Global Medical Cannabis Market Outlook
The global medical cannabis market size was valued at USD 10.2 billion in 2023, driven by the increased legalisation of cannabis across the globe. The market size is anticipated to grow at a CAGR of 24% during the forecast period of 2024-2032 to achieve a value of USD 70.7 billion by 2032.
Medical Cannabis: Introduction
Medical cannabis, also known as medical marijuana, involves the use of cannabis and its constituent cannabinoids, such as THC and CBD, as part of treatment for specific health conditions. This practice is supported by increasing clinical research that points to the potential therapeutic benefits of cannabis, including pain relief, control of nausea and vomiting, and appetite stimulation, particularly in contexts like cancer treatment and chronic pain management.
Cannabis is used in various forms, including the whole plant, extracts, or specific synthetic cannabinoids. The legal status of medical cannabis varies widely by country and state, with many regions having established specific regulations that allow for its use under medical supervision.
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Key Trends in the Global Medical Cannabis Market
Some key trends in the market include:
• Legalisation and Regulation: A significant trend is the increasing legalisation of medical cannabis in various countries around the world. Governments are setting up regulatory frameworks to manage the cultivation, distribution, and consumption of medical cannabis. This not only helps in controlling the quality and safety of the product but also aids in combating the illegal market.
• Expansion of Qualifying Conditions: More health conditions are being recognised for treatment with medical cannabis, expanding the patient base. Conditions such as chronic pain, epilepsy, multiple sclerosis, and post-traumatic stress disorder (PTSD) are commonly approved for medical cannabis use, and new research continues to explore additional applications.
• Pharmaceutical Involvement: Large pharmaceutical companies are increasingly entering the medical cannabis market, driven by its growth prospects. This involvement is elevating the market’s credibility, improving standardisation, and encouraging further research and development in cannabis-based therapies.
• Innovation in Product Development: There is a growing trend towards the innovation of cannabis consumption methods beyond traditional smoking, including oils, tinctures, edibles, patches, and capsules. These methods offer patients a wider choice and the ability to use the product in a manner that best suits their needs and lifestyles.
• Increasing Clinical Research: Enhanced research activities are underway to better understand the medical benefits of cannabis and its various components. This research is crucial for gaining wider medical and public acceptance and for facilitating the entry of cannabis into mainstream medicine.
• Patient Education and Acceptance: As the stigma associated with cannabis use diminishes, there is a greater focus on educating patients and healthcare providers about the benefits and proper use of medical cannabis. Increased awareness is leading to broader acceptance and use of cannabis as a legitimate medical treatment.
• Integration with Digital Health Technologies: The medical cannabis industry is beginning to leverage digital health technologies, including apps and telehealth services, to assist with prescribing, delivery, and dosage management. These technologies improve patient access and compliance with treatment protocols.
These trends reflect the dynamic nature of the global medical cannabis market, which is rapidly evolving with societal attitudes, regulatory landscapes, and technological advancements. As the market continues to mature, these factors will play a pivotal role in shaping the accessibility and effectiveness of medical cannabis as a therapeutic option.
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Global Medical Cannabis Market Segmentation
Market Breakup by Product Type
• Buds/Marijuana Flower
• Cannabis Extracts
Market Breakup by Application
• Chronic Pain
• Mental Disorders
• Cancer
• Others
Market Breakup by End User
• Pharmaceutical
• Research and Development Centres
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Global Medical Cannabis Market Overview
In the global medical cannabis market, North America is the dominant force, due to the progressive regulatory environments in Canada and various U.S. states. With widespread legalisation, North America is set to maintain its leadership due to increasing patient acceptance, technological advancements in cultivation, and expanding medical applications. The regulatory progress and cultural acceptance in this region provide a robust foundation for continued growth and innovation in the medical cannabis sector.
Europe is rapidly evolving into a major player in the medical cannabis market, with countries like Germany, the UK, and Italy leading the way. These nations are enhancing their regulatory frameworks to support the use of medical cannabis, driven by governmental support and a growing recognition of its therapeutic benefits. Europe’s market is poised for significant expansion as more countries across the continent continue to explore and legalise medical cannabis use.
The Asia Pacific region presents a nascent but promising market for medical cannabis. While traditionally conservative about cannabis, countries like Australia and Thailand are beginning to embrace its medical benefits, leading to gradual legalisation and regulatory reforms. The market in Asia Pacific is expected to witness robust growth as awareness increases and regulatory barriers are dismantled, paving the way for wider acceptance and use.
In Latin America, the medical cannabis market is burgeoning, underpinned by an advantageous climate for cannabis cultivation and progressive legislation in countries like Uruguay and Colombia. This region is poised to become a key global player, not just as a market for medical cannabis but also as a low-cost supplier for international markets. The regulatory advancements and economic opportunities in Latin America are set to drive substantial growth in the local and global medical cannabis industries.
The Middle East and Africa are exploring the potentials of medical cannabis, with Israel leading in terms of research and development. Although the market here is still in its early stages, there is potential for growth as more countries begin to recognise the benefits of medical cannabis. This region could see future expansion as regulatory frameworks develop and societal attitudes towards medical cannabis evolve.
Global Medical Cannabis Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
• Aurora Marijuana Inc.
Aurora Cannabis Inc., based in Edmonton, Alberta, Canada, is a prominent player in the global cannabis industry. The company is known for its high-quality cannabis products, which include a wide range of dried cannabis, cannabis oils, and capsules. Aurora is focused on both the medical and recreational cannabis markets and has established a strong international presence with multiple production facilities and sales operations across several countries. The company is dedicated to advancing the science of cannabis through substantial investments in biotechnology and research facilities.
• Canopy Growth Corporation
Headquartered in Smiths Falls, Ontario, Canopy Growth is one of the world’s largest cannabis companies. Initially focused on medical cannabis, Canopy has expanded to include a variety of cannabis-based products for both medical and recreational use. The company operates numerous state-of-the-art production facilities with a deep commitment to innovation and sustainability. Canopy Growth has also made significant inroads into the international market, establishing partnerships and subsidiaries in key regions around the globe.
• Cronos Group Inc
Cronos Group Inc., based in Toronto, Canada, is a globally recognised cannabis company. It is engaged in the production and sale of cannabis in federally legal jurisdictions, including a strong presence in the United States, Canada, and Germany. Cronos is focused on building disruptive intellectual property by advancing cannabis research, technology, and product development. With strategic alliances and acquisitions, Cronos aims to enhance its market position and capitalise on the evolving cannabis industry.
• Medical Marijuana, Inc.
Medical Marijuana, Inc. was the first publicly traded cannabis company in the United States. Based in San Diego, California, the company focuses on the development, sale, and distribution of hemp oil that is rich in cannabinoids. Its products are geared toward the health and wellness benefits of cannabidiol (CBD). Medical Marijuana, Inc. is also dedicated to investment and partnership opportunities to continually expand its footprint in the emerging cannabis markets across the globe.
• OrganiGram Holding Inc.
OrganiGram Holdings Inc., located in Moncton, New Brunswick, Canada, is a producer of high-quality medical and recreational cannabis. Known for its three-tiered growing system which maximises space and efficiency, the company focuses on producing indoor-grown cannabis. OrganiGram is committed to continuous innovation in its cultivation practices, production processes, and corporate governance. The company has established a strong market presence in Canada and is exploring international opportunities to extend its reach.
Other key players in the market include Terra Tech Corp., Tikun Olam Ltd., Tilray, Inc., VIVO Cannabis Inc., Medmen Enterprise Inc., Stenocare, GW Pharmaceuticals plc., Cannabis Sativa, Inc., and Trulieve.
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