Medicinal cannabis refers to cannabis and cannabinoids that are prescribed by medical professionals to treat health conditions or symptoms such as pain, multiple sclerosis, AIDS, epilepsy and other conditions. It contains compounds called cannabinoids that are active in the human body. The two main cannabinoids contained in the medicinal cannabis are tetrahydrocannabinol (THC) and cannabidiol (CBD). Medicinal cannabis comes in forms like pills, concentrated oils or resins and dried cannabis which can be smoked or vaporized. It is used to alleviate common ailments like pain, insomnia, muscle spasms, inflammation and nausea as cannabis has analgesic, anti-inflammatory and anti-nausea effects. With increasing legalization of medical marijuana across various countries and growing acceptance of its medicinal properties, the demand for cannabinoid products is surging.
The Global Medicinal Cannabis Market is estimated to be valued at US$ 14589.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.
Key players operating in the Medicinal Cannabis are Deere & Company, AGCO Corporation, Agribotix LLC, Agrobot and Blue River Technology. These players are engaged in developing advanced cannabis strains, cultivation and processing techniques to meet the growing demand.
Key opportunities in the market include partnerships for cultivation and manufacturing, technology and infrastructure development for cannabis production and research on new medicinal applications. North America dominates the market currently due to legal marijuana programs in Canada and certain states of US. However, countries like Germany, Italy, Czech Republic, Australia and Lesotho have emerged as lucrative markets with patient counts rising exponentially.
Increasing legalization of medical marijuana in more countries is a major factor driving the medicinal cannabis market. According to the World Drug Report, around 47 countries have legalized medicinal cannabis by June 2019. Also, growing acceptance of cannabis for treating serious illnesses like cancer, AIDS etc. is propelling the demand. Rising aging population also contributes as older adults commonly use cannabis for arthritis, joint pain or other age-related ailments.
Few limitations like strict regulations, apprehensions regarding long term effects of cannabis use, inconclusive research on therapeutic efficacy of marijuana are challenging the market growth. Restricted understanding of pharmacology of cannabis, varying legislation across regions also impedes the industry expansion to some extent. High prices of cannabinoid treatments due to costly production put them out of reach for some patients as well.
The Medicinal Cannabis Market Size is dominated by the flower sub-segment due to its wide applications in treating various medical conditions such as chronic pain, arthritis, cancer, epilepsy, and other neurological disorders. Flowers are consumed either by smoking or inhaling through vaporizers. They are more potent and cost-effective compared to other forms such as oils, tinctures, concentrates, and others. Flowers segment accounts for over 40% of the overall medicinal cannabis market share.
North America dominated the global medicinal cannabis market in 2024 due to the legalization of both medical and recreational cannabis in major countries of the region including the United States and Canada. The region is estimated to capture over 45% share of the overall market by 2030. Europe is the second fastest growing market for medicinal cannabis due to increasing adoption of medical cannabis for treating chronic diseases and rising funding for cannabis-based research projects in countries like Germany, the United Kingdom, Italy, and the Netherlands. Asia Pacific is anticipated to witness the highest CAGR during the forecast period owing to growing patient base, rising legalization of medical cannabis in countries like Australia, Thailand, South Korea, and others. Nations in Latin America and Middle East & Africa are also gradually adopting use of cannabis for medical use.
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