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Global Medical Cannabis Market – Industry Trends and Forecast to 2029

  • Medical Devices
  • Upcoming Report
  • Jul 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Medical Cannabis Market, By Product (Oil, Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, Creams & Moisturizer, Ground Flower, Patch, Mask & Serum, Cleanser, Others), Source (Natural, Synthetic), Species (Sativa, Hybrid, Cannabis Indica), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol, Cannabigerol (CBG), Cannabinol, Others), Application (Pain Management, Anxiety, Muscle Spasms, Nausea, Appetite Loss, Cancer, Arthritis, Alzheimer's Disease, Epilepsy, Depression and Sleep Disorders, Multiple Sclerosis, Autism, Mental Health Conditions, Elevate Mood, Others), Route of Administration (Oral Solutions and Capsules, Smoking, Topicals, Vaporizers, Others), End User (Homecare Settings, Hospital and Rehab Centers, Pharmaceutical Industry, Research and Development Centers, Others), Distribution Channel (B2C, B2B) – Industry Trends and Forecast to 2029

 

Medical Cannabis Market

Medical Cannabis Market Analysis and Size

According to the poll, nearly 13,400 physicians in Canada supplied prescriptions for an average of 2.1 grammes of marijuana each day to patients. The growing number of scientific trials of cannabis-infused medications for various therapeutic areas, particularly the usage of cannabidiol, is boosting market growth. There were around 400 completed or continuing clinical trials as of June 2018. Clinical trials sponsored by GW Pharmaceuticals totaled 40, whereas clinical trials sponsored by sanofi totaled 38. Furthermore, the narrative among physicians about the benefits and supporting clinical evidence is leading to an increase in patient prescriptions for cannabis-infused medicines.

Data Bridge Market Research analyses that the medical cannabis market which was USD 11.0 billion in 2021, would rocket up to USD 54.34 billion by 2029, and is expected to undergo a CAGR of 22.1% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Cannabis Market Scope and Segmentation 

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Oil, Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, Creams & Moisturizer, Ground Flower, Patch, Mask & Serum, Cleanser, Others), Source (Natural, Synthetic), Species (Sativa, Hybrid, Cannabis Indica), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol, Cannabigerol (CBG), Cannabinol, Others), Application (Pain Management, Anxiety, Muscle Spasms, Nausea, Appetite Loss, Cancer, Arthritis, Alzheimer's Disease, Epilepsy, Depression and Sleep Disorders, Multiple Sclerosis, Autism, Mental Health Conditions, Elevate Mood, Others), Route of Administration (Oral Solutions and Capsules, Smoking, Topicals, Vaporizers, Others), End User (Homecare Settings, Hospital and Rehab Centers, Pharmaceutical Industry, Research and Development Centers, Others), Distribution Channel (B2C, B2B)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Joy Organics (U.S.), CBD istillery (U.S.), Gaia Botanicals (U.S.), Harmony (U.S.), Floyd’s of Leadville (U.S.), Lazarus Naturals (U.S.), cbd MD (U.S.), Pure Hemp Botanicals (U.S.), ENDOCA(Netherlands), Green Roads (U.S.), Tilray (U.S.), Canopy Growth Corp. (Canada), GW Pharmaceuticals PLC (U.K.), Aurora Cannabis (Canada), Aphria Inc. (Canada), CV sciences Inc. (U.S.)

Market Opportunities

  • Demand for cannabis is increasing
  • Medicinal benefits achieved by Cannabis capsules

Market Definition

Medicinal marijuana (MMJ), often known as medical cannabis, is marijuana and cannabinoids that doctors recommend for their patients. Due to production and political constraints, the use of cannabis as medicine has not undergone thorough testing. As a result, there has been little clinical study to determine the safety and effectiveness of utilising cannabis to treat ailments.

Medical Cannabis Market Dynamics

Drivers

  • Advancements in research and development

Cannabis is now approved for treating various ailments, including restlessness, muscle tightness, persistent discomfort, and the reduction of vomiting and illness caused by chemotherapy. The majority of businesses are making rapid progress in their research into the potential of therapeutic cannabis and hemp.

  • Cannabinol and Tetrahydrocannabinol-modified edibles

CBD and THC-modified edibles are becoming increasingly popular throughout all permitted states. In addition, customers and investors are becoming more interested in infused drinks. The convoluted administrative process for cannabis acceptance can act as a roadblock to industry development. The therapeutic properties of cannabis and the ongoing legalisation of cannabis capsules will serve as opportunities for market expansion.

  • Increasing legalization of cannabis

Cannabis makes up a sizable portion of the medical cannabis market. Consumers in the United States provinces where cannabis has been legalised are usually above the age of 50. This demographic profile is predicted to raise cannabis demand in the country due to a higher likelihood of chronic diseases after 50 years of age and the effectiveness of cannabis in treating such conditions. Cannabis's popularity and demand are projected to rise in the future due to ongoing research and standardisation of products for medicinal uses.

Opportunities

To provide the intended medical benefits, the dosage of the capsules must be precise before consumption. More dependable are the use of sophisticated machinery, skilled, licensed lab technicians, and the producer. Because medical cannabis is now legal in the United States, the demand for it is skyrocketing, thanks to the medicinal benefits of Cannabis Capsules. As a result, investors are keen on establishing or acquiring plants with appropriate machinery, skilled labor, and a license to produce cannabis capsules. Existing manufacturers are also investing time and skills to innovate for the production of high-quality capsules in appropriate doses.

Restraints/Challenges

Cannabis capsules are thus being produced in order to produce accurate and calculated dosages of a mixture of various drugs that includes cannabis. These calculated dosages of cannabis capsules are in high demand around the world, as they will allow numerous medical practises to treat patients suffering from Alzheimer's disease, cancer, epilepsy, glaucoma, PTSD, muscle spasms, and other conditions. 

This medical cannabis 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 medical cannabis market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Medical Cannabis Market

Like every other market, COVID-19 had an adverse impact on the medical cannabis market. The imposition of lockdown limited consumers from visiting brick-and-mortar shops. However, many cannabis companies began relying heavily on social media and e-commerce platforms to market to consumers during the year. Cannabis retail outlets, producers, manufacturers, distributors, and warehouses were deemed essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services continued to serve Albertans throughout the COVID-19 pandemic.

Recent Development

  • In March 2021 - STADA Arzneimittel AG, one of Germany's leading pharmaceutical companies, has entered the medical cannabis market with a deal with MediPharm Labs, a Canadian company, to introduce two flower products and six more in the future.
  • In May 2021- TCV Sciences, Inc. announced the launch of PLUSCBDTM calm and sleep gummies, two tasty candies that help individuals go back to their normal routines by supporting healthy stress responses and sleep cycles.

Global Medical Cannabis Market Scope

The medical cannabis market is segmented on the basis of product, source, species, derivatives, application, route of administration, end user and distribution channel. The growth amongst these segments will help you analyze 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

  • Oil
  • Dried Medical Cannabis
  • Medical Cannabis Capsules
  • Vape Pen
  • Whole Flower
  • Creams and Moisturizer
  • Ground Flower
  • Patch
  • Mask and Serum
  • Cleanser
  • Others

Source

  • Natural
  • Synthetic

Species

  • Sativa
  • Hybrid
  • Cannabis Indica

 Derivatives

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
  • Cannabigerol (CBG)
  • Cannabinol
  • Others

 Application

  • Pain Management
  • Anxiety
  • Muscle Spasms
  • Nausea
  • Appetite Loss
  • Cancer
  • Arthritis
  • Alzheimer's Disease
  • Epilepsy
  • Depression and Sleep Disorders
  • Multiple Sclerosis
  • Autism
  • Mental Health Conditions
  • Elevate Mood
  • Others

 Route of Administration

  • Oral Solutions and Capsules
  • Smoking
  • Topicals
  • Vaporizers
  • Others

End User

  • Homecare Settings
  • Hospital
  • Rehab Centers
  • Pharmaceutical Industry
  • Research and Development Centers
  • Others

Distribution Channel

  • B2C
  • B2B

Medical Cannabis Market Regional Analysis/Insights

The medical cannabis market is analysed and market size insights and trends are provided by country, product, source, species, derivatives, application, route of administration, end user and distribution channel as referenced above.

The countries covered in the medical cannabis market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical cannabis market due to the growing number of geriatric population along with adoption of innovative medical technology.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.

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.

Competitive Landscape and Medical cannabis Market Share Analysis

The medical cannabis 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 medical cannabis market.

Some of the major players operating in the medical cannabis market are:

  • Joy Organics (U.S.)
  • CBD istillery (U.S.)
  • Gaia Botanicals (U.S.)
  • Harmony (U.S.)
  • Floyd’s of Leadville (U.S.)
  • Lazarus Naturals (U.S.)
  • cbdMD (U.S.)
  • Pure Hemp Botanicals (U.S.)
  • ENDOCA(Netherlands)
  • Green Roads (U.S.)
  • Tilray (U.S.)
  • Canopy Growth Corp. (Canada)
  • GW Pharmaceuticals PLC (U.K.)
  • Aurora Cannabis (Canada)
  • Aphria Inc. (Canada)
  • CV sciences Inc. (U.S.)

Research Methodology: Global Medical Cannabis Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The medical cannabis market value is expected USD 54.34 billion by 2029.
The Medical Cannabis Market is to grow at a CAGR of 8.40% during the forecast by 2029.
On the basis of product, the Medical Cannabis Market is segmented into Oil, Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, Creams & Moisturizer, Ground Flower, Patch, Mask & Serum, Cleanser, Others.
On the basis of application, the Medical Cannabis Market is segmented into Pain Management, Anxiety, Muscle Spasms, Nausea, Appetite Loss, Cancer, Arthritis, Alzheimer's Disease, Epilepsy, Depression and Sleep Disorders, Multiple Sclerosis, Autism, Mental Health Conditions, Elevate Mood, Others.