The global Medical Cannabis market reached a value of about USD 9.6 billion in 2021. The industry is projected to grow at a CAGR of around 21.8% in the forecast period of 2022-2027 to reach a value of about USD 31 billion by 2027.
The global Medical Cannabis industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing legalisation of marijuana for medicinal purposes is propelling the industry's expansion. North America is the highest category spender by region, driving the demand for the Medical Cannabis industry.
Cannabis, commonly referred to as marijuana, is a psychoactive substance produced from the cannabis plant. Medical cannabis is a herbal drug derived from Cannabis plants used to treat specific symptoms or diseases like cancer, chronic pain, or mental disorders. The two key cannabinoids obtained from this plant that provide medical advantages are Tetrahydrocannabinol (THC) and cannabidiol (CBD). It can be eaten, consumed as an extract, smoked, or vaporised. The Medical Cannabis industry report comprises segments by Species (Indica, Sativa, Hybrid), Derivative (Cannabidiol (CBD), Tetrahydrocannabinol (THC)), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporisers, Topicals, Others), Application (Cancer, Arthritis, Migraine, Epilepsy, Others), End-Use (Pharmaceutical Industry, Research and Development Centre, Others) and Region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the industry as the region's market is the most developed. Legalisation initiatives for the substance for medical and recreational uses are aiding the market growth. Beginning of January 2020, 33 states in the United States and Washington, DC had legalised marijuana for medicinal use, furthering the industry. Also, Canada's Increased legalisation and customer willingness to spend more on legal items are propelling the business forward.
The increasing legalisation of marijuana is driving the industry for medicinal purposes and potential users' growing acceptability of the drug. The rising number of R&D projects, clinical studies, and product commercialisation will contribute to the industry's growth. In addition, the growing number of geriatrics, who are more prone to chronic illnesses and are more likely to suffer from pain due to ailments like rheumatoid arthritis, is also fueling the industry's expansion. Other factors such as rising disposable income and growing customer awareness of the product are further bolstering the market.
However, the market's complex regulatory framework and societal stigma associated with cannabis are factors that are expected to hinder the market's expansion.
The global Medical Cannabis industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Medical Cannabis regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Because the dosage of cannabinoids varies and many ways to prepare cannabis for consumption, it's impossible to anticipate the pharmacological response. Users believe that when components are inhaled via aerosol rather than smoke, fewer harmful chemicals are ingested, so cannabis vaporisers have grown in popularity. Cannabinoid medications come in tablet form (dronabinol and nabilone) and liquid extracts in an oromucosal spray (nabiximols). Pills, lozenges, tinctures, dermal patches, oral or dermal sprays, edibles, and vaporising or smoking dried buds are all options for medical cannabis administration. In some countries, synthetic cannabinoids like dronabinol and nabilone are available on prescription.
The industry is being propelled by the consumer awareness of the health benefits of cannabis and its expanding medical applications, such as the treatment of a wide range of diseases and symptoms, such as cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, and acquired immunodeficiency syndrome, amyotrophic lateral sclerosis, Alzheimer's, post-traumatic stress disorder, Parkinson's, and Tourette's, are driving the growth of the medical cannabis industry. Also, with cancer patients who have used medical cannabis attesting to the product's importance in improving their quality of life by alleviating pain and chemotherapy side effects like nausea, the market is likely to witness a positive impact.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Due to increased R&D activities for drug discovery using medical cannabis, a rise in the incidence of chronic diseases such as cancer and osteoarthritis, and increased awareness about the benefits associated with medical cannabis, Asia Pacific offers profitable opportunities for key players operating in the medical cannabis market, accounting for the fastest growth. Furthermore, cannabis intellectual property rights developments contribute to the market's growth in the area.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Market Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 COVID-19 Impact and Assessment
9 Global Medical Cannabis Market Analysis
9.1 Key Industry Highlights
9.2 Global Medical Cannabis Historical Market (2017-2021)
9.3 Global Medical Cannabis Market Forecast (2022-2027)
9.4 Global Medical Cannabis Market by Species
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
9.5 Global Medical Cannabis Market by Derivative
9.5.1 Cannabidiol (CBD)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
9.5.2 Tetrahydrocannabinol (THC)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
9.6 Global Medical Cannabis Market by Route of Administration
9.6.1 Oral Solutions and Capsules
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
9.7 Global Medical Cannabis Market by Application
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
9.8 Global Medical Cannabis Market by End Use
9.8.1 Pharmaceutical Industry
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
9.8.2 Research and Development Centre
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
9.9 Global Medical Cannabis Market by Region
9.9.1 Market Share
188.8.131.52 North America
184.108.40.206 Latin America
220.127.116.11 Rest of the World
10 Regional Analysis
10.1 North America
10.1.1 Market Trend (2020-2026)
10.1.2 Breakup by Country
10.1.2.1 United States of America
10.2.1 Market Trend (2020-2026)
10.2.2 Breakup by Country
10.2.2.2 United Kingdom
10.3 Latin America
10.3.1 Market Trend (2020-2026)
10.3.2 Breakup by Country
10.4 Rest of the World
10.4.1 Market Trend (2020-2026)
10.4.2 Breakup by Country
10.4.2.3 New Zealand
11 Market Dynamics
11.1 SWOT Analysis
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players Market Share
13.3 Company Profiles
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
188.8.131.52 Financial Summary
13.3.2 Bedrocan International
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
22.214.171.124 Financial Summary
13.3.3 Canopy Growth Corporation
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
220.127.116.11 Financial Summary
13.3.4 Aurora Cannabis Inc.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
188.8.131.52 Financial Summary
13.3.5 Vivo Cannabis Inc.
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
22.214.171.124 Financial Summary
14 Industry Events and Developments
The global Medical Cannabis market size was valued at USD 9.6 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 21.8%.
The significant demand for the product to help aid many chronic ailments is one of the essential drivers of the Medical Cannabis market growth.
Tilray, Bedrocan International, Canopy Growth Corporation, Aurora Cannabis Inc., Vivo Cannabis Inc., and Others are some of the major players in the market.
The North American region of the Medical Cannabis industry holds a significant share in the market.
The global Medical Cannabis market attained a value of USD 9.6 billion in 2021, driven by the increasing legalisation of marijuana for medicinal purposes, and the growing acceptability of the drug by potential users paired with an expanding number of R&D projects, clinical studies, and product commercialisation will all contribute to the industry's growth. Other factors such as rising disposable income and growing customer awareness of the product are further bolstering the market. Aided by the growing consumer awareness of the health benefits of cannabis and its expanding medical applications, such as the treatment of a wide range of diseases and symptoms, such as cancer, chronic pain, and depression, among others, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 21.8%. The market is projected to reach USD 31 billion by 2027. Some leading players in the industry are Tilray, Bedrocan International, Canopy Growth Corporation, Aurora Cannabis Inc., Vivo Cannabis Inc., and Others.
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