June 18, 2024

Medicinal Cannabis Market Is Estimated To Witness High Growth Owing To Increasing Adoption And Legalization Of Cannabis For Medical Purposes

The Medicinal Cannabis Market is estimated to be valued at US$ 10,180.17 Million in 2022 and is expected to exhibit a CAGR Of 24.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The medicinal cannabis market refers to the use of cannabis and its derivatives for various medical purposes. Cannabis contains active compounds called cannabinoids which have therapeutic effects on the body. The market includes products such as oils, tinctures, capsules, and sprays that are used for treating various conditions such as chronic pain, multiple sclerosis, epilepsy, and nausea associated with chemotherapy. The market is driven by the increasing adoption and legalization of cannabis for medical purposes, as well as growing awareness among patients and healthcare professionals about the potential benefits of cannabis-based therapies.

Market Dynamics:

The medicinal cannabis market is driven by two main factors. Firstly, the increasing adoption and legalization of cannabis for medical purposes is a major driver for market growth. As more countries and states legalize the use of cannabis for medical purposes, the market is expected to witness significant growth. This is due to the increasing acceptance of cannabis as a valid treatment option for various medical conditions.

Secondly, the growing awareness among patients and healthcare professionals about the potential benefits of cannabis-based therapies is also driving market growth. With more research being conducted on the therapeutic properties of cannabis, there is increasing evidence to support its effectiveness in treating various conditions. This has led to an increased demand for medicinal cannabis products.

Segment Analysis:

The medicinal cannabis market can be segmented based on product type, application, and distribution channel. In terms of product type, the dominating segment in the market is the oils and extracts segment. This segment is expected to witness significant growth due to the increasing demand for cannabis oils and extracts for various medical purposes. Oils and extracts are preferred by many patients as they provide a convenient and precise way of consuming medicinal cannabis. Additionally, oils and extracts offer faster and long-lasting therapeutic effects compared to smoking or vaporizing. Furthermore, the growing acceptance of cannabis-based oil treatments for chronic pain management, epilepsy, and cancer is driving the demand for this segment.

PEST Analysis:

Political: The political landscape surrounding medicinal cannabis is evolving globally, with an increasing number of countries legalizing its use for medical purposes. This is creating new market opportunities for the industry.

Economic: The medicinal cannabis market is experiencing substantial economic growth due to the increasing demand for cannabis-based medical treatments. The industry is generating significant revenue, creating job opportunities, and contributing to economic growth.

Social: The social acceptance of cannabis for medical purposes is growing, as more people recognize its potential health benefits. Changing societal attitudes towards cannabis are driving the demand for medicinal cannabis products.

Technological: Technological advancements in cultivation, extraction, and product development are playing a crucial role in the growth of the medicinal cannabis market. These advancements are improving the quality and consistency of medicinal cannabis products.

Key Takeaways:

The global Medicinal Cannabis Market is expected to witness high growth, exhibiting a CAGR of 24.4% over the forecast period of 2022-2030. This growth can be attributed to increasing acceptance and legalization of cannabis for medical purposes worldwide. The growing demand for cannabis-based treatments for chronic pain management, epilepsy, cancer, and other medical conditions is driving the market.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the medicinal cannabis market. Factors such as the legalization of medical cannabis in several U.S. states and Canada, coupled with a well-established healthcare infrastructure, are propelling the market growth in this region.

Key players operating in the medicinal cannabis market include 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. These key players are focusing on product development, mergers and acquisitions, and strategic partnerships to strengthen their market presence and capture a larger market share.

*Note:

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