medical cannabis Market

The global medical cannabis market is expected to reach US$ 49,116.4 million by 2028 from US$ 8,926.6 million in 2020. It is estimated to grow at a CAGR of 23.9% from 2021 to 2028.

Developing countries in South and Central America, Asia, and the Middle East & Africa, North America, and Europe have legalized the use and cultivation of medical cannabis. For instance, in 2012, Uruguay became the first country in the world to legalize the recreational use of cannabis. Similarly, in 2014, Brazil authorized the use of medical cannabis, and in 2016, it approved the import of medications based on CBD oil, and products made by THC and marijuana flowers. In 2017, Peru approved a law regulating the medicinal and therapeutic use of cannabis and its derivatives. In the past few years, Mexico, Luxembourg, and Lesotho have joined the list of countries to legalize the use of cannabis for medical applications. In August 2020, Lebanon became the second country in the Middle East, after Israel, to legalize cannabis for medical use. Likewise, in February 2019, Thailand legalized the use of medical cannabis, which is encouraging other Asian countries to change their perspective toward the medical benefits of cannabis.

However, despite widespread legalization for the use of cannabis, its legal cultivation and production has earlier been mostly limited to developing countries. In September 2019, the Ministry of Commerce, Agriculture, and Fisheries of Jamaica announced a partnership with Harvard International Phytomedicines and Medical Cannabis Institute (HIPI) for conducting research on the pharmacological benefits of cannabis. At the same time, Jamaica aims to capitalize on this partnership and utilize this opportunity to grow and develop its national marijuana industry. Moreover, according to the World Health Organization (WHO), ~80% of the world’s population utilizes marijuana or cannabis for medical remedies. Therefore, the growing acceptance, cultivation, and production of cannabis in developing countries is contributing significantly to the growth of the medical cannabis market.

Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets and beverages and edibles. In 2019, the flowers segment held the largest share of the medical cannabis market, by product type. However, the beverages and edibles segment is expected to witness the highest CAGR over the coming years.

Based on medical application, the medical cannabis market is segmented into pain management, neurological health management, mental health management, and others. In 2020, the pain management segment held the largest share of the market and is anticipated to witness the fastest CAGR in the medical cannabis market.

Based on compound, the medical cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. In 2020, the THC dominant segment held the largest share of the market and is anticipated to witness fastest growth rate in the medical cannabis market.

Major primary and secondary sources referred to while preparing the report on the medical cannabis market are Council of Scientific and Industrial Research, National Centre for Biological Sciences, The Food and Drug Administration, National Research Foundation, European Observatory on Cannabis Cultivation, South African Health Products Regulatory Authority, and World Health Organization, among others.