Global Medical Cannabis Market Size, Segmentation, Trends and Growth Analysis Forecast by 2031

Medical Cannabis Market Overview and Analysis

The Global Cannabis Market is currently valued at USD 27.7 billion in 2022 and is expected to reach USD 82.7 billion in the year 2031, registering a CAGR of 16.9% over the forecast period.

Cannabis, also known as marijuana among other names, is a psychoactive drug from the cannabis plant. Native to Central or South Asia, the cannabis plant has been used as a drug for both recreational and entheogenic purposes and in various traditional medicines for centuries. Tetrahydrocannabinol (THC) is the main psychoactive component of cannabis, which is one of the 483 known compounds in the plant, including at least 65 other cannabinoids, such as cannabidiol (CBD). Cannabis can be used by smoking, vaporizing, within food, or as an extract.

Segmentation 

The Global Cannabis Market is Segmented

By Product Type :

• Flowers
• Oils 
• Tinctures

By Application :

• Cancer
• Chronic Pain
• Arthritis
• Diabetes
• Glaucoma
• Migraines
• Brain Related Disorders
• AIDS
• Other

Route of Administration :

• Inhalation
• Topical
• Oral

Geography :

• North America
• Europe
• Asia-Pacific
• Middle East
• Africa
• South America

The report offers market size and forecasts in value (in USD million) for all the above-mentioned segments.

Medical Cannabis Market Driver & Restraints

Rising Cannabis Demand for Medicinal Application

There are numerous applications of cannabis including, Alzheimer’s Disease, amyotrophic lateral sclerosis, HIV, and Crohn’s Disease as well as a positive outcome among the patient pool. For instance, an article published by BMJ Journals in June 2021, reported that in November 2020, the American Society of Regional Anesthesia and Pain Medicine reported the use of cannabis for the perioperative use of cannabis. Similarly, another article published by the National Centre for Biotechnology Information in January 2023, significant advancements in cancer therapy by using cannabis. Thus, such instances are increasing the demand for cannabis, thereby driving the studied market’s growth.

Legalization of Cannabis and Rise in Social Acceptance and Rising R&D Expenditure and Technological Expenditures. 

The increasing figure of states legalizing medical marijuana and the growing adoption of cannabis in the healthcare sector and recreational applications are some of the major aspects that are expected to propel the demand for medical marijuana over the coming years. 

An article published titled, “The Cannabidiol and marijuana research expansion act: Promotion of Scientific Knowledge to Prevent a National Health Crisis” in June 2023 reported that the United States has experienced groundbreaking shifts in policy and public opinion regarding the promotion and use of cannabis and its compounds. Also, projections by the computerized reporting process of the NIH, the Research, Condition, and Disease Categorization (RCDC) for 2021 and 2022, are indicating small increases in cannabinoid research funding earmarked for therapeutic purposes. Thus, such instances are contributing to the studied market over the forecast period. 

Covid -19 Impact on Medical Cannabis Market

The COVID-19 crisis had a significant impact on individuals, society, businesses, and the wider economy across the globe and so has impacted the global cannabis market. An article published by NCBI in August 2022, reported that a retrospective analysis of 1831 patients admitted to two medical centers in Southern California with a diagnosis of COVID-19 and Cannabis use was reported in the patient’s social history. Thus, demand for cannabis has significantly increased over the forecast period. In the current scenario, the use of cannabis in different health applications, the studied market is expected to increase over the forecast period.

Medical Cannabis Market Segmental Analysis.

The Cannabis Flowers and oil Segment is Expected to Witness Significant Growth over the Forecast Period.

Cannabis flower is a fast-acting method of consumption, which is especially beneficial for the treatment of pain, anxiety, and nausea, which can come on quickly. Cannabis flower is also typically the most familiar option. Due to widespread uses associated with cannabis flowers and oil, the segment is expected to witness significant growth over the forecast period. CBD flower has many potential benefits, and people use it for different reasons. Some of the most popular benefits of CBD flower include Anxiety relief: CBD calms and relaxes the consumer, which helps effectively combat anxiety. Depression: CBD stimulates serotonin and dopamine release, which helps with depression. 

By Application Segment Cancer is Expected to Witness Significant Growth Over the Forecast Period.

Using cannabis may help reduce the risk of developing cancer. For instance, research published by the American Cancer Society in July 2022, reported that a study conducted among 78 patients suffering from cancer in one the hospitals of the United States during 2019-2021, reported that 54% of the candidates reported a reduction in the cancer and thus, such application of cannabis in treating diseases are expected to contribute to the growth this segment. 

Topical Route for the Administration of Cannabis is Expected to Contribute to the Growth of the Segment. 

Topical and transdermal administration of cannabis offers several advantages, such as a higher bioavailability rate, prolonged steady-state plasma concentration, and a reduction in psychoactive impacts of the drug due to its passive diffusion in the main barrier of the skin, stratum corneum. Thus, the segment is expected to witness significant growth over the forecast period. 

North America Region is Expected to Witness Significant growth Over the Forecast Period.

The increasing cannabis legalization in the U.S. is one of the vital factors contributing to its increased demand. Moreover, the increasing studies and research being conducted in the region on the wide application associated with Cannabis is driving the growth of the studied market.  For instance, in August 2021, Tilray launched new medicinal cannabis edibles in CBD and TCH-rich varieties of chocolates and soft chew gummies in Canada, escalating the brand's widespread offering of cannabis medicines, which comprises whole flower, pre-rolls, oils, and vapes, designed with patient health and wellbeing in mind.

Since the anti-inflammatory properties of cannabis can help address the ongoing low-level inflammation in the body that is caused by HIV. One study found that using cannabis for this purpose also reduces cognitive impairment (problems with thinking) in people living with HIV. Furthermore, the high number of HIV cases reported in the region is also fueling the studied market growth. For instance, in 2021, the Mexican government reported that in 2021, the number of diagnosed HIV cases in Mexico amounted to approximately 14.2 thousand. In 2021, the State of Mexico, Veracruz, and Jalisco were the federative entities with the highest number of people diagnosed with the human immunodeficiency virus (HIV), with more than one thousand patients each. 

Thus, due to the aforesaid reasons the region is expected to witness significant growth over the forecast period. 

Medical Cannabis Market Competitive Landscape :

The Global Cannabis Market is highly fragmented due to the presence of many market players working globally and regionally. Some of the key market players working in this domain are : 

Key Players :

• Tilray
• Aurora Cannabis
• Canopy Growth Corporation
• Aphria Inc
• Maricann Group, Inc.
• Tikun Olam Ltd
• MedReleaf. Corp
• GW Pharmaceuticals plc
• Cannabis Sativa, Inc.
• Medical Marijuana, Inc.

Recent Development

• In July 2023, Trulieve Cannabis Corp reported the grand opening of a new medical dispensary in Sanford. The purpose of this dispensary is to seek opportunities to better serve medical cannabis patients beyond our convenient locations, great customer service, and a broad selection of top-quality products.
• In December 2022, The Government of Canada collected data to better understand how Canadians view and use cannabis. Through this data, the government will better monitor Canada’s national framework for controlling the production, distribution, sale, and possession of cannabis under the Cannabis Act.

Frequently Asked Questions (FAQ) :

Q1. How big is the Medical Cannabis Market ?

Q2. What is the Growth Rate of the Medical Cannabis Market ?

Q3. What segments are covered in the Medical Cannabis Market Report ?

Q4. Which are the Top Key Players in the Medical Cannabis Market ?