Medical Cannabis Market Size To Grow At A CAGR Of 24% During 2023-2028
The ‘Global Global Medical Cannabis Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global medical cannabis market, assessing the market on the basis of its segments like species, derivatives, routes of administration, applications, end uses, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 10.18 Billion
• Forecast CAGR (2023-2028): 24%
• Forecast Market Size (2028): Nearly USD 37 Billion
The growing evidence regarding the benefits of medical cannabis for managing health conditions such as chronic pain, low appetite, and symptoms of multiple sclerosis, among others, is aiding the medical cannabis market development. With the rising awareness regarding the health benefits of cannabis, government bodies like FDA are increasingly approving cannabis for use in various treatment methods.
The increasing prevalence of cancer is significantly surging the use of medical cannabis to treat nausea associated with chemotherapy. With the legalisation of medical cannabis in countries like the United Kingdom and Canada, among others, its use in cancer treatment is increasing. Various pharmaceutical companies are increasingly ensuring the compliance of medical cannabis with pharmaceutical standards, safety, and clinical efficacy, which is expected to boost its mainstream popularity.
Key players in the market are initiating several campaigns to surge the acceptance of medical cannabis while providing better information regarding the use of medical cannabis as a treatment to healthcare regulators, patients, and healthcare professionals, among others. They are also attempting to reduce stigmisation associated with the use and prescription of medical cannabis. In addition, the medical cannabis market growth is being fuelled by the rising legalisation of medical cannabis in countries like Thailand and India, among others.
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Medical Cannabis Industry Definition and Major Segments
Medical cannabis, variously known as medical marijuana, refers to cannabidiol and cannabis that is recommended and utilised for treating various medical conditions. It can be consumed in a variety of forms, including liquid, pill, powder, dried leaves, and oil, among others. The use of medical cannabis is legalised in various countries for the treatment of cancer, Alzheimer’s disease, muscle spasms, and glaucoma, among other health conditions.
Based on species, the medical cannabis market is classified into:
The market, based on derivatives, can be segmented into:
• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)
On the basis of the route of administration, the market is divided into:
• Oral Solutions and Capsules
The major applications of medical cannabis include:
By end uses, the market is divided into:
• Pharmaceutical Industry
• Research and Development Centre
The significant regional markets of medical cannabis are:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Medical Cannabis Market Trends
The rising geriatric population susceptible to chronic illness is anticipated to boost the demand for medical cannabis. The improved quality of life offered by medical cannabis to patients living with chronic medical conditions is expected to boost its demand. In addition, leading companies are developing new technologies to evolve scientific understanding regarding cannabis while developing precise products, which is expected to provide impetus to the medical cannabis market development in upcoming years.
The increasing R&D activities exploring the potential of cannabis to treat medical issues like cancer, eating disorders, post-traumatic stress disorders, and Alzheimer’s disease, among others, are likely to aid the market. Leading pharmaceutical companies and government bodies are also initiating clinical trials to effectively prescribe cannabis for treating several diseases.
Technological advancements and innovations to create precise doses of medical cannabis and new delivery methods for optimising the balance between psychoactive events and therapeutic effects are expected to propel the market. The utilisation of innovative technologies to enhance the safety and effectiveness of cannabis therapy while minimising its side effects is likely to aid the medical cannabis market demand in the forecast period.
Key Market Players
The major players in the medical cannabis market report are Tilray, Bedrocan International, Canopy Growth Corporation, Aurora Cannabis Inc., Vivo Cannabis Inc., Maricann Inc., Medical Marijuana Inc., Organigram Holdings Inc., The Scotts Company LLC, and Curaleaf Holdings, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players. The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.