1 Global Medicinal Cannabis Market Size (Value) and CAGR (2024-2033)
In 2024, the global Medicinal Cannabis market was valued at USD 22660 million, with a CAGR of 20% from 2024 to 2033.
Medical cannabis, otherwise known as medical marijuana, is a crude, unprocessed, and whole marijuana plant extract. This extract is used to treat various illnesses and diseases. Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms, including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, an acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s and Tourette’s.
Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restrictions. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, the Czech Republic, Germany, Italy, Mexico, Spain, the United Kingdom, the United States, and Uruguay.
Figure Global Medicinal Cannabis Market Size (M USD) and CAGR 2024-2033
2 Medicinal Cannabis Market SWOT Analysis
Strengths
The market’s strengths are primarily rooted in its expanding applications and increasing acceptance. Medicinal Cannabis has proven effective in treating a wide range of conditions, from chronic pain and epilepsy to neurological disorders. Its therapeutic benefits are driving demand, especially as traditional treatments often come with severe side effects. Additionally, the growing body of research supporting its efficacy is enhancing its credibility among healthcare providers and patients. The increasing legalization in various countries, such as the United States, Canada, and several European nations, is also a significant strength, providing a legal framework for its use and distribution.
Weaknesses
Despite its strengths, the Medicinal Cannabis market faces notable weaknesses. One major challenge is the regulatory complexity across different regions. While some countries have legalized its use, many others still impose strict restrictions, limiting market expansion. Additionally, the stigma associated with cannabis use persists in some areas, affecting public perception and acceptance. There are also concerns regarding the side effects of cannabis use, such as cognitive impairment and addiction, which can deter potential users. The lack of standardized dosing and quality control further complicates its medical application, as consistency in product efficacy is crucial for widespread adoption.
Opportunities
The opportunities for the Medicinal Cannabis market are vast and growing. The increasing prevalence of chronic diseases, such as cancer and neurological disorders, is driving the need for alternative treatments. The market is also benefiting from the growing awareness and acceptance among healthcare professionals and the general public. Technological advancements in cannabis cultivation and extraction methods are improving product quality and consistency. Additionally, the potential for new applications, such as in mental health and autoimmune disorders, presents significant growth opportunities. The ongoing research and clinical trials are likely to uncover more therapeutic benefits, further expanding its market potential.
Threats
The market faces several threats that could hinder its growth. The strict regulatory environment in many countries poses a significant barrier to entry for new players and can limit market expansion. The potential for legal and regulatory changes, especially in regions where cannabis is still illegal, adds uncertainty. There is also the risk of negative public perception, which can influence policy decisions and consumer behavior. Additionally, the market faces competition from traditional pharmaceuticals and emerging alternatives, which may limit its market share. The potential for adverse health effects and the need for further research to address safety concerns also pose ongoing threats.
3 Global Medicinal Cannabis Market Size by Type in 2024
In 2024, the Flower segment is expected to account for 8,321.76 M USD. Flower refers to the dried buds of the cannabis plant, which are rich in cannabinoids such as THC and CBD. These flowers can be used in various forms, including smoking, vaping, or as ingredients in edibles. Flower products are popular among consumers due to their natural form and the ability to provide immediate relief for conditions like chronic pain and anxiety. The market for cannabis flower is driven by its versatility and the growing preference for natural, plant-based treatments. The increasing number of states and countries legalizing cannabis use further supports the demand for flower products, making it a significant contributor to the overall market value.
The Oil segment is projected to reach 5,732.90 M USD in 2024. Medicinal Cannabis Oil is derived from the cannabis plant through extraction processes such as CO2 extraction or ethanol extraction. These oils are concentrated forms of cannabinoids and are often used in tinctures, capsules, and topical applications. Cannabis oils are particularly popular for their ease of use and the ability to provide precise dosing. They are widely used for treating conditions like epilepsy, multiple sclerosis, and neuropathic pain. The market for cannabis oil is expected to grow as more research supports its therapeutic benefits and as consumers become more aware of its advantages over traditional treatments.
Table Global Medicinal Cannabis Market Size by Type in 2024
Type | 2024 |
Flower | 8322 |
Oil | 5733 |
Others | 8605 |
5 Global Medicinal Cannabis Market Size by Application in 2024
The Pain segment is the largest application area, with an estimated market value of 5,930 million US dollars in 2024. Medicinal Cannabis has proven effective in managing chronic pain, offering a natural alternative to traditional painkillers like opioids. Its use in pain management is driven by the increasing prevalence of chronic pain conditions and the growing awareness of cannabis as a safer and less addictive option. The market for cannabis-based pain treatments is expected to grow further as more research supports its efficacy and as regulatory barriers continue to ease.
The Arthritis segment is projected to reach 1,804 million US dollars in 2024. Medicinal Cannabis is increasingly being used to alleviate symptoms of arthritis, including joint pain and inflammation. Its anti-inflammatory properties make it a valuable treatment option, especially for patients who do not respond well to traditional medications. The growing aging population and the increasing incidence of arthritis are key factors driving the demand for cannabis-based treatments in this segment.
The Neurological Disease segment is expected to account for 3,956 million US dollars in 2024. Medicinal Cannabis has shown promise in treating various neurological conditions, such as epilepsy, multiple sclerosis, and Parkinson’s disease. Its ability to reduce seizures and manage symptoms like muscle spasms and tremors makes it a valuable addition to the treatment arsenal for these conditions. The market for cannabis-based treatments in neurological diseases is expected to grow as more clinical trials demonstrate its efficacy and safety.
Table Global Medicinal Cannabis Market Size by Application in 2024
Application | Market Size (M USD) 2024 |
Pain | 4811 |
Arthritis | 1804 |
Neurological Disease | 3956 |
Others | 12089 |
6 Global Medicinal Cannabis Market Size by Region in 2024
North America is the largest regional market, with an estimated value of 19,684 million US dollars in 2024. The United States and Canada lead the region, driven by increasing legalization, strong consumer demand, and a supportive regulatory environment. The U.S. market is particularly influenced by state-level legalization efforts, while Canada has a more unified approach. The presence of major players and significant investment in research and development further support the growth of the North American market.
Europe is the second-largest regional market, projected to reach 2,400 million US dollars in 2024. European countries like Germany, the UK, and Italy have been at the forefront of cannabis legalization for medical use. The region’s market growth is driven by increasing acceptance, supportive regulatory frameworks, and the growing number of clinical trials. The European market is also characterized by high-quality standards and a focus on pharmaceutical-grade products.
The Asia-Pacific region is projected to reach 330 million US dollars in 2024. While the region’s market is relatively small compared to North America and Europe, it is experiencing significant growth. Countries like Australia and South Korea are leading the way, with increasing legalization and a growing number of clinical trials. The region’s market is also supported by the potential for innovation and the growing awareness of cannabis-based treatments.
Figure Global Medicinal Cannabis Market Size by Region in 2024
7 Major Players in Global Medicinal Cannabis Market
7.1 GW Pharmaceuticals, plc
Company Profile:
GW Pharmaceuticals, plc is a UK-based biopharmaceutical company founded in 1998. The company is renowned for its pioneering work in discovering, developing, and commercializing novel therapeutics from its proprietary cannabinoid product platform. GW Pharmaceuticals is particularly noted for its product Sativex, an oromucosal spray indicated for the treatment of spasticity in adult patients with multiple sclerosis (MS). The company’s headquarters are located in Cambridge, UK, and it operates globally with a focus on bringing high-quality, pharmaceutical-grade cannabis products to market.
Business Overview:
GW Pharmaceuticals has established itself as a leader in the Medicinal Cannabis industry through its commitment to scientific research and regulatory compliance. The company’s business model emphasizes the development of standardized, high-quality cannabis-based products that meet stringent pharmaceutical standards. GW Pharmaceuticals collaborates with healthcare providers, researchers, and regulatory bodies to ensure the safety and efficacy of its products. The company’s global reach and strong research and development capabilities position it as a key player in the industry.
Product Profiles:
GW Pharmaceuticals’ flagship product, Sativex, is a cannabis-based medicine that has been approved in several countries for the treatment of MS-related spasticity. The product contains a balanced formulation of delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD), offering patients a natural alternative to traditional medications. Sativex is administered as an oromucosal spray, providing a convenient and effective method of delivery.
Recent Financial Performance:
In the most recent year, GW Pharmaceuticals reported significant growth in revenue and gross profit. The company’s revenue reached approximately 768.46 million US dollars.
7.2 Canopy Growth Corporation
Company Profile:
Canopy Growth Corporation, founded in 2013, is a leading cannabis company based in Canada. The company is known for its diverse portfolio of cannabis and cannabinoid-based consumer products, including high-quality dried flower, oil, soft gel capsules, infused beverages, edibles, and topical formats. Canopy Growth operates with a strong commitment to improving lives, ending prohibition, and strengthening communities through the full potential of cannabis. The company’s headquarters are located in Smiths Falls, Ontario, Canada.
Business Overview:
Canopy Growth Corporation has positioned itself as a diversified cannabis company with a focus on innovation and consumer insights. The company leverages its extensive production capabilities and research and development efforts to offer a wide range of products that cater to various consumer needs. Canopy Growth’s business model emphasizes sustainability, quality, and regulatory compliance, ensuring that its products meet the highest standards. The company’s global presence and strategic partnerships further enhance its market reach and influence.
Product Profiles:
Canopy Growth offers a variety of cannabis products, including Red N°1, an indica-dominant hybrid strain with a predominant THC content. The company’s product portfolio also includes high-quality dried flower, oil, and other formats designed to meet different consumer preferences and medical needs. Canopy Growth’s commitment to innovation and quality ensures that its products are effective and reliable.
Recent Financial Performance:
In the most recent year, Canopy Growth Corporation reported a revenue of approximately 60.36 million US dollars.
7.3 Tilray Inc.
Company Profile:
Tilray Inc., founded in 2013, is a global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America. The company is dedicated to improving people’s lives by providing high-quality, differentiated brands and innovative products. Tilray’s mission is to be a trusted partner for patients and consumers by offering a cultivated experience and health and wellbeing through its comprehensive product offerings. The company’s headquarters are located in Toronto, Ontario, Canada.
Business Overview:
Tilray Inc. has established itself as a pioneer in cannabis research, cultivation, and distribution. The company’s business model focuses on scientific approaches to product development, ensuring that its products are standardized, well-defined, and of the highest quality. Tilray’s commitment to innovation and consumer satisfaction positions it as a key player in the global Medicinal Cannabis market. The company’s extensive production platform supports over 20 brands in more than 20 countries, offering a diverse range of cannabis products.
Product Profiles:
Tilray cultivates a wide range of cannabis strains, including indicas, sativas, hybrids, and CBD-rich varieties. The company’s products are available in two primary forms: extracts and dried flowers. Tilray’s focus on active ingredients and standardized preparations ensures that its products are consistent and effective. The company’s comprehensive analysis and thorough documentation further enhance the quality and reliability of its offerings.
Recent Financial Performance:
In the most recent year, Tilray Inc. reported a revenue of approximately 72.06 million US dollars.