IMARC Group, a leading market research company, has recently releases report titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global medical cannabis market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the medical cannabis market?
The global medical cannabis market size reached US$ 31.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.47% during 2023-2028.
What is Medical Cannabis?
Medical cannabis, often referred to as medical marijuana, is a therapeutic product derived from the cannabis plant. It encompasses the utilization of specific parts of the Cannabis plant or its extracts to alleviate a variety of medical conditions. The primary contains cannabinoids, such as cannabidiol (CBD) and tetrahydrocannabinol (THC), which exert therapeutic effects on the human body. These compounds interact with the endocannabinoid system, a complex network of receptors and neurotransmitters, to produce various physiological responses. Patients may consume it through inhalation, ingestion, or topical application, depending on their medical needs and preferences. The therapeutic potential of medical cannabis has gained substantial attention in recent years, leading to its legalization and regulated use in numerous countries and states. Its applications span a wide range of medical conditions, from chronic pain and epilepsy to nausea and muscle spasms.
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What are the growth prospects and trends in the medical cannabis industry?
The increasing acceptance of medical cannabis as a viable treatment option for various medical conditions is primarily propelling market growth. In line with this, extensive scientific research demonstrating the therapeutic potential of cannabinoids is supporting the market’s growth. Moreover, the shifting preference for alternative and natural remedies, driven by the growing need for chronic pain management and treatment of neurological disorders, is significantly contributing to the market’s growth. In addition to this, favorable regulatory changes in several regions, including the legalization of medical cannabis for medicinal purposes, paving the way for the establishment of licensed dispensaries and production facilities have opened remunerative opportunities for market growth. Besides this, the expanding applications of medical cannabis beyond traditional pain management, including its potential in treating anxiety, depression, and insomnia, are attracting a broader patient base, thus impelling market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United Cannabis Corporation
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End-Use:
- Pharmaceutical Industry
- Research and Development Centres
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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