Medical Cannabis Market Size, Share, Industry Trends and Forecast to 2033
This report explores the Medical Cannabis market from 2023 to 2033, providing insights into market size, growth trends, regional analysis, and segmentation. Key market players and future forecasts are also outlined to give a comprehensive view of the industry's trajectory.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $42.40 Billion |
| CAGR (2023-2033) | 14.6% |
| 2033 Market Size | $176.44 Billion |
| Top Companies | Canopy Growth Corporation, Aurora Cannabis, Tilray Brands, Inc., Cronos Group Inc. |
| Last Modified Date | 15 Nov 2024 |
Medical Cannabis Market Report (2023 - 2033)
Medical Cannabis Market Overview
What is the Market Size & CAGR of Medical Cannabis market in 2023?
Medical Cannabis Industry Analysis
Medical Cannabis Market Segmentation and Scope
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Medical Cannabis Market Analysis Report by Region
Europe Medical Cannabis Market Report:
Europe presents significant opportunities with the market expected to grow from $11.63 billion in 2023 to $48.38 billion by 2033. The rise of medical cannabis legislation in countries like Germany, Italy, and the Netherlands is enhancing market dynamics.Asia Pacific Medical Cannabis Market Report:
The Asia-Pacific region is becoming increasingly important in the Medical Cannabis market, projected to expand from $8.27 billion in 2023 to $34.41 billion by 2033, as countries like Australia and Thailand are moving towards legalization and medical recognition of cannabis.North America Medical Cannabis Market Report:
North America remains the largest player, with the Medical Cannabis market valued at $15.80 billion in 2023, projected to reach $65.76 billion by 2033. The United States is leading advancements in legalization and medical research, which further strengthens this position.South America Medical Cannabis Market Report:
In South America, the market is gaining traction, with expected growth from $3.20 billion in 2023 to $13.30 billion by 2033. This growth is fueled by an increasing number of countries legalizing medical cannabis, driven by public demand and potential economic benefits.Middle East & Africa Medical Cannabis Market Report:
In the Middle East and Africa, the market is expanding gradually, with growth from $3.51 billion in 2023 to $14.59 billion by 2033 as countries in this region begin to explore the therapeutic potentials of cannabis.Request a custom research report for industry.
Medical Cannabis Market Analysis By Product
Global Medical Cannabis Market, By Product Market Analysis (2023 - 2033)
In 2023, the market for flower products stands at $24.04 billion, projected to reach $100.04 billion by 2033. The flower segment holds a significant share, making up 56.7% of the market. Edibles are projected to grow from $8.70 billion in 2023 to $36.21 billion by 2033, representing approximately 20.52% of the market share. The oils and tinctures segment, while currently valued at $4.77 billion, is expected to escalate to $19.87 billion by 2033, accounting for 11.26% of the share.
Medical Cannabis Market Analysis By Application
Global Medical Cannabis Market, By Application Market Analysis (2023 - 2033)
Chronic pain considerably dominates the medical applications with a market size of $24.04 billion in 2023 and a forecast to reach $100.04 billion by 2033, sustaining a market share of 56.7%. Anxiety disorders follow with an anticipated growth from $8.70 billion to $36.21 billion by 2033, representing 20.52% of market share. Cancer-related symptoms and neurological disorders also demonstrate promising growth trajectories, highlighting the therapeutic versatility of medical cannabis.
Medical Cannabis Market Analysis By Consumption Method
Global Medical Cannabis Market, By Consumption Method Market Analysis (2023 - 2033)
The inhalation method takes the lead in 2023 with a market valuation of $25.91 billion, growing to $107.80 billion by 2033 and retaining a significant share of 61.1%. Ingestion is expected to rise from $11.80 billion to $49.10 billion, capturing 27.83% share. Topical applications, though smaller, are projected to increase from $4.69 billion to $19.53 billion, indicating diverse user preferences in consumption methods.
Medical Cannabis Market Analysis By End User
Global Medical Cannabis Market, By End-User Market Analysis (2023 - 2033)
The Medical Cannabis market is largely driven by patients, projected to grow from $11.80 billion in 2023 to $49.10 billion by 2033, comprising 27.83% of total market share. Medical facilities account for 61.1% of the market, indicating their crucial role in the distribution and administration of cannabis products. Research entities are also significant players, with a rising interest in exploring the potential applications and efficacy of medical cannabis.
Medical Cannabis Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Medical Cannabis Industry
Canopy Growth Corporation:
A leading Canadian cannabis company, Canopy Growth is known for its extensive portfolio of innovative cannabis products and its commitment to sustainability and high-quality standards.Aurora Cannabis:
Aurora Cannabis is a Canadian licensed producer that is recognized for its large-scale production capabilities and a diverse range of medical cannabis products that cater to various therapeutic needs.Tilray Brands, Inc.:
Tilray is a global leader in cannabis research, cultivation, and distribution, with a focus on providing high-quality medical cannabis products and advancing global research initiatives.Cronos Group Inc.:
Cronos Group is an innovative global cannabinoid company that focuses on the research, development, and commercialization of cannabis products with a commitment to safety and efficacy.We're grateful to work with incredible clients.
