Medical Cannabis Market Size, Share, Growth, and Industry Analysis, By Type (Tetrahydrocannabinol (THC), Cannabidiol (CBD)), By Application (Chronic Pain, Mental Disorders, Cancer, Arthritis, Others) and Regional Insights and Forecast to 2032

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MEDICAL CANNABIS MARKET OVERVIEW

The global medical cannabis market size was USD 16.27 billion was 2024 and will touch USD 91.07 billion by 2032, exhibiting a CAGR of 24.02% during the forecast period.

The medical cannabis industry has been growing at an extremely fast pace over the last few years, with calls for legalization becoming louder, the growing public understanding of marijuana as a medicine, as well as the development of new knowledge and new approaches to the study of its therapeutic properties. It is prescribed for different ailments including chronic pain, epilepsy, chemotherapy induced nausea, anxiety disorders among others. With still many countries now legalizing medical cannabis along with continued declining negative perception over the product use across the global market is growing across North American, European, and other global markets. Such growth is supported by growing patient needs, extensions of medical trials and the development of marijuana-related drugs that makes these markets attractive targets for investors and healthcare providers.

COVID-19 IMPACT

Medical Cannabis Market Had a Negative Effect Due to Disruptions in Disruptions in Production and Distribution Channels During COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic significantly impacted the medical cannabis market share disrupting production, supply, and distribution channels. Covid-19 pandemic disrupted cannabis business by resulting in temporary or limited business closures including dispensaries where patients require medical marijuana. Also, the slowdown vow accelerated by the outbreak of the pandemic affected the buying power of the citizens and hence demand. The pandemic also held up medical trials and regulatory clearances, which normalize medical research and market entry. But gradually the market is getting back on track, switching to online selling and home delivery, increasing access for patients.

LATEST TREND

Growing Demand for Advanced Hybrid Diaphragms Drives Market Growth

One latest trend which has emerged in the medical cannabis market is the shift towards cannabis infused wellness products, including oils, tinctures and topicals. These products have hitherto attracted people for non-psychoactive contents, which provide curative functions such as; pain relievers, anti-inflammatory and anxiolytic function. It is currently in line with the tendencies of the populations towards searching for comprehensive approaches to health issues and taking into consideration the entourage effect and potential therapeutic attributes of cannabis in its absence dangerous components, including the addictive substance THC.

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MEDICAL CANNABIS MARKET SEGMENTATION

By Type

Based on type, the global market can be categorized into tetrahydrocannabinol (THC), cannabidiol (CBD)

• Tetrahydrocannabinol (THC): It should be noted that THC is the most important active substance that causes feelings of narcotic euphoria in humans. It should be noted that it is used in medical treatments as analgesic, antiemetic, muscle relaxant in cancer and multiple sclerosis patients.

• Cannabidiol (CBD): CBD is a legal compound that do not produce the psychoactive effects associated with THC, it can have many medical advantages, which indicates that it may help against anxiety, irritation, torment, and various other related conditions. They use it in cases of epilepsy, chronic pain, anxiety disorders and the likes but unlike the THC, which gets the users high, CBD does not.

By Application

Based on by application, the global market can be categorized into chronic pain, mental disorders, cancer, arthritis, others

• Chronic Pain: Medical marijuana is commonly used in treatment of chronic pain including; fibromyalgia and neuropathic pain due to its property in reducing inflammation and offering an analgesic effect. THC and CBD particularly work miracles in this form of pain.

• Mental Disorders: Marijuana and especially its component CBD works to treat mental disorders including anxiety, depression, and PTSD. It is used as an anti-depressant and is considered as an option to the normal pills in treatment.

• Cancer: Cannabis is also helpful in treating some of cancer and its treatment signs including chemotherapy nausea, pain, and appetite loss. THC and CBD both help to enhance the qualitative existence to the patients suffering from cancer.

• Arthritis: Cannabis can lower levels of inflammation in arthritis related diseases such as rheumatoid arthritis and osteoarthritis and consequently, decrease pain. It can also help increase the range of the movement and decrease pain, which is a huge plus.

• Others: Cannabis has also proved effective when treating epilepsy, multiple sclerosis, Parkinson’s disease, and other persistent disorders where there is muscle twitching, seizures, and other neurological affects.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Increasing Legalization and Regulatory Support Boost the Market

A factor in the medical cannabis market growth is the constantly increasing usage and legalization of medical marijuana throughout the world. As legalization of medical cannabis expands in different countries and states, patients’ access to treatment becomes easier and thus cannabis finds its way in to more health care systems to cater for the increasing demand of cannabis-based products. The legal systems are slowly changing to reduce any issues of quality and safety and this creates a much brighter future to cannabis as a legitimate medicine.

Rising Awareness of Therapeutic Benefits Expand the Market

The public also has better information about the role of cannabis as a healing agent for chronic pain, mental disorders, cancer, and other illnesses, diseases, and conditions as research on its medicinal properties deepening. Our study shows that this has led to increase patients seeking for other treatment and this has further boosted the market for the medical cannabis products in traditional healthcare facilities as well as non-mainstream practices.

Restraining Factor

Regulatory Uncertainty Impede Market Growth

However, the Medical Cannabis market seems to face various challenges because of unequal legislation among different areas. In some of the countries, legal restrictions and highly diverse legislation make some products unavailable, slow down-market penetration, and hamper research. This lack of tangible guidance serves as regulatory hurdles in industries as well as in the healthcare sector further limiting the reach of cannabis-based therapies.

Opportunity

Expanding Research and Development Create Opportunity for The Product in The Market

There is an increase in the investment on Research and Development. Another future factor which is a strong opportunity for cannabis business is that the constant growth of scientific knowledge. As research on medical uses of marijuana continue to unravel cannabis medical trials, there are possibilities of more products and therapies. Its outcome could be the increased number of approved medical marijuana treatments, increased market needs and ultimately, higher acceptance.

Challenge

Stigma and Public Perception Could Be a Potential Challenge for Consumers

Even today some countries and regions have still banned medical marijuana because of the negative connotation received from recreational marijuana. This is because patients and other health care providers are always discouraged from considering cannabis as a regular treatment practice hence limiting market expansion.

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MEDICAL CANNABIS MARKET REGIONAL INSIGHTS

• North America

The United States medical cannabis market is dominated by North America which incorporates America and Canada given the increasing legalizing of the product in many states in the U.S and across Canada. Strong market research, better patient access to medical cannabis product, and enhanced knowledge of medical use of cannabis are crucial for the market. The following is a lengthy discussion on why both the U.S market is set to expand with more and more states legalizing cannabis for medical use and investment.

• Europe

Europe is rapidly increasing inside the scientific cannabis region, especially in nations like Germany and the Netherlands, that have nicely-mounted regulatory frameworks for medicinal cannabis. With increasing medical cannabis prescriptions and ongoing legislative development, the European market is predicted to grow as extra nations embrace cannabis for medical use. The demand for cannabis-based totally treatments is pushed by way of continual situations, such as pain and epilepsy, and an enhancing felony and healthcare infrastructure.

• Asia

Asia is emerging as a large player within the medical cannabis market, with nations like Thailand and South Korea taking early steps towards legalization. Although the region is traditionally conservative concerning cannabis use, growing cognizance of its medicinal benefits, for pain management and neurological problems, is creating boom possibilities. As governments undertake more modern stances, Asia's market ability is predicted to enlarge unexpectedly, with emerging investments and demand for cannabis-based products in healthcare.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market Through Innovation and Market Expansion

Key industry players in the medical cannabis market include Canopy Growth Corporation, a leading Canadian cannabis corporation imparting several scientific cannabis products. Aurora Cannabis, also from Canada, provides various cannabis-based treatments. GW Pharmaceuticals, known for its cannabis-derived drug treatments, including Epidiolex for epilepsy, is a first-rate player. Tilray, any other Canadian organization, has improved into medical cannabis in more than one international location. Additionally, Cronos Group and Hexo Corp are prominent companies involved in cultivating and dispensing scientific cannabis merchandise throughout global markets. These gamers are using innovation and regulatory improvements in the region.

List of Top Medical Cannabis Companies

• Canopy Growth Corporation (Canada)
• Aurora Cannabis (Canada)
• Aphria (Canada)
• Tilray (Canada)
  

KEY INDUSTRY DEVELOPMENT

February 2024: Curaleaf International, part of Curaleaf Holdings, introduced its acquisition of Can4Med, a leading pharmaceutical wholesaler that specialize in cannabinoid medications. This circulates ambitions to strengthen Curaleaf's role inside the European marketplace for scientific hashish.

REPORT COVERAGE

The medical cannabis market is experiencing fast increase, fueled by using increasing legalization, increasing research, and growing recognition of its healing benefits. Key drivers include the use of cannabis for ache management, intellectual health conditions, and persistent diseases including epilepsy and cancer. While regulatory hurdles and stigma remain challenges, advancements in scientific trials and product improvement preserve to form the market. North America leads the market, with Europe and Asia following suit as legislation evolves. With ongoing investments and innovation, the market is poised to retain its growth, presenting large possibilities for healthcare companies and sufferers.