Medical Cannabis Market Growth Report – Reach $49.11 Billion, Globally, by 2028 at 23.9% CAGR with Pain Management Segment Driving Growth During 2021-2028 | Report by The Insight Partners

North America is dominating the global medical cannabis market, which was valued at USD 6,221.99 million in 2020 and is projected to reach US$ 34,818.59 million by 2028; it is expected to grow at a CAGR of 24.2% during 2021-2028. United States held the largest market in North America.

Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study on “Medical Cannabis Market Revenue Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Medical Application, Compound,” the market size is expected to reach $49.11 billion by 2028; it is estimated to record a CAGR of 23.9% from 2021 to 2028. Based on product type, in 2019, the flowers segment to hold the largest share of the medical cannabis market. However, the beverages and edibles segment is expected to witness the highest CAGR in market during 2021 to 2028.

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Global Medical Cannabis Market – Report Scope:

Report Coverage Details
Market Size Value in USD 8.92 Billion in 2020
Market Size Value by USD 49.11 Billion by 2028
Growth rate CAGR of 23.9% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2020
No. of Pages 192
No. of Tables 83
No. of Charts & Figures 77
Historical data available Yes
Segments covered Product Type, Medical Application, Compound

Global Medical Cannabis Market: Competitive Landscape and Key Developments
Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc, Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc, Tikun Olam, Tilray, The Cronos Group, Canvory among others are a few of the key companies operating in the medical cannabis market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in medical cannabis market. A few of the recent developments in the global medical cannabis market are mentioned below:

In May 2023, the new Stenocare medical cannabis oil product received approval from the Federal Institute for Drugs and Medical Devices (BfArM) for prescription-based sales to German patients. With this, Stenocare is now entering Germany, the by far largest European market for medical cannabis. The new product will be available for patients in Germany and is expected during August 2023.

In March 2023, 1CM Inc. entered into a Business Collaboration Agreement with Herbidus Formulations Pvt Ltd. The scope of collaboration includes licensing 1CM Inc's brands to the Trost for its manufacturing of Cannabis Ayurvedic Herbal Cigarettes and establishing 2 Ayurvedic Medicine Flagship Clinics.

In Aug 2022, HempStreet, India’s first research-to-retail venture in the ayurvedic cannabis sector, partnered with Amrita School of Ayurveda. Amrita School of Ayurveda, based in Kerala, was founded in 2004 and is a well-known Ayurvedic education facility nationally and internationally. Through this collaboration, HempStreet aims to receive clinically supported solutions to aid in its fight against mass ailments.

Browse key market insights spread across 192 pages with 83 list of tables & 77 list of figures from the report, "Medical Cannabis Market Forecast to 2028 - Global Analysis by Product Type (Flowers, Concentrates, Tablets, Cannabis Oil and Topical Ointments, Capsules, and Beverages and Edibles); Medical Application (Pain Management, Neurological Health Management, Mental Health Management, and Others); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC and CBD)" in detail along with the table of contents:

Growing Demand for Cannabis During COVID-19 to Drive the Global Medical Cannabis Market Growth During 2021-2028:
As per the Worldometer data, the global count of COVID-19 cases has reached ~138 million, with a total death count of 2.9 million, as of April 15, 2021. Researchers are exploring numerous possible treatment options, including existing drugs. Researchers are looking into numerous options for possible treatment, including existing drugs. They have found that medical cannabis can be used in the treatment of COVID-19. According to Medical Cannabis Network, by HEALTH EUROPA, “researchers at the University of Miami would be conducting an anonymous survey to obtain from medical cannabis patients regarding their mental health and physical health, as well as examining changes in patient’s frequency of use of cannabis, dosage, and route of administration based on COVID-19-realted closures and updates.”. Thus, the rising urge to control the COVID-19 pandemic is boosting the demand for medical cannabis, thereby providing opportunity for the medical cannabis market players.

At present, countries such as Australia and New Zealand only produced hemp products for the food and beverage sector. The countries do not have CBD-based products as there is no permit to use cannabis other than medicinal usage. On the contrary, in Hong Kong, CBD-based products are available in the market despite the food-related market being less. Likewise, in Japan, CBD-based food and drinks ranging from sweet drinks to lasagna are served in foodservice outlets. However, countries such as China and India do not yet permit CBD-based food products. Thus, owing to the increasing sales of cannabis and hemp products, they are expected to drive the medical cannabis market during the forecast period positively.

Also, companies are seeking more product launches in the Asian market. For instance, Asia Horizon was planning to launch its consumer brand Ouma in March 2021. The brand is more focused on CBD tinctures, capsules, and gummies. Thus, product launches in the market are expected to serve the market’s growth during the forecast period.

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