, Pharmaceutical Industry Segment Held the Largest Share in 2023

  • Pharmaceutical firms devote resources to research and development to investigate the medicinal benefits of cannabinoids found in cannabis. They research the impacts on health conditions, methods of administering, amount of medication, and level of safety. Clinical trials are carried out to provide evidence on the effectiveness and safety of medicines based on cannabis. Validation by science is crucial for medical and regulatory approval. Health authorities such as the FDA in the US and EMA in Europe implement strict regulations for medical cannabis products.
  • Pharmaceutical companies possess the expertise and capabilities to uphold these regulations, guaranteeing both safety and quality. Pharmaceutical companies must adeptly navigate the approval process by conducting rigorous clinical trials and providing evidence of therapeutic benefits. Pharmaceutical firms safeguard their investments by obtaining patents for distinct cannabinoid formulations, delivery methods, and therapeutic uses, ensuring a competitive advantage and exclusive product choices in the industry.
  • Pharmaceutical companies establish trust with doctors and patients through the provision of thoroughly tested cannabis-derived medications that are approved by regulatory agencies. Their products provide consistent strength and amount, guaranteeing dependable therapy in contrast to uncontrolled cannabis products with inconsistent outcomes. Pharmaceutical companies have wide distribution networks for global sales of medical cannabis products, ensuring patients worldwide have access. These medicines are often covered by health insurance plans, increasing accessibility compared to other cannabis products paid out-of-pocket.

Medical Cannabis Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

  • Despite federal laws prohibiting it, medical cannabis is legal in multiple states in the US. California, Colorado, and Massachusetts have set up programs for cultivating, distributing, and using marijuana for medical purposes, which is helping patients with various medical conditions. In 2001, Canada legalized medical cannabis, and in 2018, it also legalized recreational cannabis, with Health Canada responsible for regulating production and distribution to ensure high quality and safety standards are met.
  • North American organizations and businesses are at the forefront of cannabis research for managing chronic pain, epilepsy, PTSD, and multiple sclerosis. They create new cannabis-derived medications and methods of delivery to enhance the accessibility and quality of patient care. The public attitude towards cannabis in North America has changed for the better, as there is now greater acknowledgment of its medical advantages thanks to advocacy campaigns and educational initiatives.
  • Dispensaries and clinics enhance availability of medical marijuana. Telemedicine advancements simplify the process of obtaining prescriptions for patients. Investment from venture capital and private equity firms in medical cannabis companies has been substantial, and numerous North American cannabis companies are listed publicly for funding and research purposes. The differences in regulations between federal and state laws in the U.S. create obstacles and opportunities for progress. Ongoing regulatory changes and potential federal legalization may enhance North America's market standing.
  •  In 2023, Florida leads the U.S. medical cannabis market with 831,775 patients, followed by Pennsylvania (712,421) and Oklahoma (368,679). Ohio (174,591) and Missouri (163,787) show moderate numbers, while New York has only 12,290 patients. This data indicates a thriving market with significant growth potential in several states.

Medical Cannabis Market Active Players

  • Canopy Growth Corporation (Canada)
  • Aurora Cannabis Inc. (Canada)
  • Tilray, Inc. (Canada)
  • GW Pharmaceuticals plc (United Kingdom)
  • Cronos Group Inc. (Canada)
  • Aphria Inc. (Canada)
  • MedMen Enterprises Inc. (USA)
  • Green Thumb Industries (GTI) (USA)
  • Trulieve Cannabis Corp. (USA)
  • Curaleaf Holdings, Inc. (USA)
  • Cresco Labs (USA)
  • Harvest Health & Recreation Inc. (USA)
  • Acreage Holdings, Inc. (USA)
  • Innovative Industrial Properties, Inc. (USA)
  • HEXO Corp. (Canada)
  • Organigram Holdings Inc. (Canada)
  • MedReleaf Corp. (Canada)
  • The Green Organic Dutchman Holdings Ltd. (TGOD) (Canada)
  • TerrAscend Corp. (Canada)
  • Valens GroWorks Corp. (Canada)
  • Village Farms International, Inc. (Canada)
  • VIVO Cannabis Inc. (Canada)
  • iAnthus Capital Holdings, Inc. (USA)
  • Planet 13 Holdings Inc. (USA)
  • Columbia Care Inc. (USA)
  • MariMed Inc. (USA)
  • Liberty Health Sciences Inc. (Canada)

Key Industry Developments in the Medical Cannabis Market:

  • In Feb 2024, Curaleaf International, part of Curaleaf Holdings and largest vertically integrated cannabis company, is pleased to announce its acquisition of Can4Med, a prominent pharmaceutical wholesaler specializing in cannabinoid medications in.
  • In June 2024, Award-winning Frankfurt-based company Bloomwell Group GmbH announced the launch of Germany’s largest centralised digital platform for medical cannabis with regards to participating users, creating a one-stop shop for patients, physicians, pharmacies and suppliers all under the Bloomwell brand name.
  • In June 2024, Innocan Pharma Corporation a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the success and conclusion of a preliminary safety evaluation of Innocan's single injection and sustained-release LPT-CBD conducted on minipigs. The animals demonstrated excellent drug tolerance and did not exhibit any drug-related adverse events.

Global Medical Cannabis Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 13119.89 Million

Forecast Period 2024-32 CAGR:

24.02 %

Market Size in 2032:

USD 91065.89 Million

Segments Covered:

By Product Type

  • Flowers/Buds
  • Concentrates
  • Edibles
  • Topicals
  • Tinctures
  • Capsules

By Species

  • Cannabis Indica
  • Cannabis Sativa
  • Hybrid

By Derivatives

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)
  • Cannabinol (CBN)
  • Cannabicyclol (CBL)
  • Cannabichromene (CBC)
  • Cannabigerol (CBG)

By Source

  • Natural
  • Synthetic

By Application

  • Cancer
  • Chronic Pain
  • Arthritis
  • Neurological Disorders
  • Skin Conditions
  • Others {Anxiety and Stress, Sleep Aids, Migraines}

By End-User

  • Pharmaceutical Industry
  • Research and Development Centres
  •  Homecare Setting
  • Hospitals and Clinics
  • Retail Pharmacies
  • Government and Regulatory Bodies

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increased Execution of Cannabis for Recreational Purpose

Key Market Restraints:

  • Legal and Regulatory Barriers

Key Opportunities:

  • Novel product development with increasing R&D activities

Companies Covered in the report:

  • Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tilray, Inc. (Canada), GW Pharmaceuticals plc (United Kingdom), Cronos Group Inc. (Canada), and Other Active Players.
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. MEDICAL CANNABIS MARKET BY PRODUCT TYPE (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. FLOWERS/BUDS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. CONCENTRATES
    5. EDIBLES
    6. TOPICALS
    7. TINCTURES
    8. CAPSULES
  7. MEDICAL CANNABIS MARKET BY SPECIES (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CANNABIS INDICA
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. CANNABIS SATIVA
    5. HYBRID
  8. MEDICAL CANNABIS MARKET BY DERIVATIVES (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CANNABIDIOL (CBD)
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. TETRAHYDROCANNABINOL (THC)
    5. CANNABINOL (CBN)
    6. CANNABICYCLOL (CBL)
    7. CANNABICHROMENE (CBC)
    8. CANNABIGEROL (CBG)
  9. MEDICAL CANNABIS MARKET BY SOURCE (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. NATURAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. SYNTHETIC
  10. MEDICAL CANNABIS MARKET BY APPLICATION (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CANCER
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. CHRONIC PAIN
    5. ARTHITIS
    6. NEUROLOGICAL DISORDERS
    7. SKIN CONDITIONS
    8. OTHERS {ANXIETY AND STRESS, SLEEP AIDS, MIGRAINES}
  11. MEDICAL CANNABIS MARKET BY END-USER (2017-2032)
    1. MEDICAL CANNABIS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. PHARMACEUTICAL INDUSTRY
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
    4. RESEARCH AND DEVELOPMENT CENTERS
    5.  HOMECARE SETTING
    6. HOSPITALS AND CLINICS
    7. RETAIL PHARMACIES
    8. GOVERNMENT AND REGULATORY BODIES
  12. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Benchmarking
      2. Medical Cannabis Market Share by Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. CANOPY GROWTH CORPORATION (CANADA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves and Recent Developments
      10. SWOT Analysis
    3. AURORA CANNABIS INC. (CANADA)
    4. TILRAY, INC. (CANADA)
    5. GW PHARMACEUTICALS PLC (UNITED KINGDOM)
    6. CRONOS GROUP INC. (CANADA)
    7. APHRIA INC. (CANADA)
    8. MEDMEN ENTERPRISES INC. (USA)
    9. GREEN THUMB INDUSTRIES (GTI) (USA)
    10. TRULIEVE CANNABIS CORP. (USA)
    11. CURALEAF HOLDINGS, INC. (USA)
    12. CRESCO LABS (USA)
    13. HARVEST HEALTH & RECREATION INC. (USA)
    14. ACREAGE HOLDINGS, INC. (USA)
    15. INNOVATIVE INDUSTRIAL PROPERTIES, INC. (USA)
    16. HEXO CORP. (CANADA)
    17. ORGANIGRAM HOLDINGS INC. (CANADA)
    18. MEDRELEAF CORP. (CANADA)
    19. THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD. (TGOD) (CANADA)
    20. TERRASCEND CORP. (CANADA)
    21. VALENS GROWORKS CORP. (CANADA)
    22. VILLAGE FARMS INTERNATIONAL, INC. (CANADA)
    23. VIVO CANNABIS INC. (CANADA)
    24. IANTHUS CAPITAL HOLDINGS, INC. (USA)
    25. PLANET 13 HOLDINGS INC. (USA)
    26. COLUMBIA CARE INC. (USA)
    27. MARIMED INC. (USA)
    28. LIBERTY HEALTH SCIENCES INC. (CANADA)
  13. GLOBAL MEDICAL CANNABIS MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Product Type
      4. Historic And Forecasted Market Size by Species
      5. Historic And Forecasted Market Size by Derivatives
      6. Historic And Forecasted Market Size by Source
      7. Historic And Forecasted Market Size by Application
      8. Historic And Forecasted Market Size by End-User
      9. Historic And Forecasted Market Size by Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  14. INVESTMENT ANALYSIS
  15. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies
        1. Thailand
        2. Vietnam
        3. The Philippines
        4. Australia
        5. New-Zealand
        6. Rest Of APAC
    3. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    4. SOUTH AMERICA
      1. Key Market Trends, Growth Factors and Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size by Segments
      4. Historic And Forecasted Market Size by Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  16. INVESTMENT ANALYSIS
  17. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Medical Cannabis Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 13119.89 Million

Forecast Period 2024-32 CAGR:

24.02 %

Market Size in 2032:

USD 91065.89 Million

Segments Covered:

By Product Type

  • Flowers/Buds
  • Concentrates
  • Edibles
  • Topicals
  • Tinctures
  • Capsules

By Species

  • Cannabis Indica
  • Cannabis Sativa
  • Hybrid

By Derivatives

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)
  • Cannabinol (CBN)
  • Cannabicyclol (CBL)
  • Cannabichromene (CBC)
  • Cannabigerol (CBG)

By Source

  • Natural
  • Synthetic

By Application

  • Cancer
  • Chronic Pain
  • Arthritis
  • Neurological Disorders
  • Skin Conditions
  • Others {Anxiety and Stress, Sleep Aids, Migraines}

By End-User

  • Pharmaceutical Industry
  • Research and Development Centres
  •  Homecare Setting
  • Hospitals and Clinics
  • Retail Pharmacies
  • Government and Regulatory Bodies

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increased Execution of Cannabis for Recreational Purpose

Key Market Restraints:

  • Legal and Regulatory Barriers

Key Opportunities:

  • Novel product development with increasing R&D activities

Companies Covered in the report:

  • Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tilray, Inc. (Canada), GW Pharmaceuticals plc (United Kingdom), Cronos Group Inc. (Canada), and Other Active Players.
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Frequently Asked Questions :

What would be the forecast period in the Medical Cannabis Market research report?

The forecast period in the Medical Cannabis Market research report is 2024-2032.

Who are the key players in the Medical Cannabis Market?

Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tilray, Inc. (Canada), GW Pharmaceuticals plc (United Kingdom), Cronos Group Inc. (Canada), Aphria Inc. (Canada), MedMen Enterprises Inc. (USA), Green Thumb Industries (GTI) (USA), Trulieve Cannabis Corp. (USA), Curaleaf Holdings, Inc. (USA), Cresco Labs (USA), Harvest Health & Recreation Inc. (USA), Acreage Holdings, Inc. (USA), Innovative Industrial Properties, Inc. (USA), HEXO Corp. (Canada), Organigram Holdings Inc. (Canada), MedReleaf Corp. (Canada), The Green Organic Dutchman Holdings Ltd. (TGOD) (Canada), TerrAscend Corp. (Canada), Valens GroWorks Corp. (Canada), Village Farms International, Inc. (Canada), VIVO Cannabis Inc. (Canada), iAnthus Capital Holdings, Inc. (USA), Planet 13 Holdings Inc. (USA), Columbia Care Inc. (USA), MariMed Inc. (USA), Liberty Health Sciences Inc. (Canada) and Other Active Players.

What are the segments of the Medical Cannabis Market?

The Medical Cannabis Market is segmented into Product Type, Species, Derivatives, Source, Application, End-User, and region. By Product Type, the market is categorized into Flowers/Buds, Concentrates, Edibles, Topicals, Tinctures, And Capsules. By Species, the market is categorized into Cannabis Indica, Cannabis Sativa, Hybrid, By Derivatives, the market is categorized into Cannabidiol (CBD), Tetrahydrocannabinol (THC), Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), And Cannabigerol (CBG). By Source, the market is categorized into Natural, Synthetic. By Application, The Market Is Categorized into Cancer, Chronic Pain, Arthritis, Neurological Disorders, Skin Conditions, And Others {Anxiety and Stress, Sleep Aids, Migraines}. By End-User, the market is categorized into Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospitals and Clinics, Retail Pharmacies, And Government and Regulatory Bodies. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Medical Cannabis Market?

Medical cannabis, also called medical marijuana, is using the Cannabis plant or its extracts to alleviate symptoms of different medical conditions. The active components in it are called cannabinoids, with the most famous ones being tetrahydrocannabinol (THC) and cannabidiol (CBD). THC causes a psychoactive effect and is associated with the euphoric feeling from cannabis, whereas CBD does not cause a high and has been connected to different healing properties.

How big is the Medical Cannabis Market?

Medical Cannabis Market Size Was Valued at USD 13119.89 Million in 2023, and is Projected to Reach USD 91065.89 Million by 2032, Growing at a CAGR of 24.02% From 2024-2032.