Medical Cannabis Market, By Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), By Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) By Therapeutic Application (Pain, Arthritis, Neurological Disease and Other) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI133419 | Publish Date: March 2024 | No. of Pages: 178

Global Medical Cannabis Market By Overview

Medical Cannabis Market was valued at US$ 20.1 Billion in 2024 and is projected to grow at a CAGR of 22.40% to reach US$ 150.9 Billion by 2034.

[PDF] Medical Cannabis is used to treat and cure diseases and their symptoms. It is also known by the name of Medical Marijuana. Particular strains like Delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used for the treatment of certain health disorders, pain management, blood pressure, sensory stimulus and seizures.

The increasing legalization in the use and acceptability of medicinal cannabis in certain nations are continuously leading to the growth of the target market. Numerous businesses are getting proactive and launching steps to fully legalize cannabis. The number of American states have legalized the substance in recent years for either medicinal or recreational use. More people are able to use cannabis for therapeutic or recreational purposes as a result, eventually leading to the strengthening of the target market. Thereby, the legalization of cannabis is anticipated to spur the expansion of the Medical Cannabis Market growth.

Global Medical Cannabis Market By Drivers & Restraints

Increasing legalization of cannabis in medicines

Several developing nations have started legalizing the use of cannabis for the purpose of therapeutics and medicines, which in turn is leading to the growth of the target market. Numerous businesses and organizations are also taking measures to spread awareness as well as launching steps to fully legalize medicinal cannabis. As a result, there has been an upsurge in the growth of the Medical Cannabis Market.

For instance, according to The New Indian Express, in 2017, Uttarakhand in India was the first state to legalize cultivation of cannabis.

In April 2023, according to (The New Indian Express) the state government of Himachal Pradesh in India is contemplating to legalize cannabis cultivation. It has been reported that the members of panel will look out for certain factors like how will it be cultivated and who will be allowed to cultivate it, and for what all medical purposes will it be used.

Increased use of medical cannabis

As more nations have legalized the use of cannabis for a variety of purposes, there has been a progressive increase in the acceptability and usage of medical cannabis. Three medical conditions—Lennox-Gastaut syndrome, Dravet syndrome, and uncommon and severe types of epilepsy—as well as the treatment of spasticity in Multiple Sclerosis (MS) have been given FDA (Food and Drug Administration) approval for Medical Cannabis usage. As a result, more and more people are using Medical Cannabis which in turn, is leading to boost the demand for Medical Cannabis Market growth.

For instance, the FDA (Food and Drug Administration) recently approved a Cannabidiol drug named – “Epidiolex”. It is used for the treatment in patients aged around 12 months and older. Similarly, there has been numerous development of cannabidiol drugs like Marinol (a synthetic tetrahydrocannabinol (THC)), Sativex (a combination of THC and CBD), Cesamet (similar to THC).

Restrains:

The Medical Cannabis market faces challenges related to the high-cost of purchasing as well as the demand for premium quality. Medical Cannabis devices and treatment are itself pricey which makes it difficult for patients and healthcare institutions, especially in low-income areas, to acquire medicinal cannabis therapies which in turn, restrain the market growth. The availability of medicinal cannabis therapies through insurance are also sometimes restricted, which further hinders its uptake. As a result, this is a critical factor which becomes a barrier to the growth of the Medical Cannabis Market.

Global Medical Cannabis Market By Segmentations & Regional Insights

Medical Cannabis Market - segmentation

Medical Cannabis market is segmented based on Point of Sale, By Active Ingredient, By Therapeutic Application and By Region.

Point of Sale Insight

On the basis of Point of Sale, Medical Cannabis market is segmented into Dispensaries, Online Pharmacy, and Hospital Pharmacy.

Active Ingredient Insights

On the basis of Active Ingredient, the Medical Cannabis Market is segmented Tetrahydrocannabinol (THC) and Cannabidiol (CBD). Tetrahydrocannabinol (THC) active ingredient segment is expected to dominate the market growth as it is the main active ingredient found in medicinal cannabis.

Ingredient Type Insights

On the basis of Therapeutic Application, the Global Medical Cannabis Market is segmented into Pain, Arthritis, Neurological Disease and Other. Pain ingredient type segment is expected to dominate the market growth as Medical Cannabis has been proved and considered safe for treating patients with neuropathic pain and chronic pain, according to studies of diverse research.

Regional Insights:

On the basis of region, the Medical Cannabis Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American market is estimated to witness significantly high revenue share over the forecast period owing to increasing rate of legalization of the drug, awareness of the people involved in the use of cannabis for therapeutic and treatment purposes, growing research and development activities, is anticipated to increase the demand for Medical Cannabis in the region.

Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 – 2034

Market Segmentation

By Point of Sale - Dispensaries, Online Pharmacy, and Hospital Pharmacies.

By Active Ingredient - Tetrahydrocannabinol (THC) and Cannabidiol (CBD).

By Therapeutic Application - Pain, Arthritis, Neurological Disease and Other.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 – 2034. For the purpose of this study, has segmented the Medical Cannabis market report based on Point of Sale, Active Ingredient, Therapeutic Application, and region:

Medical Cannabis market, By Point of Sale:

  • Dispensaries
  • Online Pharmacy
  • Hospital Pharmacies

Medical Cannabis market, By Active Ingredient:

  • Tetrahydrocannabinol (THC)
  • Cannabidiol (CBD)

Medical Cannabis market, By Therapeutic Application:

  • Pain
  • Arthritis
  • Neurological Disease
  • Other

Medical Cannabis market, By Region:

  • North America
    • Middle East & Africa
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa
    • Latin America
        • Brazil
        • Mexico
        • Rest of Latin America
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Europe
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • U.S.
    • Canada

Recent Development:

  • In June 2018, GW Pharmaceuticals plc received an FDA (Food and Drug Administration) approval for their manufactured Cannabidiol drug – “Epidiolex”. It is used for the treatment of seizures caused by Lennox-Gastaut syndrome, Dravet syndrome, or Tuberous sclerosis complex in patients aged around 12 months and older. Epidiolex can be raised up to a maximum suggested maintenance dosage of 10 mg/kg twice day depending on individual clinical response and tolerability.
  • In July 2017, the first FDA (Food and Drug Administration) -approved liquid dronabinol named – “Syndros” was launched. Syndros is a liquid version of dronabinol. It was also observed to have less absorption time and was also easy to swallow. It is a prescription medicine, used in adults to treat nausea and vomiting caused due to anti-cancer medicine or chemotherapy and also to treat loss of appetite in people with AIDS.

Global Medical Cannabis Market By Competitive Landscape & Key Players

The key players operating the Medical Cannabis market include, Trilay, BOL Pharma, Medreleaf Corporation, Canopy Growth Corporation, Aurora Cannabis, Inc., Aphria, Inc., Insys Therapeutics, Inc., GW Pharmaceuticals, Plc., MGC Pharmaceuticals, and Medical Cannabis Inc., and others

Global Medical Cannabis Market By Company Profile

  • Trilay *
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BOL Pharma
  • Medreleaf Corporation
  • Canopy Growth Corporation
  • Aurora Cannabis, Inc.
  • Aphria, Inc.
  • Insys Therapeutics, Inc.
  • GW Pharmaceuticals Plc.
  • MGC Pharmaceuticals
  • Medical Cannabis Inc

“*” marked represents similar segmentation in other categories in the respective section

FAQs

The Medical Cannabis market is segmented into Point of Sale, Active Ingredient, Therapeutic Application, and region.

The Medical Cannabis market is driven by factors like increased legalization of cannabis in medicines and increased use of medical cannabis.

By region, the Medical Cannabis market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American market is estimated to witness a significantly high revenue share over the forecast period.

The key players operating the Medical Cannabis market includes, Trilay, BOL Pharma, Medreleaf Corporation, Canopy Growth Corporation, Aurora Cannabis, Inc., Aphria, Inc., Insys Therapeutics, Inc., GW Pharmaceuticals, Plc., MGC Pharmaceuticals, and Medical Cannabis Inc., and others.

Medical Cannabis Market was valued at US$ 20.1 Billion in 2024 and is projected to grow at a CAGR of 22.40% to reach US$ 150.9 Billion by 2034.