Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has a wide range of applications in the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s among others.
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The use of cannabis as medicine is not rigorously tested due to government restrictions and resulting in limited clinical research to define the efficacy of cannabis in medical and clinical applications. However, preliminary studies suggest that cannabis reduces vomiting and nausea in chemotherapy patients and helps in increasing appetite.
Eight U.S. states supported cannabis prescriptions, between 1996 and 1999, by opposing policies of the federal government. Most people who are prescribed medical cannabis use it to alleviate severe pain.
The increased medicinal use of cannabis, the growing geriatric population who are more susceptible to chronic illness, the rising prevalence of chronic diseases, and the legalization of cannabis are putting pressure on the key players to develop more cannabis-based medical products to meet the rising demand.
Data Bridge Market Research analyzes that the Medical Cannabis Market is expected to grow at a CAGR of 22.8% in the forecast period of 2023 to 2030 and is expected to reach USD 88,488.01 million by 2030.
Key Findings of the Study
The growing geriatric population across the globe is expected to drive the market growth rate
The growing geriatric population across the globe is more susceptible to chronic illness which requires more physician visits. The steadily aging population suffers from various health conditions including diabetes, depression, and dementia among others. Medical cannabis has the properties to treat these diseases and therefore, the growing population is playing a significant role. This growing and aging population, along with the expansion of cannabis programs across the U.S., has inevitably led to the consumption of cannabis by more elderly persons for reported medical purposes as well as for personal use. The geriatric population may benefit from cannabis treatment for a variety of symptoms, such as chronic pain, sleep difficulties, tremor, spasticity, agitation, nausea, vomiting, and reduced appetite
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (Alzheimer’s Disease, Appetite Loss, Cancer, Inflammatory Bowel Diseases, Eating Disorders, Epilepsy, Autism, Mental Health Conditions, Multiple Sclerosis, Pain Management, Nausea, Muscle Spasms, Wasting Syndrome (Cachexia), Elevate Mood, Depression and Sleep Disorders, Anxiety, and Others), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and Others), Treatment Type (Expectorant, Antiviral, Analgesic, Aphrodisiac, Psychedelic, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, and Others), Distribution Channel (B2B and B2C)
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Countries Covered
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U.S., Canada, and Mexico, Germany, Italy, U.K., Austria, Poland, Lithuania, Ireland, Netherlands, Norway, Switzerland, France, Russia, Spain, Hungary, Belgium, Turkey, and Rest of Europe, Australia, Thailand, South Korea, Japan, China, New Zealand, Singapore, India, Taiwan, Malaysia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, Peru, and rest of South America, Israel, South Africa, Lebanon, U.A.E., Kuwait, and rest of Middle East and Africa
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Market Players Covered
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MediPharm Labs Inc. (Canada), Tilray (Canada), Aurora Cannabis (Canada), JAZZ Pharmaceuticals Inc (GW Pharmaceuticals plc) (U.K.), HEXO Corp. (Zenabis Global Ltd) (Canada), Cresco Labs (U.S.), Peace Naturals Project Inc. (Canada), CANOPY GROWTH CORPORATION (Canada), Medical Marijuana, Inc. (U.S.), Seed Cellar (U.S.), EcoGen Biosciences (U.S.), CANNABIS SEEDS USA (U.S.), Seeds For Me (U.S.), HUMBOLDT SEED COMPANY (U.S.), Extractas (Australia), World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM (U.K.), FOLIUM BIOSCIENCES (U.S.), PharmaHemp (Slovenia), Elixinol Global Limited (Australia), ENDOCA (Netherlands), Harmony (U.S.), MARY’S nutritionals LLC (U.S.), Pure Ratios (U.S.), Greenwich Biosciences, Inc. (U.S.), Upstate Elevator Supply Co. (U.S.), Apothecanna (U.S.), BOL Pharma (Israel), and IDT Australia (Australia) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis
The global medical cannabis market is segmented into nine notable segments based on product, source, species, derivatives, application, route of administration, treatment type, end user, and distribution channel.
- On the basis of product, the market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, masks & serum, cleanser, and others. In 2023, the oil segment is expected to dominate the market with 22.69% market share due to high technology adoption by key players in the market.
- On the basis of source, the market is segmented into synthetic and natural. In 2023, the natural segment is expected to dominate the market with 58.53% market share due to increasing healthcare expenditure.
- On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid. In 2023, the sativa segment is expected to dominate the market with 71.16% market share due to the increased medicinal use of cannabis.
- On the basis of derivatives, the market is segmented into Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and others. In 2023, the Cannabidiol (CBD) segment is expected to dominate the market with 26.70% market share due to the increasing demand for medical marijuana products in the market.
- On the basis of application, the market is segmented into Alzheimer’s disease, appetite loss, cancer, inflammatory bowel diseases, eating disorders, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, wasting syndrome (cachexia), elevate mood, depression and sleep disorders, anxiety, arthritis, and others. In 2023, the pain management segment is expected to dominate the market with 11.91% market share due to increasing R&D activities.
- On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others. In 2023, the oral solutions and capsules segment is expected to dominate the market with 51.03% market share due to the rising prevalence of chronic diseases.
- On the basis of treatment type, the market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others.
In 2023, the analgesic segment in treatment type is expected to dominate the global medical cannabis market
In 2023, the analgesic segment in treatment type is expected to dominate the market with 25.72% market share due to the legalization of cannabis.
- On the basis of end user, the market is segmented into pharmaceutical industry, research and development centers, homecare setting, hospital, rehab centers, and others.
In 2023, the homecare setting segment is projected to hold the largest share of the end user segment in the global medical cannabis market
In 2023, the homecare setting segment holds the maximum market share of 32.62% as higher number of patients prefer home care for primary problems.
- On the basis of distribution channel, the market is segmented into B2B and B2C. In 2023, the B2C segment is expected to dominate the market with 54.71% market share due to the increasing demand for cannabis for medical and clinical purposes.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players in the global medical cannabis market that include MediPharm Labs Inc. (Canada), Tilray (Canada), Aurora Cannabis (Canada), JAZZ Pharmaceuticals Inc (GW Pharmaceuticals plc) (U.K.), HEXO Corp. (Zenabis Global Ltd) (Canada), Cresco Labs (U.S.), Peace Naturals Project Inc. (Canada), CANOPY GROWTH CORPORATION (Canada), Medical Marijuana, Inc. (U.S.), Seed Cellar (U.S.), EcoGen Biosciences (U.S.), CANNABIS SEEDS USA (U.S.), Seeds For Me (U.S.), HUMBOLDT SEED COMPANY (U.S.), Extractas (Australia), World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM (U.K.), FOLIUM BIOSCIENCES (U.S.), PharmaHemp (Slovenia), Elixinol Global Limited (Australia), ENDOCA (Netherlands), Harmony (U.S.), MARY’S nutritionals LLC (U.S.), Pure Ratios (U.S.), Greenwich Biosciences, Inc. (U.S.), Upstate Elevator Supply Co. (U.S.), Apothecanna (U.S.), BOL Pharma (Israel), and IDT Australia (Australia) among others.
Market Development
- In February 2021, GW Pharmaceuticals plc announced that it has entered into an agreement with Jazz to acquire GW Pharmaceuticals. After the closing of the transaction, the combined company will be the leader in neuroscience with a global footprint. This will help the company to diversify its market and grow in the coming years.
- In February 2021, Zenabis Global Inc. announced that it has undergone a strategic agreement with HEXO Corp. under which it will be acquired by the company. This strategic initiative by the company has increased its foothold in the European market.
- In November 2020, Aurora Cannabis announced that it has entered into a strategic supply agreement with Cantek Holdings. The agreement will help in supplying cannabis products in Israel and will help the company in diversifying its market.
- In October 2020, MediPharm Labs Inc. became the first company to launch THC-Free, 99% Pure CBD Isolate crystals in consumer size. The product contains only trace amounts of THC (less than 0.25%) and can be beneficial for a wide range of applications in terms of wellness. The product was made available at retail stores. This has helped the business of the company to grow and in turn, is fuelling the market growth.
- In December 2019, Tilray announced its merger with Privateer Holdings, Inc. which invests in the legal cannabis industry. This will help the company to grow in the coming years.
Regional Analysis
Geographically, the countries covered in the global medical cannabis market report are U.S., Canada, and Mexico, Germany, Italy, U.K., Austria, Poland, Lithuania, Ireland, Netherlands, Norway, Switzerland, France, Russia, Spain, Hungary, Belgium, Turkey, and Rest of Europe, Australia, Thailand, South Korea, Japan, China, New Zealand, Singapore, India, Taiwan, Malaysia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, Peru, and rest of South America, Israel, South Africa, Lebanon, U.A.E., Kuwait, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is expected to dominate the global medical cannabis market during the forecast period of 2023-2030
In 2023, North America is expected to dominate the global medical cannabis market owing to the higher level of investments by U.S. manufacturers and the increasing prevalence of chronic diseases in the U.S. North America will continue to dominate the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption of technological advancements in this region. Additionally, the increasing number of cases of chronic diseases and the rising geriatric population is expected to further enhance the market's growth rate in this region.
North America is estimated to be the fastest-growing region in the global medical cannabis market during the forecast period of 2023-2030
North America is expected to grow during the forecast period due to the presence of major market players and the rapid development of medical facilities in emerging economies in this region. In addition, the rising level of healthcare expenditure for chronic diseases and increasing per-capita income are expected to propel the market growth rate in this region.
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