The Latest Report by IMARC Group’s, titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global medical cannabis market size reached US$ 31.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.47% during 2023-2028.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028
Medical Cannabis Market Overview:
Cannabis, also referred to as marijuana, represents a psychoactive drug that is emanated from the cannabis plant of the Cannabaceae family. It was utilized medicinally in ancient Chinese, Egyptian, Indian, and Islamic cultures. It is extensively used for treating various diseases and symptoms, such as chronic pain, depression, arthritis, diabetes, cancer, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), glaucoma, post-traumatic stress disorder (PTSD), amyotrophic lateral sclerosis (ALS), Alzheimer’s, Parkinson’s, and Tourette’s. Owing to its therapeutic benefits, cannabis has been approved for medical use in several countries, including Canada, Chile, Colombia, the Czech Republic, Argentina, Brazil, Germany, Italy, Mexico, Spain, the United States, Uruguay, and the United Kingdom with varying degrees of legal restrictions.
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Medical Cannabis Market Trends:
The escalating product demand to enhance efficacy or to combat adverse side effects of therapies, as it is safer and has less intense outcomes compared to other treatment options, is among the primary factors driving the medical cannabis market. Besides this, this drug is very effective in reducing nausea and boosting appetite in chemotherapy patients and is also used in combination with traditional opioid painkillers that enables patients to lower the dosage and frequency of opioids considerably and impart enhanced pain relief, which is further augmenting the market growth. Moreover, the elevating requirement for medical cannabis for various medical purposes, such as muscle relaxers, to ease labor pains in women, and as a condiment in cooking is also catalyzing the global market. Apart from this, the growing geriatric population that is more likely to develop chronic illnesses, the increasing clinical trials, and the commercialization of marijuana-based indications are expected to bolster the medical cannabis market in the coming years.
Competitive Landscape With Key Players:
The competitive landscape of the medical cannabis market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United Cannabis Corporation
Key Market Segmentation:
The report has segmented the medical cannabis market on the basis of species, derivatives, application, end-use, route of administration and region.
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End-Use:
- Pharmaceutical Industry
- Research and Development Centres
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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