Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives

Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "Medical Cannabis Market Report: Trends, Forecast and Competitive Analysis to 2030" report has been added to's offering.

The global medical cannabis market is expected to reach an estimated $19.5 billion by 2030 with a CAGR of 16.8% from 2024 to 2030.

The major drivers for this market are increasing legalization and acceptance of medical cannabis, growing awareness of the therapeutic benefits of medical cannabis, and technological advancements in the cultivation and processing of medical cannabis. The future of the market looks promising with opportunities in the pharmaceutical and research & development center markets.

The study includes a forecast for the global medical cannabis by product type, application, end use, and region.

Medical Cannabis Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:

  • Buds/Marijuana Flower
  • Cannabis Extracts

Cannabis extract is expected to witness the highest growth over the forecast period due to rise in preference for cannabis extracts such as oils and tinctures, legalization of marijuana for treatment of various chronic diseases, and new launches of cannabis extract products.

Medical Cannabis Market by Application [Shipment Analysis by Value from 2018 to 2030]:

  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others

Medical Cannabis Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

  • Pharmaceutical
  • Research & Development Centers

Medical Cannabis Market by Region [Shipment Analysis by Value from 2018 to 2030]:

  • North America
  • Europe
  • Asia Pacific
  • The Rest of the World

APAC is expected to witness highest growth over the forecast period due to growth in the use of medical cannabis in research and development for the purpose of drug discovery, an increase in the prevalence of chronic illnesses like cancer and osteoarthritis, and a rise in public knowledge of the advantages of medical cannabis.

List of Medical Cannabis Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies medical cannabis companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the medical cannabis companies profiled in this report include:

  • Tikun Olam
  • Terra Tech
  • Aurora marijuana
  • Tilray
  • Medical Marijuana
  • VIVO Cannabis
  • Canopy Growth
  • Maricann
  • Cronos
  • OrganiGram

Features of the Global Medical Cannabis Market

  • Market Size Estimates: Medical cannabis market size estimation in terms of value ($B).
  • Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
  • Segmentation Analysis: Medical cannabis market size by product type, application, end use, and region in terms of value ($B).
  • Regional Analysis: Medical cannabis market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
  • Growth Opportunities: Analysis of growth opportunities in different product type, application, end use, and regions for the medical cannabis market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape of the medical cannabis market.
  • Analysis of competitive intensity of the industry based on Porter's Five Forces model.

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