Global Medical Cannabis Market Insights Forecasts to 2033

• The Global Medical Cannabis Market Size was Valued at USD 17.60 Billion in 2023
• The Market Size is Growing at a CAGR of 21.30% from 2023 to 2033
• The Worldwide Medical Cannabis Market Size is Expected to Reach USD 121.33 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Medical Cannabis Market Size is Anticipated to Exceed USD 121.33 Billion by 2033, Growing at a CAGR of 21.30% from 2023 to 2033.

Market Overview

Medical cannabis is an herbal medication derived from cannabis plants that is used to treat a specific symptom or ailment. Cannabis contains various active compounds, notably THC (tetrahydrocannabinol) and CBD (cannabidiol), which have been found to have potential medicinal properties. These properties may include pain relief, reduction of inflammation, Anti-nausea effects, muscle relaxation, and improvement in appetite, among others. Medicinal cannabis is used to manage symptoms associated with conditions such as chronic pain, epilepsy, multiple sclerosis, chemotherapy-induced nausea, and certain mental health disorders like anxiety and PTSD. It can be administered through various methods including smoking, vaporization, oils, tinctures, capsules, edibles, and topical applications. The medicinal cannabis market includes the cultivation, production, and distribution of cannabis products for medical use. This market offers medicinal cannabis treatments to patients via approved dispensaries and pharmacies. Cannabidiol oils, medical marijuana, and other cannabis-based medicines recommended to treat chronic pain, epilepsy, nausea, and mental health disorders are among the market's primary items. This market aims to investigate and create cannabis-based medicines that are both safe and effective. According to American Veterinary Medical Associates (June 2024), the United States Department of Justice has initiated the process of rescheduling cannabis from a highly restricted Schedule I narcotic to a less strictly regulated Schedule III controlled substance.

Report Coverage

This research report categorizes the market for the global medical cannabis market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global medical cannabis market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global medical cannabis market.

Driving Factors

The global medical cannabis market is experiencing significant growth driven by several key factors. The increasing legalization of medical cannabis in various countries and states provides opportunities for market expansion, allowing companies to enter and operate legally. Moreover, there's a growing acceptance of cannabis as a legitimate form of medicine, leading to a shift in perception and increased demand for medical cannabis products. Awareness of the health benefits of cannabis, particularly in managing chronic conditions, is also driving demand among patients and healthcare providers. Ongoing research into the therapeutic uses of cannabis compounds is expanding the range of medical applications and product offerings. Additionally, the development of legal frameworks and distribution channels, along with investment from traditional pharmaceutical companies and cannabis-specific firms, is fueling market competition and innovation. Patient preference for natural remedies further boosts demand for medical cannabis. Regulatory changes, including the implementation of medical cannabis programs in new regions, create additional opportunities for market expansion.

Restraining Factors

Global medical cannabis faces several restraining factors that hinder its widespread acceptance and accessibility. Legal constraints and complex regulatory frameworks in many areas impede its manufacture, distribution, and prescription. Among healthcare practitioners and patients stems from the negative cultural stigma associated with cannabis usage, as well as a lack of extensive research on its efficacy and safety. Furthermore, limited insurance coverage, heterogeneity in strength and quality, potential drug interactions, and a lack of regulated dose all hamper its use in medical settings. Furthermore, insufficient physician expertise and access limitations present obstacles for individuals seeking medicinal cannabis treatment.

Market Segmentation

The global medical cannabis market share is classified into product type, application, and distribution channel.

• The concentrates segment dominates the market with the largest market share through the forecast period.

Based on the product type, the global medical cannabis market is categorized into flower, concentrates, edible, and others. Among these, the concentrates segment dominates the market with the largest market share through the forecast period. Concentrates offer a potent and convenient way to consume cannabis for medical purposes, often containing higher levels of cannabinoids like THC or CBD. They can be consumed through various methods such as vaping or dabbing, providing patients with diverse options for managing medical conditions. This trend emphasizes the importance of product diversification and innovation in meeting the evolving needs and preferences of medical cannabis consumers.

• The chronic pain segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the application, the global medical cannabis market is categorized 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 CAGR growth through the forecast period. This growth can be attributed to the widespread prevalence of chronic pain worldwide, the limitations of conventional treatments, and the increasing acceptance and legalization of medical cannabis. Advances in cultivation, product development, and regulatory frameworks further support the expansion of cannabis-based therapies for chronic pain management.

• The hospital pharmacies segment accounted for the largest revenue share through the forecast 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 accounted for the largest revenue share through the forecast period. Hospital pharmacies are often equipped with stringent quality control measures and are staffed by trained professionals who can ensure the proper dispensation of medical cannabis to patients. Furthermore, patients may feel more comfortable obtaining medical cannabis from a hospital setting due to the perceived legitimacy and expertise associated with these institutions. This trend also suggests a growing acceptance of medical cannabis within the healthcare system, as evidenced by its integration into hospital pharmacy channels.

Regional Segment Analysis of the Global Medical Cannabis Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global medical cannabis market over the predicted timeframe.

North America is projected to hold the largest share of the global medical cannabis market over the forecast period. This dominance is attributed to early legalization efforts in various states and provinces, significant investments in research and production facilities, evolving regulatory frameworks, and growing public acceptance of medical cannabis. With a well-established healthcare infrastructure and increasing support from healthcare professionals, North America stands as a key hub for the medical cannabis industry, driving substantial revenue and market expansion in the foreseeable future.

Asia Pacific is expected to grow at the fastest CAGR growth of the global medical cannabis market during the forecast period. This growth can be attributed to various factors such as increasing acceptance of medical cannabis, evolving regulatory frameworks, rising awareness about the potential therapeutic benefits of cannabis, and growing research and development activities in the region. Additionally, factors like the large population base and rising prevalence of chronic diseases contribute to the demand for medical cannabis products, further propelling market growth in the Asia Pacific region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the medical cannabis 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.

List of Key Companies

• 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.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2024, Akumentis Healthcare Ltd launched the Clasepi medication (cannabis plant-based medicine) to the market to treat seizures in toddlers. The drug, licensed by the Drug Controller General of India, is designed specifically to treat seizures caused by Lennox-Gastaut Syndrome, Dravet Syndrome, or Tuberous Sclerosis Complex.

• In April 2023, PharmaCielo, a Canadian farmer and producer of dried flower and medicinal-grade cannabis extracts, collaborated with CANNPRISMA - PHARMA, a Portuguese contract manufacturing organization. The partnership aimed to offer high-quality EU-GMP1-certified medicinal cannabis flowers to the European market.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the 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 Medical Cannabis Market, By 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