Medical Cannabis Market Predicted to Exceed USD 68.6 Billion by 2033, Rising at a CAGR of 7.1%

IMARC Group, a leading market research company, has recently released a report titled "Medical Cannabis Market Report by Species (Indica, Sativa, Hybrid), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC), and Others), Application (Cancer, Arthritis, Migraine, Epilepsy, and Others), End-Use (Pharmaceutical Industry, Research and Development Centres, and Others), Route of Administration (Oral Solutions and Capsules, Vaporizers, Topicals, and Others), and Region 2025-2033." The study provides a detailed analysis of the industry, including the global medical cannabis market share, size, trends, growth and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Medical Cannabis Market Overview:

The global medical cannabis market size reached USD 37.0 Billion in 2024, and it is projected to grow to USD 68.6 Billion by 2033, exhibiting a CAGR of 7.1% during the forecast period of 2025-2033. This growth is driven by increasing product use for treating substance use disorders, chronic inflammatory conditions, gastrointestinal disorders, and rising demand for CBD-based products. The market benefits from expanding legalization, growing awareness of therapeutic benefits, and advancements in cannabis research.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Medical Cannabis Market Key Takeaways

• Current Market Size (2024): USD 37.0 Billion
• CAGR (2025-2033): 7.1%
• Forecast Period: 2025-2033
• Increasing legalization and acceptance of medical cannabis are significantly driving market expansion.
• Rising awareness of potential therapeutic benefits positively influences the market.
• Advancements in cannabis research and medical studies offer numerous growth opportunities.
• Growing prevalence of chronic pain and medical conditions treatable by cannabis fuels the market.
• The opioid crisis and demand for safer pain management bolster market growth.

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Market Growth Factors

Clinical trials increase. R&D increases. Cannabis-based indications for use are commercialized. These actions drive the growth in the medical cannabis market. Medical cannabis is becoming more legal and accepted for research and development, so researchers, pharmaceutical companies, and practitioners are more interested in its possible medical benefits. Clinical trials evidence clinical effects and safety for legitimacy of medical cannabis. Pharmaceuticals invest through medical products that have standardized dosing, quality control, and regulations to help integrate medical cannabis into mainstream clinics.

Disposable income allows the consumer the ability to spend on products such as medical cannabis and other healthcare alternatives. As income increases, it allows the consumer more flexibility to spend on alternative options for their condition. The trends towards more thorough, natural and functional solutions, and the willingness to pay for quality brands, have led to growing demand within a niche market.

Another driver of the market has been the emergence of new cannabis-based pharmaceutical products which undergo wide-ranging testing and regulatory approval, ensuring their safety and efficacy for doctors and patients. These products could stabilize dosage and quality issues and broaden indications of medical cannabis for neurological and psychiatric conditions. Acceptance and use by physicians can improve the possibility for greater market acceptance of these products.

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Market Segmentation

Breakup by Species:

• Indica: Dominates the market due to high CBD and relatively lower THC content, sought after for therapeutic applications like pain, anxiety, inflammation, and sleep disorders. Increasing legalization supports demand.
• Sativa
• Hybrid

Breakup by Derivatives:

• Cannabidiol (CBD): Recognized for managing conditions without psychoactive effects.
• Tetrahydrocannabinol (THC): Dominates the market owing to psychoactive properties and therapeutic benefits for pain, stress, cancer-related symptoms, and multiple sclerosis.
• Others

Breakup by Application:

• Cancer: Largest segment, driven by management of chemotherapy-induced nausea, appetite stimulation, and pain relief.
• Arthritis
• Migraine
• Epilepsy
• Others

Breakup by End-Use:

• Pharmaceutical Industry: Dominates the market via research, development, and commercialization of cannabis-based medications.
• Research and Development Centres
• Others:

Breakup by Route of Administration:

• Oral Solutions and Capsules: Lead the market due to convenience, dosage accuracy, ease of administration, and patient preference for non-inhalation methods.
• Vaporizers
• Topicals
• Others

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America holds the largest market share in the global medical cannabis market. The region benefits from a progressive regulatory environment, increasing acceptance, and broad legalization across states and countries, especially the United States and Canada. Strong investments by pharmaceutical companies and research institutions in standardized cannabis products further accelerate market growth, positioning North America as a key driver of the global market.

Recent Developments & News

In 2020, Canopy Growth Corporation formed a strategic partnership with Acreage Holdings, Inc., a U.S.-based cannabis operator, to facilitate a future acquisition upon federal legalization in the U.S. This partnership aims to strengthen Canopy Growth's positioning in the American market. In 2021, Jazz Pharmaceuticals acquired GW Pharmaceuticals, expanding its portfolio into cannabinoid therapies and strengthening its neurology and rare disease markets presence. Aurora Cannabis Inc. executed a strategic business transformation plan in 2021, including cost-saving measures, restructuring, and divestitures, focusing on core business improvement.

Key Players

• Apothecanna
• Aurora Cannabis Inc.
• Canopy Growth Corporation
• Crop King Seeds
• Curaleaf Laboratories
• Jazz Pharmaceuticals, Inc.
• Little Green Pharma
• Mary'S Nutritionals, LLC
• Medical Marijuana, Inc.
• The Cronos Group
• Tilray Brands, Inc.

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