The Medical Cannabis market size was estimated at USD 16.85 billion in 2023 and is projected to reach USD 68.26 billion in 2030 at a CAGR of 22.12% during the forecast period 2023-2030.
Medical Cannabis refers to the use of the cannabis plant of its derivatives, such as cannabinoids like THC and CBD, for medical purposes. It is used to treat various conditions, like chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy and many more. Its legality and availability vary by country and region. The two main active compounds in cannabis are tetrahydrocannabinol (THC) and cannabidiol (CBD), each of which has distinct effects on the body.
Medical cannabis can be administered through various methods such as smoking, vaping, edibles, oil and tinctures, topicals, capsules, etc. However, it is important to note that while medical cannabis holds potential benefits, its not without risks. Side effects can include dizziness, dry mouth, impaired cognitive function, and in some cases, increased anxiety or paranoia. Additionally, its legality and regulations vary widely around the world, with some places allowing medical use under strict conditions and others not permitting it at all.
The medical cannabis market is expected to grow significantly in the forecast period driven by factors such as the increasing legalization of medical cannabis in various countries, rising prevalence of chronic diseases and development of new medical cannabis products and delivery methods. However, the medical cannabis market also faces certain challenges that could hinder its growth. Such factors include, regulatory uncertainty, lack of scientific evidence and negative public perception.
The COVID-19 pandemic has had a mixed impact on the medical cannabis market. It has led to increased demand for medical cannabis products due to increased stress and anxiety and increased access to medical cannabis. However, the pandemic has also had some negative impact on the medical cannabis market such as disruption of supply chains and businesses in the medical cannabis industry experiencing financial difficulties. Moreover, certain governments imposed stricter regulations on the medical cannabis industry during the pandemic.
The medical cannabis market is expected to grow during the forecast period. This growth can be attributed to various factors. Firstly, as of 2023, medical cannabis is legal in over 30 countries around the world, and this number is expected to grow in the coming years. This is due to the growing research that supports the use of medical cannabis for a variety of conditions, including chronic pain, nausea, seizures and anxiety. Moreover, the medical cannabis industry ins rapidly evolving, and new products and delivery methods are being developed all the time. This is making medical cannabis more accessible and convenient for patients, and it is also opening up new treatment possibilities. However, certain factors might hamper the growth of the market during the forecast period. The demand for medical cannabis is growing faster than the supply, which could lead to shortages in the future. This could drive up prices and make medicinal cannabis less accessible to patients. Moreover, synthetic alternatives to medical cannabis are being developed, and these could pose a threat to the industry.
North America to Dominate the Market