Medical Cannabis Market 2024 | Size, Trends, Growth, Opportunity and Forecast to 2032
IMARC Group, a leading market research company, has recently releases report titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global medical cannabis market trends, share, size and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the medical cannabis market?
The global medical cannabis market size reached US$ 34.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 66.7 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032.
Factors Affecting the Growth of the Medical Cannabis Industry:
- Changing Regulatory Landscapes:
The evolving regulatory environment surrounding medical cannabis represents one of the key factors driving the market growth. The relaxation of cannabis laws and the increasing legalization of medical cannabis in various countries and regions are opening new markets and removing barriers to access. For instance, the legalization of medical cannabis in multiple U.S. states, Canada, and several European countries is creating a conducive environment for the market growth. As more governments recognize the potential therapeutic benefits of cannabis, regulatory frameworks are adapting to accommodate medical use, providing a platform for the industry to flourish.
- Increasing Recognition of Medical Cannabis Benefits:
The market is also driven by the growing recognition of the medical benefits of cannabis. Medical cannabis, particularly compounds like cannabidiol (CBD) and tetrahydrocannabinol (THC), has shown promise in alleviating symptoms associated with various medical conditions, including chronic pain, epilepsy, multiple sclerosis, and cancer-related side effects. As more scientific research and clinical trials demonstrate the efficacy of medical cannabis, healthcare professionals and patients are becoming more open to its use as a complementary or alternative therapy. This heightened awareness and acceptance are driving increased demand for medical cannabis products.
- Growing Investment and Research:
The rise in investment and research within the medical cannabis industry is also acting as a major growth-inducing factor. The substantial influx of capital from investors and pharmaceutical companies is fueling the development of new cannabis-based pharmaceuticals and innovative medical cannabis products. This investment is also driving research into the various strains, formulations, and delivery methods, thus aiming to optimize therapeutic effects and safety. Additionally, the establishment of dedicated research institutions and collaborations between academia and industry are further advancing our understanding of medical cannabis and its potential applications. This research-driven approach is enhancing the credibility and legitimacy of medical cannabis within the healthcare and pharmaceutical sectors.
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Medical Cannabis Market Report Segmentation:
Breakup By Species:
- Indica
- Sativa
- Hybrid
Indica is the largest species segment in the medical cannabis market due to its higher CBD (cannabidiol) content, which is associated with therapeutic properties such as pain relief, relaxation, and anxiety reduction, thus making it a preferred choice for medical applications.
Breakup By Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Tetrahydrocannabinol (THC) is the largest derivatives segment in the market as it has well-established psychoactive properties that are used for various medical purposes, including pain management, appetite stimulation, and nausea control, thus making it a significant component of medical cannabis formulations.
Breakup By Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Cancer is the largest application segment in the medical cannabis market due to the potential of medical cannabis to alleviate cancer-related symptoms, such as pain, nausea, and loss of appetite, as well as its emerging role in cancer treatment and symptom management.
Breakup By End Use:
- Pharmaceutical Industry
- Research and Development Centres
- Others
The pharmaceutical industry is the largest end-use segment in the market due to the growing interest in researching and developing cannabis-derived pharmaceutical drugs for various medical conditions, thus leading to increased collaboration and investment in this sector.
Breakup By Route Of Administration:
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
Oral solutions and capsules are the largest route of administration segment in the market as they offer precise dosing, ease of consumption, and a discreet and familiar method of delivering medical cannabis, particularly appealing to patients and healthcare professionals.
Breakup By Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
North America is the largest region in the medical cannabis market due to the widespread legalization of medical cannabis in various U.S. states and Canada, which is leading to a well-established market infrastructure and a growing patient population seeking medical cannabis treatments.
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Global Medical Cannabis Market Trends:
The increasing acceptance and legalization of medical cannabis in various countries and states are driving the market growth across the globe. The growing medical research into the therapeutic properties of cannabis compounds like CBD and THC is leading to the development of novel medical cannabis-based treatments. There’s a trend towards a wider variety of medical cannabis products, including oral solutions, capsules, topicals, and even pharmaceutical-grade formulations, thus catering to different patient needs.
The widespread adoption of telemedicine and online sales platforms for medical cannabis consultations and product purchases is increasing accessibility for patients. Patients are becoming more educated about medical cannabis, which is leading to better-informed decisions and potentially expanding the patient base. The increasing investment and consolidation in the industry indicate its growing maturity and the potential for further expansion.
Leading Companies Operating in the Global Medical Cannabis Industry:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United Cannabis Corporation
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