Medical Cannabis Market Hits US$ 49,116.4 million by 2028 and to grow at a CAGR of 23.9% - Aphria, Aurora Cannabis, VIVO Cannabis, Tilray, CANVORY

The medical cannabis market was valued at US$ 8,926.6 million in 2020, and it is projected to reach US$ 49,116.4 million by 2028; it is expected to grow at a CAGR of 23.9% from 2021 to 2028.

The medical cannabis market is segmented based on product type, application, end user, and geography. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the medical cannabis market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID-19 impact analysis across all the regions. It is estimated that the market is likely to have increasing growth rate during the forecast period, owing to the rising demand for cannabis-based products to treat pain, and nausea caused by the COVID-19 infection.

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Prominent players operating in the medical cannabis market include Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation; Medical Marijuana, Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Tilray; and Cronos Group. The companies have implemented several inorganic and organic strategies to enhance the market value and maintain their position in the market. For instance, in July 2019, Aurora Cannabis Inc. and UFC, the world's premier mixed martial arts organization, announced the launch of a joint clinical research program that will produce multiple studies under the terms of their recently announced partnership.

Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets, and beverages and edibles. In 2020, the flowers segment accounted for the largest market share of the global medical cannabis market. The cannabis flowers are resinous whose buds can be processed into pharmaceutical-grade drugs by extracting active cannabinoids. Moreover, various products such as elixirs, tinctures, salves, poultices, creams, and other formulations can be made from the flowering tops for external and internal ailment. Also, the highest level of cannabinoids is found in flowers, thus, it is likely to have the largest market share. However, the beverages and edibles segment is likely to grow faster during the forecast period, owing to higher amounts of the active ingredient in cannabis – THC, in edibles like chocolate bars, gummy bears, and cookies.

Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, for medicinal purposes, and as a recreational drug. Cannabis is a drug that is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available such as marijuana, hashish, and hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles, and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.

Most Asian countries have legalized the use of cannabis in medical applications. In addition to accepting medical cannabis products from western countries and commercializing them in Asian markets, countries such as Australia, Singapore, Thailand, New Zealand, and South Korea have also legalized the cultivation of cannabis. For instance, in March 2021, the Ministry of Health and the Medicinal Cannabis Agency in New Zealand approved the commercialization of medical cannabis products of Tilray across the country. Furthermore, the company is also one of the leading providers of medical cannabis to Australia. Tilray’s products are manufactured at a certified facility in Canada with good manufacturing practices (GMP). Thus, the rise in approvals of medical cannabis and business expansion of companies are bolstering the medical cannabis market growth worldwide.

The report segments the global medical cannabis market as follows:

By Product Type

• Flowers
• Concentrates
• Topical Ointments
• Tablets
• Capsules
• Beverages and Edibles

By Medical Application

• Pain Management
• Neurological Health Management
• Mental Health Management
• Others

By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

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