New York, NY--The global medical cannabis market is predicted to grow remarkably over the next seven years. With an expected compound annual growth rate (CAGR) of 22.12%, the market size is expected to reach USD 68.26 billion by 2030, up from an estimated USD 16.85 billion in 2023.
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The market's advancement is attributed to rising chronic disease prevalence, product innovation, and increasing legalization in various countries. Regulatory challenges, lack of concrete scientific evidence, and public skepticism remain barriers.
Understanding Medical Cannabis
According to a Yahoo! Finance article, medical cannabis refers to utilizing the cannabis plant and its derivatives, primarily cannabinoids like THC and CBD, for therapeutic purposes. These compounds are reputed for their potential to treat conditions like epilepsy, chronic pain, nausea from chemotherapy, and multiple sclerosis.
However, their use is accompanied by potential side effects like dizziness, cognitive impairment, and, in some instances, increased paranoia or anxiety. Legality and regulations differ globally, with certain regions controlling their medical use.
Key Market Segments
- Product Types: Oil, Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, and more.
- Sources: Synthetic and Natural.
- Species: Cannabis Indica, Sativa, and Hybrid.
- Derivatives: CBD, THC, Cannabigerol (CBG), and others.
- Applications: Pain Management, Anxiety, Cancer, Epilepsy, etc.
- Administration: Oral Solutions, Smoking, Vaporizers, Topicals, etc.
- Treatment Types: Analgesic, Psychedelic, Antiviral, and more.
- Distribution: B2B and B2C.
- Regions: North America, Asia Pacific, Europe, and others.
Key Players in the Industry
Major market participants include Aurora Cannabis, BARNEY'S FARM, CANOPY GROWTH CORPORATION, Elixinol Global Limited, HEXO Corp., JAZZ Pharmaceuticals Inc., Medical Marijuana, Inc., Tilray, and more.
Recent Developments
The article noted that White Earth Nation launched its medical cannabis program in August 2023, marking one of Minnesota's first legal adult-use marijuana sales.
In February 2023, BOHECO unveiled India's pioneering clinically trialed medical cannabis product line, focusing on hemp-based wellness.
The article added that North America is anticipated to capture the largest market share, powered by significant investments and widespread legalization in many regional countries.
An Ever-evolving Market
The article highlighted that despite some challenges, the medical cannabis market is on a positive trajectory, buoyed by legalizations in over 30 countries as of 2023 and growing research backing its varied medical applications.
New product developments are making treatments more accessible, yet the rising demand may outstrip supply, possibly leading to future shortages.