In 2022, the global Medical Cannabis Market reached a size of USD 10.73 Billion, and the latest report from Reports and Data predicts a robust revenue compound annual growth rate (CAGR) of 23.6% throughout the forecast period.
Medical marijuana refers to the utilization of the marijuana plant or its constituents for therapeutic purposes, distinguishing it from recreational use. Within marijuana plants, there are hundreds of different chemicals, each exerting unique effects on the human body. Among these, Delta-9-Tetrahydrocannabinol (THC) and Cannabidiol (CBD) are the two most crucial compounds employed in medical applications. The adoption of medical marijuana as a treatment for various conditions, including Alzheimer’s, appetite loss, cancer, and more, is a significant driver of market revenue growth.
Notably, cases where specific medical marijuana strains have been reported to aid children in managing seizures have garnered considerable attention. For example, the United States Food and Drug Administration (FDA) recently approved Peridiole, a CBD-based medication, for treating severe or hard-to-control seizures, with some individuals experiencing a substantial reduction in seizure frequency.
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The increasing acceptance of cannabis legalization across different regions is propelling the expansion of the medical cannabis market. Many governments and federal authorities in various countries are endorsing the medical use of marijuana as a means to combat the misuse of prescription drugs. Patients who turn to medical cannabis often report enhanced well-being, as it tends to have fewer adverse effects compared to opioid painkillers such as morphine and Oxycodone, which carry the risk of addiction and pose hazards when abused.
Key players in the Medical Cannabis Market:
- Canopy Growth Corporation
- Aurora Cannabis
- MATNAS CHAIM MARROW
- Cannabis Science Inc.
- Maricann Inc
- VIVO Cannabis Inc
- Medical Marijuana, Inc.
- STENOCARE A/S
- The Cronos Group
- MM Enterprises USA, LLC
Some Key Highlights in the Report:
- In 2022, the largest share of revenue was captured by the concentrates segment. Cannabis concentrates come in a diverse range of product types, forms, and consistencies. The purity and chemical composition, which encompass THC, CBD, and terpene content, can vary depending on the extraction and refining methods used, as well as the source material for the final extract. Concentrates are exceptionally effective at boosting the potency of cannabis flower, and this serves as a primary driver for revenue growth in this segment.
- During 2022, the medical sector dominated in terms of revenue. Medical marijuana, derived from the marijuana plant or its constituents, is employed for the treatment of various diseases and disorders. It has shown its effectiveness in alleviating a wide range of conditions, including Alzheimer’s, loss of appetite, cancer, and more. Additionally, cannabis is valuable in reducing the discomfort associated with chemotherapy, such as pain, nausea, and vomiting. The active compounds in medical marijuana closely resemble those naturally produced by the human body, influencing processes like appetite, memory, mobility, and pain management. Moreover, it contributes to reducing anxiety while also mitigating inflammation and pain.
- In 2022, the North American market commanded the largest share of revenue. This region has witnessed substantial efforts by major companies and manufacturers to enhance their infrastructure for medical cannabis, which is expected to drive market revenue. For example, on October 25, 2022, Canopy Growth, a Canadian cannabis company, announced the merger of its U.S. assets into a new holding company to expedite its entry into the American market. This strategic move aims at achieving cost savings and expanding its market presence in the United States, a market projected to exceed USD 50 billion by 2026, despite marijuana not being federally legalized in the country. Canopy’s plan includes the finalization of acquisitions of New York-based Acreage Holdings, Colorado-based culinary specialist Wana Brands, and California-based extracts manufacturer Jetty, with these assets being consolidated under Canopy USA.
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For the purpose of this report, Reports and Data has segmented the global medical cannabis market on the basis of Product Type Outlook, Source Outlook, Application Outlook, End-Use Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Dried Medical Cannabis
- Medical Cannabis Capsules
- Vape Pen
- Creams & Moisturizer
- Ground Flower
- Masks & Serum
Source Outlook (Revenue, USD Billion; 2022 – 2032)
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Pain Management
- Neurological Health Management
- Mental Health Management
End-Use Outlook (Revenue, USD Billion; 2022 – 2032)
- Pharmaceutical Centers
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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