Medical Cannabis Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2016-2021 and Forecast 2022-2028

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Medical Cannabis Market By Product Type (Cannabidiol, Tetrahydrocannabinol, Others), By Application (Nausea and Vomiting, Pain, Epilepsy, Multiple Sclerosis, Arthritis, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), and Geography

 

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Report

Description

Medical Cannabis Market size was valued at USD 8,432.25 million in 2021 and is expected to reach USD 37,159.76 million by 2028, at a CAGR of 23.6% during the forecast period 2022-2028. Due to the increase in the prevalence of cancer and other chronic diseases across the globe. For instance, as per World Health Organization 2018, about 9.6 Mn deaths occurred due to cancer throughout the world. Moreover, rise in R&D activities for the development of newer cannabis products, rapid legalization of cannabis in developed and developing countries, increase in adoption of medical cannabis among the healthcare professionals, and less adverse effects with cannabis compared with other therapeutics are expected to bolster the market over the forecast years. However, stringent regulatory framework, approval for legal marijuana in limited countries, lack of testing standards for medical cannabis, and lack of awareness about medical cannabis in underdeveloped countries are hinder the growth of the market over the forecast years. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global medical cannabis market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities).

Key Developments :

In October 2021, Canonic Ltd. announced the full commercial launch of its first two medical cannabis products, G200 and G150 in Israel.

In June 2021, Tilray, Inc. launched new medical cannabis product, Symbios in Canada.

Medical Cannabis Market

MARKET SUMMARY
-
23.6%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 23.6%
  • Largest Market– Europe
  • Fastest Growing Market– North-America

Medical Cannabis Market

  • The global medical cannabis market report gives a comprehensive outlook on medical cannabis across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
  • The report gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application, distribution channel, and region.
  • Key stakeholders of the market include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global medical cannabis products.
Key Players
  • Green Relief Inc.
  • Cannabis Sativa, Inc.
  • Vico Cannabis, Inc.
  • Chronos Group, Inc.
  • Organisms Holding, Inc.
Medical Cannabis Market

Drivers And Restraints

Rapid legalization of cannabis for the treatment of chronic diseases in developed and developing countries is a major factor surge the growth of medical cannabis market over the forecast timeframe. Cannabis is more effective for chemotherapy patients to reduce the nausea and vomiting and increase the appetite that enhance the treatment more tolerable. Moreover, at present, 33 US states marketing the medical cannabis with $10.4 billion in legal sales nationally in 2018. In addition, in March 2017, Germany legalized the medical cannabis after passing a bill by parliamentarians. Additionally, in 2013, Czech Republic legalized the medical marijuana for the patients suffering with chronic pain.


North-America got significant share

Medical Cannabis Market

North America dominated the medicinal cannabis market in 2018 and the same trend is expected over the forecast years owing to a surge in the incidence of cancer and other chronic diseases in the USA and Canada. For instance, as per National Cancer Institute 2018 data, approximately 1,735,350 cases were diagnosed with cancer in the United States. Moreover, high awareness about medical cannabis among healthcare professionals and the presence of a huge number of market players also surge the market over the forecast years. Europe medical cannabis market burgeoning at significant growth rate attributed to the legalization of marijuana in European countries such as Germany and the Czech Republic, adoption of advanced treatment procedures, and increase in the prevalence of chronic diseases in the region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Findings of the Report

  • Global medical cannabis market expanding at a significant CAGR from 2022 to 2028 owing to an increase in the prevalence of cancer and other chronic diseases.
  • Based on application type, cancer accounted for a larger market revenue share in 2021 and is projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in the global medical cannabis market

Key

Features of the Report

Medical Cannabis Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

2021 is the base year and 2028 is the forecast year.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.


Report

Company Profile

  • Canopy Growth Corporation
  • Aurora Medical Cannabis Inc.
  • GW Pharmaceuticals
  • Cannimed, Ltd.
  • Aphria Inc.
  • Emerald Health Ltd.
  • Tilray Inc.
  • Medreleaf Corporation
  • Medical Marijuana, Inc.
  • Insys Therapeutics, Inc.
  • Green Relief Inc.
  • Cannabis Sativa, Inc.
  • Vico Cannabis, Inc.
  • Chronos Group, Inc.
  • Organisms Holding, Inc.
  • Curaleaf Holdings, inc.

Description

Medical Cannabis Market size was valued at USD 8,432.25 million in 2021 and is expected to reach USD 37,159.76 million by 2028, at a CAGR of 23.6% during the forecast period 2022-2028. Due to the increase in the prevalence of cancer and other chronic diseases across the globe. For instance, as per World Health Organization 2018, about 9.6 Mn deaths occurred due to cancer throughout the world. Moreover, rise in R&D activities for the development of newer cannabis products, rapid legalization of cannabis in developed and developing countries, increase in adoption of medical cannabis among the healthcare professionals, and less adverse effects with cannabis compared with other therapeutics are expected to bolster the market over the forecast years. However, stringent regulatory framework, approval for legal marijuana in limited countries, lack of testing standards for medical cannabis, and lack of awareness about medical cannabis in underdeveloped countries are hinder the growth of the market over the forecast years. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global medical cannabis market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities).

Key Developments :

In October 2021, Canonic Ltd. announced the full commercial launch of its first two medical cannabis products, G200 and G150 in Israel.

In June 2021, Tilray, Inc. launched new medical cannabis product, Symbios in Canada.

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