Medical Cannabis Market is anticipated to grow at a significant CAGR during the forecast period. The major factor that is augmenting the growth of the market includes the rising aging population across the globe, as geriatric patients are more likely to develop chronic diseases and require more physician visits. Moreover, clinical trials, research and development (R&D) activities and commercialization of cannabis-based indications are some other factors, that are expected to catalyze the growth of the market during the forecast period. Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. It was used medicinally in ancient Indian, Chinese, Egyptian and Islamic cultures.
Cannabis has application in the treatment of a wide range of diseases and symptoms, including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s and Tourette’s. Cannabis has been approved for medical use in numerous countries, owing to its therapeutic benefits with varying degrees of legal restrictions. Cannabis is safer and has less severe side effects in comparison to other treatment options. It also finds usage along with other treatments either to enhance their efficacy or to combat adverse side effects. For instance, it is very effective in reducing nausea and increasing appetite among chemotherapy patients. Similarly, it is also used in combination with traditional opioid painkillers, which enables patients to reduce the dosage and frequency of opioids significantly and imparts greater pain relief. Hence, the growing use of cannabis in the treatment of several diseases is driving the market growth.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered
- Regions Covered- Globally
- Competitive Landscape:Canopy Growth Corporation, GW Pharmaceuticals, plc., Aurora Cannabis, Inc., and Aphria, Inc., among others.
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Medical Cannabis Market Report by Segment
By Derivative
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Creams
By Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
By Application
- Neurological Disorders Management
- Mental Health Management
- Pain Management
Medical Cannabis Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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