According to the TechSci Research report titled “Medical Cannabis Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028″, the global medical cannabis market is expected to experience significant growth, registering a CAGR of 14.62% and reaching USD 47.58 billion by 2028. This growth is attributed to the substantial increase in research and development activities for Medical Cannabis in recent years, driven by the need for medical cannabinoid drugs for therapeutic medication. Additionally, the growing collaboration and partnerships between governments and private sector companies have facilitated increased access to Medical Cannabis. These partnerships have created awareness for medical cannabis in the market, thus driving the growth of the Medical Cannabis market in the forecast period. For instance, in December, Pfizer, a prominent global pharmaceutical giant, disclosed that it had paid USD 6.7 billion to acquire the medical cannabis business Arena Pharma.
However, the lack of uniformity in laws and regulations across different regions and countries can make it difficult for businesses to operate and establish a consistent market. This is likely to hamper the growth of the global medical cannabis market. Moreover, the lack of access to medical cannabis in several countries is expected to slow down the growth of the global medical cannabis market in the coming years.
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The global Medical Cannabis market is segmented based on product type, active ingredient, distribution channel, application, end-user, and company.
Based on product type, the global medical cannabis market is divided into buds/marijuana flower and cannabis extracts. Cannabis extracts dominate the medical cannabis market with an overall market share of 75.17% in 2022. This is because cannabis extracts are produced by extracting the active compounds from the plant using solvents, CO2, or other methods, resulting in products with higher concentrations of THC, CBD, or other cannabinoids.
Based on the active ingredient, the global medical cannabis market is segmented into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and others. Cannabidiol (CBD) dominates the medical cannabis market with an overall market share of 25.38%. This is due to CBD’s potential therapeutic applications in treating anxiety, depression, epilepsy, and other conditions, making it more prevalent among medical cannabis users.
Based on the distribution channel, the global medical cannabis market is divided into B2B and B2C. B2B dominates the medical cannabis market with an overall market share of 79.64%. The B2B channel involves the distribution of medical cannabis products to other businesses such as dispensaries, pharmacies, and hospitals. This channel is commonly used for bulk orders and for medical cannabis products that are not directly accessible to end consumers.
Major companies operating in global medical cannabis market are:
- Canopy Growth Corporation
- Aphria, Inc.
- Maricann Group, Inc
- Tikun Olam – Cannabit Pharmaceuticals Ltd
- Corp
- GW Pharmaceuticals plc.
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc
- Aurora Marijuana Inc.
- Cronos Group Inc.
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“Asia-Pacific region dominates the medical cannabis market with CAGR 16.01% in the forecast period due to the fact that there is an increasing awareness and acceptance of the medicinal properties of cannabis in the Asia-Pacific region. Several countries in the region have legalized medical cannabis, including Thailand, South Korea, and Australia. This has created a favorable environment for the growth of the medical cannabis market. Also, there is a large population in the region, with many suffering from chronic diseases and conditions that can be treated with medical cannabis. This creates a significant demand for medical cannabis products, which is expected to drive medical cannabis market growth. Additionally, the Asia-Pacific region has a growing number of companies involved in the cultivation, processing, and distribution of medical cannabis. These companies are investing heavily in research and development to create new and innovative medical cannabis products, which is expected to propel the global medical cannabis market growth through 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Medical Cannabis Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product Type (Buds/Marijuana Flower, Cannabis Extracts), By Active Ingredient (Tetrahydrocannabinol (THC), Cannabidiol (CBD), Others), By Distribution Channel (B2B, B2C),By Application (Chronic Pain, Mental Disorders, Cancer, Epilepsy, Others), By End User Industry (Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, Others), By Region and Competition”, has evaluated the future growth potential of global medical cannabis market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global medical cannabis market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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