Medical Cannabis Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The term "medical cannabis," refers to the use of the cannabis plant or any of its constituent chemicals for medical conditions. This practice has attracted a lot of attention because of its potential benefits in treating a variety of medical conditions. The significance of medical cannabis lies in its ability to alleviate various health issues for patients.

MARKET OVERVIEW

The medical cannabis market is valued at approximately USD 19.34 billion in 2023 and is projected to reach USD 120.56 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 18.1% during the forecast period of 2024-2034. It has the ability to effectively manage chronic pain, reduce nausea and vomiting caused by chemotherapy, stimulate appetite in patients with HIV/AIDS or cancer, and alleviate muscle spasms related to conditions such as multiple sclerosis.

GROWTH DRIVERS

Medical cannabis is becoming more widely accepted among patients and healthcare professionals due to the growing awareness of its therapeutic potential. The cannabinoids are useful in the treatment of various conditions such as chronic pain, anxiety, epilepsy, and multiple sclerosis. For instance, the FDA approved Epidiolex, a medication that contains pure CBD produced from cannabis, to treat seizures linked to Lennox-Gastaut syndrome and Dravet syndrome, two uncommon and severe forms of epilepsy.

The market is growing significantly because of the ongoing clinical research on the efficacy and safety of medical cannabis. Many research projects supported by institutions like the National Center for Complementary and Integrative Health (NCCIH) are investigating the potential uses of cannabis in the management of inflammation and chronic pain. Patients' and healthcare professionals' confidence in the medical use of cannabis is expected to increase as more data from these trials support its usage.

The market for medical cannabis is anticipated to further driven by the factors such as the rising demand for alternative treatments, improved distribution channels, supportive regulatory frameworks, and a shift in public perception towards acceptance of cannabis as a legitimate therapeutic option,

MARKET SEGMENTATION:

By Type -

·         Flowers

·         Concentrates

·         Tablets

·         Oil

·         Ointments & Creams

·         Capsules

·         Beverages and Edibles

By Derivative -

·         Cannabidiol (CBD)

·         Tetrahydrocannabinol (THC)

By Consumption Method –

·         Oral Solutions

·         Vaporizers

·         Topicals

·         Other Consumption Methods

By Application -

·         Cancer

·         Pain Management

o   Neuropathic

o   Inflammatory

·         Neurological Health Management

o   Sclerosis

o   Epilepsy

o   Alzheimer’s Disease

o   Parkinson’s Disease

o   Huntington’s Disease

o   Other Neurological Diseases

·         Mental Health Management

o   Post Traumatic Stress Disorder (PTSD)

o   Depression

o   Anxiety

o   ADHD

o   Others

·         Other Applications

By Distribution Channel -

·         Hospital Pharmacy

·         Retail Pharmacy

·         Online Pharmacy

By Region –

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Medical Cannabis Market By Type Segment Review:

The flower segment is expected to dominate the global market for medical cannabis, primarily due to its historical significance, therapeutic benefits, versatile consumption methods, and increasing acceptance driven by evolving regulations.

Medical Cannabis Market By Derivative Segment Review:

CBD is a non-psychoactive compound present in cannabis plants. Its popularity has surged due to its therapeutic potential.

THC is well recognized for its capacity to increase hunger, which is especially helpful for individuals receiving chemotherapy or other therapies that frequently cause decreased appetite and weight loss.

Medical Cannabis Market By Consumption Method Segment Review:

The popularity of oral solutions, such as tinctures and oils, is increasing due to their ease of use. Compared to other techniques, it enables more precise dosing, which is essential for patients managing chronic illnesses.

Medical Cannabis Market By Application Segment Review:

The primary reason for using medical cannabis in cancer treatment is its potential therapeutic benefits. Appetite loss is a common side effect of cancer treatment. Cannabis has the ability to increase appetite, helping patients maintain their nutritional intake during treatment.

Medical Cannabis Market By Distribution Channel Segment Review:

The distribution of medical cannabis relies heavily on hospital pharmacies, especially for patients with severe or chronic conditions that require specialized care. The online pharmacy segment has emerged as a vital distribution channel for medical cannabis due to the rise of e-commerce, home delivery options, and ability to provide extensive information about various strains and formulations of medical cannabis.

Medical Cannabis Market By Region Segment Review:

The market is anticipated to be dominated by North America due to the presence of major manufacturers in the region and ongoing research and development activities. Asia Pacific is expected to grow significantly due to the region’s increasing awareness about the benefits associated with cannabis-based products.

Medical Cannabis Market Regional Synopsis:

The North America market is expected to dominate the global market for medical cannabis due to the increasing adoption of cannabis products in the region. This regional market is further growing due to the presence of major manufacturers and a growing number of companies involved in research and development (R&D) activities.

Europe is also leading the way in the adoption of medical cannabis due to the rising prevalence of chronic diseases such as multiple sclerosis, epilepsy, and Alzheimer’s disease in the region.

The Asia Pacific market is expected to grow at the maximum rate due to increasing prevalence of chronic disease in the region and government initiatives aimed at healthcare reform.

The market in Latin America is developing due to the favorable climate conditions for cultivation and supportive regulations for the cultivation and exportation of medical cannabis products.

The market in the Middle East & Africa region is growing moderately due to increasing awareness about the medicinal properties of cannabis in the region.

Medical Cannabis Market Key Challenges:

The legal environment governing medical cannabis is complicated and differs significantly across regions. Cannabis is still illegal at the federal level in many places, which makes it more difficult for businesses in this industry to comply with regulations. The inconsistencies in state laws and regulations are likely to cause uncertainty and increased operational costs for businesses.

Medical Cannabis Market Competitive Landscape:

The global market for medical cannabis is characterized by a competitive environment that includes a mix of established players and emerging companies, all vying for market share in this rapidly growing industry.

Many companies are forming strategic alliances and investing significantly in research and development to expand their offerings. For instance, in August 2024, Aurora Cannabis Inc. collaborated with Vectura Fertin Pharma, Inc. to leverage its industry-leading patient platform in Canada to support medical cannabis advancements, and to offer their patients with access to Vectura Fertin Pharma's new CBD lozenge.

Medical Cannabis Market Key Players:

·         Aurora Cannabis

·         Aphria Inc

·         Cronos Group

·         Green Thumb Industries

·         Trulieve Cannabis

·         Tilray Medical

·         SOMAÍ Pharmaceuticals

·         Cresco Labs, Inc.

·         Canopy Growth Corporation

·         Other Key & Niche Players