New York, United States , June 21, 2024 (GLOBE NEWSWIRE) -- The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.
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Medical cannabis is an herbal medication derived from cannabis plants that is used to treat a specific symptom or ailment. Cannabis includes a number of active chemicals, including THC (tetrahydrocannabinol) and CBD (cannabidiol), which have been shown to have potential therapeutic benefits. These qualities might include pain alleviation, inflammation reduction, anti-nausea effects, muscle relaxation, and hunger enhancement, among others. Medical cannabis is used to treat symptoms of chronic pain, epilepsy, multiple sclerosis, chemotherapy-induced nausea, and some mental health issues like anxiety and PTSD. It can be administered by numerous techniques, such as smoking, vaporization, oils, tinctures, capsules, foods, and topical applications. The worldwide medical cannabis market is expanding rapidly due to a number of factors. The increasing legalization of medical cannabis in numerous nations and states opens up chances for market expansion, allowing businesses to enter and operate legally. Furthermore, cannabis is becoming more widely accepted as a genuine type of treatment, resulting in a shift in perspective and greater demand for medical cannabis products. Patients and healthcare providers are becoming more aware of the health benefits of cannabis, particularly in managing chronic diseases, which is increasing demand. However, the global medical cannabis market has a number of barriers that prevent universal acceptability and accessibility. Legal restraints and complex regulatory systems in many areas impede its production, distribution, and prescription.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Cannabis Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Flower, Concentrates, Edible, Others), By Application (Chronic Pain, Arthritis, Migraine, Cancer, Diabetes, AIDS, Epilepsy, Parkinson’s Disease), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The concentrates segment is anticipated to hold the greatest share of the global medical cannabis market during the projected timeframe.
Based on the product type, the global medical cannabis market is classified into flower, concentrates, edible, and others. Among these, the concentrates segment is anticipated to hold the greatest share of the global medical cannabis market during the projected timeframe. Concentrates provide a strong and convenient way to take cannabis for medical purposes, with increased doses of cannabinoids such as THC or CBD. They can be ingested in a variety of ways, including vaping and dabbing, giving patients a variety of alternatives for controlling medical issues.
The chronic pain segment is anticipated to grow at the fastest pace in the global medical cannabis market during the projected timeframe.
Based on the application, the global medical cannabis market is divided into chronic pain, arthritis, migraine, cancer, diabetes, aids, epilepsy, and Parkinson’s disease. Among these, the chronic pain segment is anticipated to grow at the fastest pace in the global medical cannabis market during the projected timeframe. This development can be ascribed to the broad incidence of chronic pain globally, the limitations of conventional treatments, and the growing acceptance and legality of medical cannabis.
The hospital pharmacies segment had the highest revenue share during the projection period.
Based on the distribution channel, the global medical cannabis market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the hospital pharmacies segment had the highest revenue share during the projection period. Hospital pharmacies are frequently outfitted with strong quality control systems and manned by qualified specialists who can ensure that medical cannabis is properly administered to patients. Furthermore, patients may feel more comfortable getting medical cannabis from a hospital setting because of the perceived legitimacy and expertise associated with these organizations.
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North America is expected to hold the largest share of the global medical cannabis market over the forecast period.
North America is expected to hold the largest share of the global medical cannabis market over the forecast period. This dominance is attributable to early legalization attempts in many states and provinces, substantial investments in research and production facilities, expanding regulatory frameworks and growing public acceptance of medical cannabis. With a well-established healthcare infrastructure and increased support from healthcare experts, North America remains a crucial hub for the medical cannabis sector, driving significant revenue and market expansion in the near future.
Asia Pacific is predicted to grow at the fastest pace in the global medical cannabis market during the projected timeframe. This expansion can be due to several factors such as increasing acceptance of medical cannabis, developing legal frameworks, raising awareness about the potential therapeutic advantages of cannabis, and expanding research and development activities in the region. Furthermore, factors such as the vast population base and increased frequency of chronic conditions lead to demand for medical cannabis products, fueling market expansion in the Asia Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the global medical cannabis market include Aurora Cannabis Inc., MedReleaf Corp., TerrAscend Corp, Canopy Growth Corporation, GW Pharmaceuticals, Akumentis Healthcare Ltd., Hexo Corp., Insys Therapeutics Inc., Medical Marijuana Inc., Cardiol Therapeutics, Harvest Health & Recreation, Inc., CannTrust Holdings Inc., Aphria Inc., and Others.
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Recent Developments
In March 2023, Irwin Naturals Inc., known for its high-quality vitamins, supplements, and CBD products, launched CBD 25mg Softgels in Canada. These soft gels are now available countrywide via the Starseed Medical Medical Group portal. Irwin Naturals Cannabis plans to market the first of five CBD and THC products across Canada in the coming months as part of a licensing arrangement with Entourage Health Corp.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global medical cannabis market based on the below-mentioned segments:
Global Medical Cannabis Market, By Product Type
- Flower
- Concentrates
- Edible
- Others
Global Medical Cannabis Market, By Application
- Chronic Pain
- Arthritis
- Migraine
- Cancer
- Diabetes
- AIDS
- Epilepsy
- Parkinson’s Disease
Global Medical Cannabis Market, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Howitzer Systems Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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