Global Cannabis Medicine Market, By Product Type (Prescription Drugs, Recreational Drugs, Others), Application (Chronic Pain, Mental Disorders, Cancer, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) – Industry Trends and Forecast to 2030.
Cannabis Medicine Market Analysis and Size
Increasing occurrences of disorders which require medical cannabis, growing number of geriatric population across the globe, growing initiatives by the public and private organisation to grow awareness among the people regarding the availability and benefits of cannabis medicine, surging number of medical marijuana clubs will help in boosting the growth of the cannabis medicine market..
Data Bridge Market Research analyses that the cannabis medicine market which was USD 12,681.90 million in 2023, would rocket up to USD 53,883.46 million by 2030, and is expected to undergo a CAGR of 22.9% during the forecast period. This indicates that the market value. “Prescription drugs” dominates the type segment of the cannabis medicine market owing to the increase number of cannabis disorders. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Cannabis Medicine Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Prescription Drugs, Recreational Drugs, Others), Application (Chronic Pain, Mental Disorders, Cancer, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy)
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa
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Market Players Covered
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GW Pharmaceuticals plc., MedReleaf Corp., Canopy Growth Corporation, Aphria Inc., Aurora Cannabis., Medical Marijuana, Inc, Green Relief Inc., among others.
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Market Opportunities
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Market Definition
The global cannabis medicine market refers to the worldwide industry involved in the research, development, production, and distribution of medical products derived from cannabis or its active compounds. It encompasses the legal and regulated use of cannabis-based treatments for various medical conditions and symptoms. This market includes pharmaceutical companies, research organizations, healthcare providers, and other stakeholders who are engaged in developing and delivering cannabis-derived medications and therapies. These products are designed to provide medical benefits and improve the quality of life for patients.
Cannabis Medicine Market Dynamics
Drivers
- Legalization and Regulatory Changes
The legalization of medical cannabis in various countries and regions has opened up new markets and increased patient access to cannabis-based treatments. As more governments recognize the potential therapeutic benefits of cannabis, regulatory frameworks are evolving to facilitate the production, distribution, and use of cannabis medicines.
- Increasing Acceptance and Changing Attitudes
There has been a notable shift in societal attitudes toward cannabis, with increasing acceptance of its medical potential. As more research emerges supporting the efficacy of cannabis-based treatments for a range of conditions, including chronic pain, epilepsy, multiple sclerosis, and cancer-related symptoms, patients and healthcare professionals are becoming more open to considering cannabis medicines as a viable treatment option.
- Growing Awareness and Education
Efforts to educate the public and healthcare professionals about the potential benefits and safe use of cannabis medicines have contributed to market growth. Increased awareness of the therapeutic properties of cannabis and its various compounds, such as CBD (cannabidiol) and THC (tetrahydrocannabinol), has helped reduce the stigma associated with cannabis and fostered greater acceptance.
Opportunities
- Research and Development Advancements
Continued research into the medical properties of cannabis and its compounds offers the potential for discovering new therapeutic applications. Further exploration of the entourage effect—the synergistic interactions between different cannabinoids and terpenes—may lead to the development of more effective cannabis-based treatments. Advancements in extraction methods, formulations, and delivery systems also present opportunities for innovation and product development.
Restraints/Challenges
- Lack of Standardization and Quality Control
Standardization and quality control are essential for ensuring consistent and reliable cannabis-based medications. However, due to the complex nature of cannabis as a plant and variations in cultivation, extraction methods, and product formulations, achieving uniformity and consistent dosing can be challenging. The lack of standardized protocols and quality control measures may raise concerns among healthcare professionals and limit widespread adoption of cannabis medicines.
This cannabis medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Cannabis medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In April 2023, Aurora Cannabis Inc., the Canadian company opening the world to cannabis, announced the launch of a new tracking program designed to support and empower cannabis patients on their wellness journey.
Global Cannabis medicine Market Scope
The cannabis medicine market is segmented on the basis of product type, application, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Prescription Drugs
- Recreational Drugs
- Others
Application
- Chronic Pain
- Mental Disorders
- Cancer
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Cannabis medicine Market Regional Analysis/Insights
The cannabis medicine market is analysed and market size insights and trends are provided by country, product type, application, and distribution channel as referenced above.
The countries covered in the cannabis medicine market report is U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The cannabis medicine market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Cannabis medicine market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Cannabis medicine market. The data is available for historic period 2010-2020.
Competitive Landscape and Cannabis medicine Market Share Analysis
The cannabis medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Cannabis medicine market.
Some of the major players operating in the cannabis medicine market are:
- GW Pharmaceuticals plc.
- MedReleaf Corp.
- Canopy Growth Corporation
- Aphria Inc.
- Aurora Cannabis.
- Medical Marijuana, Inc
- Green Relief Inc.
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