Medical Cannabis Market Opportunities and Forecast by 2031
The medical cannabis market size is projected to reach US$ 97.20 billion by 2031 from US$ 16.56 billion in 2023. The market is expected to register a CAGR of 28.8% during 2023–2031. Lifestyle changes will likely remain a key trend in the market.
Medical Cannabis Market Analysis
The increasing number of approvals for medical cannabis products, 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 are the key driving factors behind the market development. Furthermore, the growing demand for Cannabis during COVID-19 is a crucial opportunity for the medical cannabis market players.
Medical Cannabis Market Overview
The medicinal potential of Cannabis has attracted various researchers and companies to use Cannabis in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly being used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as nabilone (Cesamet) and dronabinol (Marinol) that are prescribed for the treatment of nausea in patients receiving chemotherapy; these drugs are also prescribed to stimulate appetite in patients with wasting syndrome developed as one of the indications in AIDS. Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug that has been commercialized in Canada, and the UK and a few European countries. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied for approval to produce and commercialize Mentabinol for Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act.
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Medical Cannabis Market: Strategic Insights
Market Size Value in US$ 8,926.6 million in 2020 Market Size Value by US$ 49,116.4 million by 2028 Growth rate CAGR of 23.9% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2020
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Medical Cannabis Market: Strategic Insights
| Market Size Value in | US$ 8,926.6 million in 2020 |
| Market Size Value by | US$ 49,116.4 million by 2028 |
| Growth rate | CAGR of 23.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
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Medical Cannabis Market Drivers and Opportunities
Growing Research on Medicinal Use of Cannabis
With the legalization of Cannabis in many European countries, cannabis producers are increasingly emphasizing on coming up with quick and accurate means to determine the quality and potency of their products. The use of Cannabis is propelling the demand for efficient cannabis testing processes, which has been boosting research activities in the region. The parliament of the European Union (EU) is aiming to propose an EU-wide policy for medical Cannabis, based on well-funded scientific research; the Members of the European Parliament (MEPs) resolved the medicinal use of Cannabis in February 2019, with a main purpose to make a clear distinction between medical and other uses of these plants. However, no EU country authorizes the smoking or home-growing of Cannabis for medicinal purposes. At the same time, the WHO has made an official recommendation to deny the classification of CBD as a controlled substance. Nevertheless, the EU has no universal rules for the medical or recreational use of Cannabis in the region. Cannabis or cannabinoids help stimulate appetite and alleviate mental disorders such as epilepsy, asthma, cancer, and Alzheimer's; however, more research is needed in these fields. The primary objective of the European Parliament is to address research gaps in medical Cannabis in the region and to promote seizing of the potential of cannabis-based medicines in their member states.
Growing Demand for Cannabis During COVID-19
As per the Worldometer data, the global count of COVID-19 cases has reached ~138 million, with a total death count of 2.9 million, as of April 15, 2021. Researchers are exploring numerous possible treatment options, including existing drugs. Researchers are looking into numerous options for possible treatment, including existing drugs. They have found that medical Cannabis can be used in the treatment of COVID-19. According to Medical Cannabis Network, by HEALTH EUROPA, “researchers at the University of Miami would be conducting an anonymous survey to obtain from medical cannabis patients regarding their mental health and physical health, as well as examining changes in patient’s frequency of use of cannabis, dosage, and route of administration based on COVID-19-related closures and updates.” Further, as per an article posted by the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) in May 2020, Cannazon, a market devoted to cannabis products, sold cannabis worth ~US$ 4.83 million (EUR 4.3 million) from January 2020 to March 2020, representing 1.6 metric tons of Cannabis, in terms of volume. Thus, the rising urge to control the COVID-19 pandemic is boosting the demand for medical Cannabis, thereby providing opportunity for the medical cannabis market players.
Medical Cannabis Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical cannabis market analysis are type, delivery, and application.
- Based on product type, the medical cannabis market is segmented into flowers, concentrates, tablets, cannabis oil and topical ointments, capsules, and beverages and edibles. The flowers segment held a most significant market share in 2023.
- Based on medical application, the medical cannabis market is segmented into pain management, neurological health management, mental health management, and others. The pain management segment held a most significant market share in 2023.
- Based on medical compound, the medical cannabis market is segmented by Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC and CBD. The Tetrahydrocannabinol (THC)-Dominant segment held a largest market share in 2023.
Medical Cannabis Market Share Analysis by Geography
The geographic scope of the medical cannabis market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US medical cannabis market holds the region's largest share. The US is the largest and fastest-growing country in the North American region for the medical cannabis market. US is dominating the medical cannabis market due to legalization and appeal of Cannabis products. The growth of this market is primarily driven by public awareness regarding to medical Cannabis, increasing number of research and collaboration to explore innovative therapeutic applications, In addition, Legalization of medical Cannabis, along with public and private awareness programs, will fuel the growth of market. For instance, Medical Cannabis is legalized in 36 states in the US for medical use of Cannabis.
According to the recent research on Cannabis of the American Cancer Society, the study of patients with advanced cancer with pain refractory to opioids found that patients receiving low and medium doses of Cannabis reported improved analgesia compared with placebo and experimentally helped to release the chronic pain of patients. The growth of the U.S. legal Cannabis industry, valued at $13.6 billion in 2019, generated nearly 340,000 jobs devoted to handling plants, according to the Economics of cannabis trade.
Medical Cannabis Market Report Scope
Medical Cannabis Market News and Recent Developments
The Medical Cannabis Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical cannabis market are listed below:
- Tilray Medical, a division of Tilray Brands, Inc. ("Tilray Brands") (NASDAQ: TLRY and TSX: TLRY) and a global leader in medical Cannabis, empowering the therapeutic alliance between patients and healthcare practitioners to make informed individualized health decisions, thereby transforming healthcare, today announced the launch of Broken Coast EU-GMP certified medical cannabis products in Australia. (Source: Tilray Medical., Company Website, June 2024)
Medical Cannabis Market Report Coverage and Deliverables
The “Medical Cannabis Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Parenteral nutrition market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Parenteral nutrition market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Parenteral nutrition market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical cannabis market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Medical Application, Compound
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 28.8% during 2023–2031.
Widespread Distribution of Medical Cannabis will likely remain a key trend in the market.
Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc, Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc, Tikun Olam, Tilray, The Cronos Group, Canvory.
Key factors driving the growth of the market are increasing number of approvals for medical cannabis products, 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.
North America dominated the medical cannabis market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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