July 23, 2024
Medicinal Cannabis Market

Emerging applications in healthcare to expand Medicinal Cannabis Market opportunities

Market Overview:

Medicinal cannabis, also known as medical marijuana refers to using the whole unprocessed marijuana plant or its basic extracts to treat symptoms of illness and other conditions. It contains various cannabinoids compounds that can help reduce nausea during chemotherapy, treat symptoms of multiple sclerosis (MS) and help with pain relief. Some of main products in this market are oils, capsules, dried cannabis, vaporizers etc. that helps in various ailments without any side effects of other pain medication.

Market Dynamics:

The growing adoption of cannabis for treating chronic diseases and medical conditions is a major factor driving the growth of the global medicinal cannabis market. Cannabis is proven to effectively treat symptoms of diseases such as cancer, leukemia, arthritis, Crohn’s disease, epilepsy, Parkinson’s disease, schizophrenia, and other neurological disorders. Increasing legalization of both medical and recreational cannabis in various countries is also expected to provide impetus to the market growth during the forecast period. Moreover, rising investment by major companies in the cannabis sector for research and development activities to develop new therapeutic applications is contributing to the market growth. However, lack of standardized regulations for cultivation and processing are key challenges for the market.

Segment Analysis

The Global Medicinal Cannabis Market Demand can be segmented into flower, concentrates and others. The flower segment dominated the market in 2020 owing to its widespread acceptance and ease of usage. Flower or dried leaves can be directly used for consumption by smoking or vaporization devices. This convenience of direct usage compared to oil extracts makes flower the dominating segment currently.

PEST Analysis

Political: Many countries and states have legalized the medical use of cannabis which has boosted the market growth. However, varying regulations across countries and states continues to impact the market.
Economic: Rising disposable income, increasing healthcare expenditure and growing acceptance of cannabis-based medications have positively influenced the market growth.
Social: Changing social mindset towards use of cannabis for medical purposes is a key growth driver. Medical communities backing the benefits is further supporting market expansion.
Technological: Technology advancements in cultivation and product development have enhanced yield, efficacy and forms of cannabis-based medications. This is helping expand the consumer base and drive the market.

Key Takeaways

The global medicinal cannabis market is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing legalization of cannabis and rising adoption for medical ailments. The market size is projected to reach US$ 261.88 billion by 2030 from US$ 12664.13 million in 2023.
Regional analysis: North America dominates the market currently owing to federal legalization in countries like U.S. and Canada. Europe and Latin America are the other major markets observing high growth rates owing to increasing product adoption.
Key players: Key players operating in the medicinal cannabis market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. Strategic collaborations and new product launches are some key strategies adopted by these players to strengthen their market position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it