Medical Cannabis Market at a Highest CAGR of 22.12% by 2030
Medical Cannabis Market, by Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (Alzheimer’s Disease, Appetite Loss, Cancer, Inflammatory Bowel Diseases, Eating Disorders, Epilepsy, Autism, Mental Health Conditions, Multiple Sclerosis, Pain Management, Nausea, Muscle Spasms, Wasting Syndrome (Cachexia), Elevate Mood, Depression and Sleep Disorders, Anxiety, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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Market Overview
The Medical Cannabis market size was estimated at USD 16.85 billion in 2023 and is projected to reach USD 68.26 billion in 2030 at a CAGR of 22.12% during the forecast period 2023-2030.
Medical Cannabis refers to the use of the cannabis plant of its derivatives, such as cannabinoids like THC and CBD, for medical purposes. It is used to treat various conditions, like chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy and many more. Its legality and availability vary by country and region. The two main active compounds in cannabis are tetrahydrocannabinol (THC) and cannabidiol (CBD), each of which has distinct effects on the body.
Medical cannabis can be administered through various methods such as smoking, vaping, edibles, oil and tinctures, topicals, capsules, etc. However, it is important to note that while medical cannabis holds potential benefits, its not without risks. Side effects can include dizziness, dry mouth, impaired cognitive function, and in some cases, increased anxiety or paranoia. Additionally, its legality and regulations vary widely around the world, with some places allowing medical use under strict conditions and others not permitting it at all.
The medical cannabis market is expected to grow significantly in the forecast period driven by factors such as the increasing legalization of medical cannabis in various countries, rising prevalence of chronic diseases and development of new medical cannabis products and delivery methods. However, the medical cannabis market also faces certain challenges that could hinder its growth. Such factors include, regulatory uncertainty, lack of scientific evidence and negative public perception.
The COVID-19 pandemic has had a mixed impact on the medical cannabis market. It has led to increased demand for medical cannabis products due to increased stress and anxiety and increased access to medical cannabis. However, the pandemic has also had some negative impact on the medical cannabis market such as disruption of supply chains and businesses in the medical cannabis industry experiencing financial difficulties. Moreover, certain governments imposed stricter regulations on the medical cannabis industry during the pandemic.
Delvens Industry Expert’s Standpoint
The medical cannabis market is expected to grow during the forecast period. This growth can be attributed to various factors. Firstly, as of 2023, medical cannabis is legal in over 30 countries around the world, and this number is expected to grow in the coming years. This is due to the growing research that supports the use of medical cannabis for a variety of conditions, including chronic pain, nausea, seizures and anxiety. Moreover, the medical cannabis industry ins rapidly evolving, and new products and delivery methods are being developed all the time. This is making medical cannabis more accessible and convenient for patients, and it is also opening up new treatment possibilities. However, certain factors might hamper the growth of the market during the forecast period. The demand for medical cannabis is growing faster than the supply, which could lead to shortages in the future. This could drive up prices and make medicinal cannabis less accessible to patients. Moreover, synthetic alternatives to medical cannabis are being developed, and these could pose a threat to the industry.
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Key Findings
Based on product, the market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, masks & serum, cleanser, and others. The flowers dominated the market in this segment. This is owing to the higher availability and huge consumer base for flower-based marijuana.
Based on derivatives, the market is bifurcated into Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabigerol (CBG), Cannabichromene (CBC), Cannabinol (CBN), Cannabicyclol (CBL), Others. The cannabidiol (CBD) dominated the market in this segment. This is due to wide range of application of cannabidiol in medical conditions such as seizure disorder or epilepsy, anxiety, pain, muscle disorder, Crohn’s disease, and Parkinson’s.
Based on route of administration, the market is segmented into oral solutions and capsules, inhalation (smoking, vaporizers), topicals, others. Inhalation dominated the market in this segment. Inhalation offers immediate effect and is the most widely used and effective method of consumption.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, recreational legalization of marijuana began in 2012 in the US. As of 2022, various states, two territories and the district of Columbia have legalized it for recreational purposes.
Regional Analysis
North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period due to the increasing investment in medical cannabis.
Moreover, the legalization of cannabis in various countries in North America allows the region to dominate the market during the forecast period.
Competitive Landscape
Aurora Cannabis
BARNEY’S FARM
CANNABIS SEEDS USA
CANOPY GROWTH CORPORATION
Cresco Labs
EcoGen Biosciences
Elixinol Global Limited
ENDOCA
Extractas
FOLIUM BIOSCIENCES
HEXO Corp. (Zenabis Global Ltd)
HUMBOLDT SEED COMPANY
JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc)
Medical Marijuana, Inc.
MediPharm Labs Inc.
Peace Naturals Project Inc.
PharmaHemp
Seed Cellar
Seeds For Me
Tilray
World Class Cannabis Seeds (Crop King Seeds)
Recent Developments
In August 2023, White Earth Nation Launches Medical Cannabis Program & Adult-Use Cannabis Sales becoming one of the first dispensaries to legally sell Adult-Use marijuana in Minnesota.
In Feb 2023, BOHECO introduces India’s first line of clinically trialled medical cannabis products. The company plans to provide hemp-based wellness by introducing clinically tested and research backed medical cannabis products.
Reasons to Acquire
Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
Gain authentic and granular data access for the Medical Cannabis Market to understand the trends and the factors involved in changing market situations.
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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