Medical Cannabis Market is expected to reach US$ 49,116.4 million by 2028

Pain Management Segment to Grow at Faster CAGR During 2020–2028

According to our new research study Medical Cannabis Market Forecast To 2028 - Global Analysis by Product Type, Medical Application, and Compound” the medical cannabis market size is expected to reach US$ 49,116.4 million by 2028 from US$ 8,926.6 million in 2021; it is estimated to grow at a CAGR of 23.9% from 2021 to 2028.

The report highlights trends prevailing in the market, and the factors driving and hindering the medical cannabis market growth. The growth of the medical cannabis market is due to the rising acceptance for medicinal use of cannabis in developing countries, growing research on medicinal use of cannabis, and escalating government funding for spreading awareness and exploring medicinal benefits of cannabis. However, illegal use of cannabis as street drug and misconceptions regarding cannabis is expected to restrict the medical cannabis market growth during the forecast period.

Global Medical Cannabis Market, by Region, 2019 (%) 

Source: The Insight Partners Analysis

Based on medical application, the global medical cannabis market is segmented into pain management, neurological health management, mental health management, others. The pain management segment is likely to hold the largest share of the medical cannabis market in 2020. Moreover, the same segment is anticipated to register the highest CAGR in the medical cannabis market during the forecast period. Medical marijuana is increasingly being used as a popular alternative to conventional pain-relieving medications such as opioids. Cannabis helps to ease various types of chronic pain that usually arise from inflammation or nerve damage. According to the Centers for Disease Control and Prevention (CDC), chronic pain is one of the most common causes of long-term disability in the US. Various anecdotal evidence state that marijuana and its compounds help in relieving pain. Some of the common cannabis strains used for treating chronic pain include Cannabis sativa, Cannabis indica, and hybrids. Some of the research studies found that a significant reduction in pain was observed after using medical cannabis in patients suffering from neuropathy, non-migraine headaches, joint pain, and spasticity. Therefore, the growth of the medical cannabis market is primarily driven by the above-mentioned factors.    

Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc, Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc, Tikun Olam, Tilray, The Cronos Group, Canvory, among others are the leading companies operating in the global medical cannabis market. 

The report segments the medical cannabis market as follows:

Based on the product type, the medical cannabis market is categorized into flowers, concentrates, tablets, cannabis oil and topical ointments, capsules, and beverages and edibles. Based on medical application, the medical cannabis market is segmented pain management, neurological health management, mental health management, and others. Based on compound, the medical cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. Based on geography, the medical cannabis market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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