Medical Cannabis Market Size, Share, Growth Analysis, By Application (Pain Management, Others), By Type (Flower, Concentrates), By Distribution Channel (Pharmacies, Online Retailers), By Region - Industry Forecast 2024-2031

Global Medical Cannabis Market size was valued at USD 14.50 billion in 2022 and is poised to grow from USD 17.76 billion in 2023 to USD 90.07 billion by 2031, growing at a CAGR of 22.50% in the forecast period (2024-2031).

The legalization of medical marijuana in various countries is driving its cultivation, which is expected to reduce imports and generate tax revenue. Governments worldwide are supporting the expansion of medical cannabis. For example, in January 2022, the Delhi High Court clarified that while cannabis use remains largely illegal in India, it is allowed for medical and scientific purposes. Research has consistently shown that medical cannabis is effective in managing chronic pain and is often safer than many alternative treatments. It offers a cost-effective, natural solution with minimal side effects. Ongoing studies on the efficacy of medical marijuana for chronic pain are anticipated to significantly influence market growth. For instance, a May 2022 report noted that 26% of adults in the United Kingdom suffer from chronic pain, highlighting the increasing need for effective treatment options. The rising prevalence of chronic pain has prompted extensive research into cannabis as a treatment. Factors such as continuous research, demonstrated medical benefits, legalization, and advancements in intellectual property rights are all contributing to the expected growth of the medical cannabis market. As these elements evolve, they are likely to drive further expansion in the sector.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Medical Cannabis market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Medical Cannabis Market Segmental Analysis

Global Medical Cannabis Market is segmented based on type, application and region. Based on type, the market is segmented into Flower, Concentrates [Shatters, Wax, Dabs, Oils, Other Concentrates], Others [Capsules, Topicals, Edibles & Beverages]. Based on application, market is segmented into Cancer, Pain Management [Neuropathic, Inflammatory], Neurological Health Management [Sclerosis, Epilepsy, Alzheimer's Disease, Parkinson's Disease, Huntington's Disease, Other Diseases], Mental Health Management [Post Traumatic Stress Disorder (PTSD), Depression, Anxiety, ADHD, Others], Others. Based on compound, the market is segmented into THC-Dominant, CBD-Dominant, Balanced THC & CBD. Based on distribution channel, the market is segmented into Dispensaries, Pharmacies, Online Retailers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Medical Cannabis Market

Cannabis has recently been approved for the treatment of various conditions, including nausea and vomiting induced by chemotherapy, restlessness, muscle tension, and chronic pain. Many companies are rapidly advancing their research into therapeutic cannabis and hemp. In states where cannabis is legal, edibles containing CBD and THC are becoming increasingly popular, as are infused beverages among both consumers and investors. Despite this growth, the complex regulatory process for cannabis approval may pose challenges to industry expansion. Nevertheless, the medicinal benefits of cannabis and the gradual legalization of cannabis capsules offer significant potential for market growth.

Restraints in the Global Medical Cannabis Market

Cannabis capsules are designed to provide precise and measured doses of cannabis-based medications. This controlled dosage ensures accurate administration and consistent effects, making them an appealing option for medical treatments. The potential to address various conditions, including Alzheimer's disease, cancer, epilepsy, glaucoma, PTSD, and muscle spasms, contributes to the growing global demand for these calibrated cannabis capsules. Their ability to effectively manage such diverse health issues makes them highly desirable across different regions.

Market Trends of the Global Medical Cannabis Market

The market for cannabis-based products is expanding rapidly, with a growing array of options including oils, tinctures, capsules, and topical creams. This broadening product range is driving market growth and appealing to a diverse patient base. As the variety of cannabis products increases, it attracts a broader spectrum of consumers and medical users, further fueling market expansion. The availability of different formats caters to varying patient preferences and therapeutic needs, contributing to the overall growth of the cannabis market.