Medical Cannabis Market to Worth USD 60.04 Billion by 2030
Global Medical Cannabis Market Expected to Reach USD 60,04 Billion by 2030 with a CAGR of 22,5%.
According to SkyQuest, the legalization of medical marijuana in numerous countries has ushered in a significant shift in how cannabis is cultivated and utilized in the medical cannabis market. One of the primary methods of ensuring a consistent supply of medical cannabis is domestic cultivation, which reduces the dependence on imports and helps generate substantial revenue through taxation.
Browse in-depth TOC on the "Medical Cannabis Market"
- Pages - 157
- Tables - 63
- Figures – 76
The medical cannabis market is currently in a phase of significant growth, primarily attributed to the increasing awareness surrounding its diverse therapeutic applications. Cannabis and its derivatives, including CBD and THC, have garnered attention for their potential to address various health concerns.
Report Scope & Segmentation:
Attributes
Details
Market Size in 2022
USD 14.50 Billion
2030 Value Projection
USD 60.04 Billion
CAGR
22.5%
Forecast Period
2023-2030
Segments Covered
- Application
- Type
Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Prominent Players in the Medical Cannabis Market
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- GW Pharmaceuticals plc
- Tilray, Inc.
- Aphria Inc.
- MedReleaf Corp.
- Cronos Group Inc.
- Maricann Group Inc.
- Emblem Corp.
- CannTrust Holdings Inc.
- Organigram Holdings Inc.
- Hexo Corp.
- Vivo Cannabis Inc.
- TerrAscend Corp.
- Harvest Health & Recreation Inc.
- Curaleaf Holdings, Inc.
- Trulieve Cannabis Corp.
- Columbia Care Inc.
- Green Thumb Industries Inc.
- Cresco Labs Inc.
- Acreage Holdings, Inc.
Flowers Segment is Expected to Grow in the Market Due to Enduring Popularity of Cannabis Flowers Stems
Flowers segment is anticipated to sustain a substantial market share throughout the forecast period in the medical cannabis market. The term "flowers" refers to the smoked portion of the female cannabis plant, often colloquially referred to as the bud or nugget.
The markets in North America have emerged as a dominant force in the global medical cannabis market, commanding the highest revenue share at 76.1%. This substantial market presence is driven by a significant factor: the increasing wave of cannabis legalization sweeping across the United States.
Pain Management Segment is Expected to Dominate the Market Due to Pressing Need for Effective Pain Relief Solutions
Pain management segment is poised to exert significant dominance in the medical cannabis market, reflecting the pressing need for effective pain relief solutions. The Centers for Disease Control and Prevention (CDC) reports that a staggering number of Americans, comprising over 50 million individuals and slightly over 20 percent of the population, grapple with various forms of chronic pain.
Regional markets in the Asia Pacific are poised to witness rapid growth in the medical cannabis market, primarily driven by increasingly supportive government initiatives and bolstered by robust governmental support for various industries. This proactive approach from regional governments is expected to foster a conducive environment for economic development and innovation.
A comprehensive analysis of the major players in the medical cannabis market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Medical Cannabis Market
- In 2022, notable developments in the medical cannabis and legal marijuana industries made headlines. In Germany, Medi Cane Health Inc. and Dr. Reddy's Laboratories Ltd. jointly introduced a new medical cannabis product, reflecting the growing acceptance and utilization of cannabis-based therapies in the healthcare sector. This launch marked a significant milestone in expanding medical cannabis options for patients.
- The New York City area witnessed its first legal marijuana sales. This momentous event occurred merely a month after seven medicinal marijuana businesses received the green light to sell their products to all adults.
