Medical Cannabis Market to to Grow with a CAGR of 20.51% through 2030
Increasing prevalence of chronic
diseases is expected to drive the global medical cannabis market during the
forecast period, 2026-2030.
According to TechSci Research
report, “Medical Cannabis Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2030F”, the Global Medical Cannabis Market stood at USD 28.54 billion in 2024 and is anticipated to grow with a CAGR of 20.51% in the forecast period through 2030. This is attributed to the significant increase in research and
development activities for Medical Cannabis in recent years, driven by the need
of medical cannabinoid drugs for therapeutic medication. Also, the growing
collaboration and partnerships between governments, and private sector
companies have helped to increase access to Medical Cannabis. These
partnerships have helped to create an awareness for medical cannabis in the
market, thus driving the growth of Medical Cannabis market in the
forecast.
However, the lack of uniformity
in laws and regulations across different regions and countries can make it
difficult for businesses to operate and create a consistent market. This likely
to hamper the growth of the global medical cannabis market. Besides, the lack
of access to medical cannabis in several countries is expected to slow down the
growth of the global medical cannabis market in the coming years.
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in-depth TOC on "Global Medical Cannabis Market.”
Global Medical Cannabis market
is segmented into product type, active ingredient, distribution channel,
application, end user industry, and company.
Based on Product Type, cannabis extracts particularly oils and tinctures are experiencing the fastest growth among product categories. This surge is driven by increasing patient demand for precise, non-inhalable, and discreet treatment options, as well as growing clinical interest in standardized cannabinoid formulations. Cannabis oils and tinctures offer several advantages over traditional flower products. They allow for more accurate dosing, longer shelf life, and easier integration into various delivery formats, such as capsules, edibles, or sublingual drops. These characteristics make them especially appealing for patients managing chronic conditions like anxiety, arthritis, epilepsy, and cancer-related symptoms. Additionally, extracts like oils and tinctures are often preferred by healthcare providers due to their consistent cannabinoid concentrations and reduced respiratory risks compared to smoking.
Based on Region, The Asia-Pacific region is emerging as the fastest-growing market for medical cannabis globally, driven by evolving regulatory landscapes, increasing public acceptance, and a growing demand for alternative therapies. This rapid growth is particularly evident in countries like Australia, Thailand, and China, where significant strides have been made in integrating medical cannabis into healthcare systems. In Australia, the medical cannabis market has experienced remarkable expansion, with industry analysts highlighting it as one of the most promising markets for international medical cannabis. Regulatory reforms have streamlined access for patients and bolstered domestic production, positioning Australia as a key player in the global cannabis industry. Thailand has also made notable progress by decriminalizing cannabis and promoting its use for medical and research purposes. This policy shift has led to a burgeoning cannabis industry, with the market projected to generate substantial revenue by 2030.
Major companies operating in
global medical cannabis market are:
- Canopy Growth Corporation.
- Aphria, Inc.
- Maricann Group, Inc.
- Tikun Olam - Cannabit Pharmaceuticals Ltd.
- MedReleaf Corporation
- GW Pharmaceuticals plc.
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc.
- Aurora Marijuana Inc.
- Cronos Group Inc
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“Increasing awareness and acceptance of the medicinal properties
of cannabis in the global market. Several countries in the region have
legalized medical cannabis, including Thailand, South Korea, and Australia.
This has created a favorable environment for the growth of the medical cannabis
market. Also, there is a large population in the region, with many suffering
from chronic diseases and conditions that can be treated with medical cannabis.
This creates a significant demand for medical cannabis products, which is
expected to drive medical cannabis market growth. Additionally, the
Asia-Pacific region has a growing number of companies involved in the
cultivation, processing, and distribution of medical cannabis. These companies
are investing heavily in research and development to create new and innovative
medical cannabis products”, said Mr. Karan Chechi, Research Director of TechSci Research, a research based global management consulting firm.
“Medical Cannabis Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type
(Buds/Marijuana Flower, Cannabis Extracts), By Active Ingredient
(Tetrahydrocannabinol (THC), Cannabidiol (CBD), Others), By Distribution
Channel (B2B, B2C),By Application (Chronic Pain, Mental Disorders, Cancer,
Epilepsy, Others), By End User Industry (Pharmaceutical & Biotechnology
Companies, Academic & Research Institutions, Others), By Region and
Competition, 2020-2030F”, has evaluated the future growth potential of
global medical cannabis market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
medical cannabis market.
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