Global Medical Cannabis Market is valued approximately USD 8432.25 million in 2021 and is anticipated to grow with a healthy growth rate of more than 23.60% over the forecast period 2022-2029. Medical cannabis refers to the use of cannabis or cannabinoids to treat medical conditions or alleviate symptoms. These products may include dried cannabis flower, cannabis oil, capsules, and tinctures, among others. The global medical cannabis market is growing rapidly due to increasing awareness of the potential health benefits of cannabis-based products, the legalization of medical cannabis in several countries, and the growing acceptance of cannabis for medical use. Moreover, increasing demand for natural and alternative therapies and growing investment and research is creating lucrative growth opportunity for the market over the forecast period 2022-2029.
In December 2020, the United Nations Commission on Narcotic Drugs voted to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs, recognizing its potential medical benefits and paving the way for more countries to legalize medical cannabis. In 2020, the European Union (EU) amended its regulations to allow for the use of cannabis-based medicines for the treatment of chronic pain, spasticity, and nausea associated with chemotherapy. In February 2021, the government of United Kingdom announced that it would allow medical cannabis to be prescribed by specialist doctors for patients with chronic pain, epilepsy, and other conditions. However, the high cost of Medical Cannabis stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Medical Cannabis Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is currently the largest market for medical cannabis, with the United States and Canada accounting for a significant share of the market. In the United States, more than 35 states have legalized medical cannabis, creating a large market for cannabis-based products. The increasing prevalence of chronic diseases and the growing demand for natural and alternative therapies are also driving market growth in this region. The Asia-Pacific region is expected to witness significant growth in the medical cannabis market due to the increasing acceptance of medical cannabis, growing patient awareness, and the presence of a large patient population with chronic diseases. Countries such as Australia, New Zealand, and Thailand have legalized medical cannabis, while others such as India and China are considering legalization.
Major market players included in this report are:
- Aurora marijuana Inc.
- Canopy Growth Corporation
- Cronos Group Inc.
- Maricann Group, Inc.
- Medical Marijuana, Inc.
- OrganiGram Holding Inc.
- Terra Tech Corp.
- Tikun Olam Ltd.
- Tilray, Inc.
- VIVO Cannabis Inc.
Recent Developments in the Market:
- In 2019, Canopy Growth Corporation launched a line of cannabis-based products specifically for the medical market. The company also acquired C3 Cannabinoid Compound Company, a German-based medical cannabis company, to expand its operations in Europe.
- In 2019, Aurora Cannabis Inc. acquired Hempco Food and Fiber, a hemp-based food and supplement company, to expand its product offerings in the medical cannabis market. The company also launched several new medical cannabis products in Canada and Europe.
Global Medical Cannabis Market Report Scope:
- Historical Data: 2019-2020-2021
- Base Year for Estimation: 2021
- Forecast period: 2022-2029
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Product Type, Application, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product Type offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Product Type:
- Buds/Marijuana Flower
- Cannabis Extracts
By Application:
- Chronic Pain
- Mental Disorders
- Cancer
- Others
By End User:
- Pharmaceutical
- Research & Development Centers
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of the World
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Million)
- 1.2.1. Medical Cannabis Market, by Region, 2019-2029 (USD Million)
- 1.2.2. Medical Cannabis Market, by Product Type, 2019-2029 (USD Million)
- 1.2.3. Medical Cannabis Market, by Application, 2019-2029 (USD Million)
- 1.2.4. Medical Cannabis Market, by End User, 2019-2029 (USD Million)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Medical Cannabis Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Medical Cannabis Market Dynamics
- 3.1. Medical Cannabis Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing awareness of the potential health benefits of cannabis-based products
- 3.1.1.2. Legalization of medical cannabis in several countries,
- 3.1.1.3. The growing acceptance of cannabis for medical use
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of Medical Cannabis
- 3.1.3. Market Opportunities
- 3.1.3.1. Increasing demand for natural and alternative therapies
- 3.1.3.2. Growing investment and research
Chapter 4. Global Medical Cannabis Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Investment Adoption Model
- 4.5. Analyst Recommendation & Conclusion
- 4.6. Top investment opportunity
- 4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Medical Cannabis Market, by Product Type
- 6.1. Market Snapshot
- 6.2. Global Medical Cannabis Market by Product Type, Performance - Potential Analysis
- 6.3. Global Medical Cannabis Market Estimates & Forecasts by Product Type 2019-2029 (USD Million)
- 6.4. Medical Cannabis Market, Sub Segment Analysis
- 6.4.1. Buds/Marijuana Flower
- 6.4.2. Cannabis Extracts
Chapter 7. Global Medical Cannabis Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Medical Cannabis Market by Application, Performance - Potential Analysis
- 7.3. Global Medical Cannabis Market Estimates & Forecasts by Application 2019-2029 (USD Million)
- 7.4. Medical Cannabis Market, Sub Segment Analysis
- 7.4.1. Chronic Pain
- 7.4.2. Mental Disorders
- 7.4.3. Cancer
- 7.4.4. Others
Chapter 8. Global Medical Cannabis Market, by End User
- 8.1. Market Snapshot
- 8.2. Global Medical Cannabis Market by End User, Performance - Potential Analysis
- 8.3. Global Medical Cannabis Market Estimates & Forecasts by End User 2019-2029 (USD Million)
- 8.4. Medical Cannabis Market, Sub Segment Analysis
- 8.4.1. Pharmaceutical
- 8.4.2. Research & Development Centers
Chapter 9. Global Medical Cannabis Market, Regional Analysis
- 9.1. Medical Cannabis Market, Regional Market Snapshot
- 9.2. North America Medical Cannabis Market
- 9.2.1. U.S. Medical Cannabis Market
- 9.2.1.1. Product Type breakdown estimates & forecasts, 2019-2029
- 9.2.1.2. Application breakdown estimates & forecasts, 2019-2029
- 9.2.1.3. End User breakdown estimates & forecasts, 2019-2029
- 9.2.2. Canada Medical Cannabis Market
- 9.3. Europe Medical Cannabis Market Snapshot
- 9.3.1. U.K. Medical Cannabis Market
- 9.3.2. Germany Medical Cannabis Market
- 9.3.3. France Medical Cannabis Market
- 9.3.4. Spain Medical Cannabis Market
- 9.3.5. Italy Medical Cannabis Market
- 9.3.6. Rest of Europe Medical Cannabis Market
- 9.4. Asia-Pacific Medical Cannabis Market Snapshot
- 9.4.1. China Medical Cannabis Market
- 9.4.2. India Medical Cannabis Market
- 9.4.3. Japan Medical Cannabis Market
- 9.4.4. Australia Medical Cannabis Market
- 9.4.5. South Korea Medical Cannabis Market
- 9.4.6. Rest of Asia Pacific Medical Cannabis Market
- 9.5. Latin America Medical Cannabis Market Snapshot
- 9.5.1. Brazil Medical Cannabis Market
- 9.5.2. Mexico Medical Cannabis Market
- 9.6. Rest of The World Medical Cannabis Market
Chapter 10. Competitive Intelligence
- 10.1. Top Market Strategies
- 10.2. Company Profiles
- 10.2.1. Aurora marijuana Inc.
- 10.2.1.1. Key Information
- 10.2.1.2. Overview
- 10.2.1.3. Financial (Subject to Data Availability)
- 10.2.1.4. Product Summary
- 10.2.1.5. Recent Developments
- 10.2.2. Canopy Growth Corporation
- 10.2.3. Cronos Group Inc.
- 10.2.4. Maricann Group, Inc.
- 10.2.5. Medical Marijuana, Inc.
- 10.2.6. OrganiGram Holding Inc.
- 10.2.7. Terra Tech Corp.
- 10.2.8. Tikun Olam Ltd.
- 10.2.9. Tilray, Inc.
- 10.2.10. VIVO Cannabis Inc.
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption