Medical Cannabis Market

Medical Cannabis Market Size, Share, Trends, Growth, and Industry Analysis, By Species (Indica, Sativa and Hybrid), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC) and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals and Others), Application (Cancer, Arthritis, Epilepsy and Migraine), End-User (Pharmaceutical Industry, Research and Development Centers and Others), Regional Analysis and Forecast 2032.

Pharma & Healthcare | May 2024 | Report ID: EMR00882 | Pages: 258

Global Medical Cannabis market size was 12.98 billion in 2023 and the market is projected to touch USD 37.04 billion by 2032, at a CAGR of 12.36% during the forecast period.

 

Cannabis, also known as marijuana, contains compounds called cannabinoids, which have potential therapeutic effects on various health conditions. The market encompasses a wide range of products, including dried cannabis flower, oils, capsules, and edibles, which are used to alleviate symptoms such as pain, inflammation, nausea, and anxiety.

The medical cannabis market has grown significantly in recent years as cannabis has become more accepted as a valid medicinal therapy and rules in many countries have changed to allow for its usage. This expansion is being driven by factors such as increased research into cannabis' therapeutic qualities, rising awareness among patients and healthcare professionals, and the development of novel delivery methods and formulations. Furthermore, the legalization of medical marijuana in certain places has generated new opportunities for businesses to enter the market and develop their operations.

 

Global Medical Cannabis report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2023)

USD 12.98 billion

Projected Market Value (2032)

USD 37.04 billion

Base Year

2023

Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Species, By Derivatives, By Route of Administration, By Application, By End-Use & Region.

Segments Covered

By Species, By Derivatives, By Route of Administration, By Application, By End-Use & By Region.

Forecast Units

Value (USD Million or Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Medical Cannabis dynamics

Regulatory changes play a crucial role in shaping the market landscape, as shifts in legislation and government policies can impact the legal status of cannabis products, market access, and distribution channels. Evolving consumer preferences reflect changing attitudes towards cannabis use for medicinal purposes, with an increasing number of patients seeking alternative treatments for various health conditions. Technological advancements drive innovation in product development, formulation, and delivery methods, leading to the introduction of new cannabis-based therapies and improved patient experiences.

Market competition intensifies as more companies enter the medical cannabis space, resulting in price competition, product differentiation, and strategic partnerships to gain market share. Additionally, factors such as supply chain disruptions, quality control issues, and fluctuations in demand and supply can also influence market dynamics, requiring companies to adapt their strategies to navigate uncertainties and capitalize on emerging opportunities in the rapidly evolving medical cannabis market landscape.

 

Global Medical Cannabis drivers

  • Increasing Acceptance and Legalization

One important driver of the medical cannabis industry is the growing acceptability and legalization of cannabis for medicinal uses in various regions. As more countries legalize medicinal cannabis and alter legislation to allow its use, the industry grows significantly. This movement is being driven by increased recognition of cannabinoids' therapeutic potential in treating a variety of medical problems, as well as a shift in public views toward cannabis use. Furthermore, legalization creates a favourable climate for research and development, promoting investment in new medicines, formulations, and delivery modalities to satisfy the different demands of patients.

  • Growing Awareness and Education

Another driver propelling the medical cannabis market is the increasing awareness and education initiatives aimed at patients, healthcare professionals, and the general public. As scientific research continues to uncover the medicinal properties of cannabinoids, there is a corresponding effort to educate stakeholders about the potential benefits and risks of medical cannabis use. This awareness drives patient demand for cannabis-based therapies and encourages healthcare providers to incorporate cannabis into treatment plans where appropriate. Moreover, educational campaigns help destigmatize cannabis use, fostering a more supportive environment for patients seeking alternative treatment options for conditions such as chronic pain, epilepsy, and anxiety disorders.

 

Restraints:

  • Regulatory Challenges and Uncertainty

The complicated and ever-changing legislative structure governing cannabis cultivation, production, distribution, and usage is a substantial barrier to the medicinal cannabis business. Regulatory regimes differ greatly between countries and regions, resulting in discrepancies in market access and compliance requirements. Furthermore, frequent changes in legislation and uncertainty about future legislative developments create impediments for enterprises operating in the medical cannabis market, limiting investment, expansion, and innovation.

  • Stigma and Perception

Another restraint impeding the growth of the medical cannabis market is the persistent stigma and negative perception associated with cannabis use, particularly for medicinal purposes. Despite increasing acceptance and legalization, cultural and social biases against cannabis continue to influence public opinion and policymaking. Stigma surrounding cannabis use may deter patients from seeking medical treatment with cannabis, and healthcare providers from recommending it, limiting market penetration and patient access to potentially beneficial therapies.

 

Opportunities:

  • Research and Development Advancements

An opportunity for the medical cannabis market lies in continued research and development (R&D) efforts to discover new therapeutic applications, improve existing formulations, and enhance delivery methods. Advances in R&D enable the development of novel cannabis-based therapies with optimized efficacy, safety, and patient convenience, expanding the market's product offerings and addressing unmet medical needs.

 

Segment Overview

  • By Species

The medical cannabis market is segmented by species into Indica, Sativa, and Hybrid varieties. Indica strains are known for their relaxing and sedative effects, making them suitable for conditions such as insomnia and chronic pain. Sativa strains, on the other hand, are typically associated with uplifting and energizing effects, making them suitable for mood disorders and fatigue. Hybrid strains are crossbreeds of Indica and Sativa, offering a combination of effects tailored to specific therapeutic needs.

  • By Derivatives

Within the medical cannabis market, derivatives include Cannabidiol (CBD), Tetrahydrocannabinol (THC), and other cannabinoids. CBD is non-intoxicating and has been widely studied for its potential therapeutic benefits, including anti-inflammatory, analgesic, and anxiolytic properties. THC is the primary psychoactive compound in cannabis, known for its euphoric effects and potential medical applications in pain management, nausea control, and appetite stimulation. Other cannabinoids, such as CBG (Cannabigerol) and CBN (Cannabinol), also exhibit therapeutic potential but may require further research to elucidate their specific effects.

  • By Route of Administration

In terms of administration, medical cannabis products can be consumed orally (e.g., solutions and capsules), through smoking, vaporization, topical application, or other methods. Oral solutions and capsules offer precise dosing and convenient administration, making them suitable for patients seeking standardized treatment options. Smoking and vaporization provide rapid onset of effects and customizable dosing, although concerns exist regarding respiratory health and the potential for lung irritation. Topical formulations offer localized relief for conditions such as arthritis and dermatitis, providing targeted symptom management without systemic effects.

  • By Application

Medical cannabis finds applications across various medical conditions, including cancer, arthritis, epilepsy, and migraine management. In cancer treatment, cannabis may help alleviate symptoms such as pain, nausea, and loss of appetite, while also potentially exhibiting anti-tumor effects. For arthritis sufferers, cannabis-based therapies offer anti-inflammatory and analgesic properties, providing relief from pain and stiffness. Epilepsy patients may benefit from CBD-rich formulations, which have shown promise in reducing seizure frequency and severity. Additionally, medical cannabis has been explored as a potential treatment for migraines, offering relief from headache pain and associated symptoms.

  • By End-User

End-users of medical cannabis products include the pharmaceutical industry, research and development centers, and other healthcare providers. Pharmaceutical companies are involved in the development, manufacturing, and distribution of cannabis-based medications, conducting clinical trials to demonstrate safety and efficacy for regulatory approval. Research and development centers play a critical role in advancing scientific understanding of cannabis pharmacology, exploring new therapeutic applications, and developing innovative formulations. Other healthcare providers, including physicians, clinics, and dispensaries, facilitate patient access to medical cannabis products through prescription, education, and support services.

 

Global Medical Cannabis Overview by Region

North America, particularly the United States and Canada, represents one of the largest and most dynamic markets. Canada fully legalized cannabis in 2018, both for medical and recreational use, fostering a well-regulated industry with substantial growth in medical cannabis products. In the United States, despite federal restrictions, numerous states have legalized medical cannabis, creating a patchwork of regulations but also driving significant market expansion due to high demand and progressive legislative changes.

In Europe, the medical cannabis market is growing rapidly as countries like Germany, the United Kingdom, and Italy adopt more comprehensive medical cannabis programs. Germany, with its robust healthcare system, has emerged as a leading market, providing extensive insurance coverage for medical cannabis, which boosts patient access and market growth. The UK has also made strides with its regulatory framework, although patient access remains more limited compared to other European nations. The fragmented regulatory environment across Europe poses challenges but also opportunities for growth as more countries refine their policies and increase access.

In Latin America, countries such as Colombia and Uruguay are pioneering the medical cannabis sector. Uruguay was the first country to fully legalize cannabis, while Colombia has become a significant player due to its favourable climate for cultivation and progressive regulatory framework, aiming to become a global exporter of medical cannabis. In the Asia-Pacific region, the market is still in its nascent stages, with countries like Australia and Thailand leading the way in establishing medical cannabis programs. Australia's regulated approach and investment in clinical research contribute to a steadily growing market, while Thailand's recent legalization for medical use reflects a broader trend of increasing acceptance in the region.

 

 

Global Medical Cannabis market competitive landscape

Key players such as Canopy Growth Corporation, Aurora Cannabis, Tilray, and GW Pharmaceuticals dominate the market, leveraging their extensive R&D capabilities, broad product portfolios, and strategic partnerships to maintain a competitive edge. These companies invest heavily in clinical trials, product innovation, and expanding their geographical footprint to capture a larger share of the market. For example, GW Pharmaceuticals, known for its pioneering cannabis-based drug Epidiolex, has set a high standard in the industry for regulatory approval and therapeutic efficacy.

Smaller companies and start-ups also play a crucial role in the market, often focusing on niche segments or specific therapeutic applications. These firms may offer unique formulations, advanced delivery systems, or target unmet medical needs, thereby differentiating themselves from larger competitors. The dynamic nature of the market fosters collaboration and consolidation, with mergers and acquisitions being common strategies for growth and market entry. For instance, larger companies may acquire start-ups to enhance their R&D capabilities or to gain access to new technologies and products.

Additionally, the competitive landscape is influenced by regional players who cater to specific local markets, adhering to regional regulations and patient preferences. These companies may have an advantage in navigating local regulatory frameworks and establishing strong distribution networks within their regions.

Key Players:

  • Tilray
  • Aurora Cannabis
  • JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc)
  • HEXO Corp. (Zenabis Global Ltd)
  • Cresco Labs
  • Peace Naturals Project Inc.
  • CANOPY GROWTH CORPORATION
  • Medical Marijuana, Inc.
  • Seed Cellar
  • EcoGen Biosciences
  • CANNABIS SEEDS USA
  • Seeds For Me
  • HUMBOLDT SEED COMPANY
  • Extractas
  • World Class Cannabis Seeds (Crop King Seeds)
  • BARNEY'S FARM
  • FOLIUM BIOSCIENCES
  • PharmaHemp
  • Elixinol Global Limited
  • ENDOCA
  • Harmony
  • MARY’S nutritionals, LLC
  • Pure Ratios
  • Greenwich Biosciences, Inc.
  • Upstate Elevator Supply Co.
  • Apothecanna
  • BOL Pharma
  • IDT Australia
  • MediPharm Labs Inc. 

 

Global Medical Cannabis Recent Developments

  • Jan 2024, BAT's subsidiary is deepening its strategic partnership with Organigram by investing approximately £74 million (CAD $124.6 million) between January 2024 and January 2025. This investment will increase BAT's equity position in Organigram from around 19% to 45%. Organigram, a leading Canadian licensed cannabis producer, will use this investment to enhance their Product Development Collaboration, which focuses on advanced R&D and product innovation. Additionally, Organigram will establish a strategic investment pool to pursue emerging opportunities and further investments within the cannabis sector.
  • Jan 2024, Kanabo Group plc (LSE: KNB), a patient-focused provider of digital health services and specialist medicines, including medicinal cannabis, is excited to announce a new partnership with City Dock Pharmacy in London. Together, they will launch a pioneering walk-in pain clinic offering specialized medicines, including medicinal cannabis. Located at City Dock Pharmacy in Wapping, London, the clinic will provide both appointment-based and walk-in services. It will utilize Kanabo’s Treat It online platform, with pharmacists available to guide patients through their medicinal cannabis treatment options. The clinic aims to deliver personalized treatment plans for the increasing number of chronic pain sufferers in the UK, who frequently encounter challenges such as long waiting times, bureaucratic obstacles, and affordability issues when accessing medical treatments.

 

Scope of global Medical Cannabis report

Global Medical Cannabis report segmentation

ATTRIBUTE

DETAILS

By Species

  • Indica
  • Sativa
  • Hybrid

By Derivatives

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)
  • Others

By Route of Administration

  • Oral Solutions and Capsules
  • Smoking
  • Vaporizers
  • Topicals
  • Others

By Application

  • Cancer
  • Arthritis
  • Epilepsy
  • Migraine

By End-User

  • Pharmaceutical Industry
  • Research and Development Centers
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Medical Cannabis size and forecast: To identify and estimate the market size for global Medical Cannabis market segmented By Species, By Derivatives, By Route of Administration, By Application, By End-Use and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Medical Cannabis
  • Market Influencing Factors: To find out the factors which are affecting the market of global Medical Cannabis among consumers.
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Medical Cannabis forecast period is 2024 - 2032.
According to global Medical Cannabis research, the market is expected to grow at a CAGR of ~ 12.36% over the next eight years.
The possible segments in global Medical Cannabis are based on By Species, By Derivatives, By Route of Administration, By Application, By End-Use & by region.
The expected market size for Global Medical Cannabis is USD 37.04 billion in 2032.
The major players in the market are Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis Global Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol Global Limited, ENDOCA, Harmony, MARYS nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia, and MediPharm Labs Inc.
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