The Medical Cannabis Market is expected to grow significantly from 2023 to 2030 driven by factors such as the increasing legalization of medical cannabis in various countries, rising prevalence of chronic diseases and development of new medical cannabis products and delivery methods, according to a press release on Globe Newswire.
However, the medical cannabis market also faces certain challenges that could hinder its growth. Such factors include, regulatory uncertainty, lack of scientific evidence and negative public perception. The Medical Cannabis market size was estimated at $16.85 billion in 2023 and is projected to reach $68.26 billion in 2030 at a Compound Annual Growth Rate of 22.12 percent during the forecast period 2023-2030.
Medical Cannabis refers to the use of the cannabis plant of its derivatives, such as cannabinoids like THC and CBD, for medical purposes. It is used to treat various conditions, like chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy and many more. Its legality and availability vary by country and region. The two main active compounds in cannabis are tetrahydrocannabinol (THC) and cannabidiol (CBD), each of which has distinct effects on the body.
Medical cannabis can be administered through various methods such as smoking, vaping, edibles, oil and tinctures, topicals, capsules, etc. However, it is important to note that while medical cannabis holds potential benefits, its not without risks. Side effects can include dizziness, dry mouth, impaired cognitive function, and in some cases, increased anxiety or paranoia. Additionally, its legality and regulations vary widely around the world, with some places allowing medical use under strict conditions and others not permitting it at all.
Scope of the Medical Cannabis Market Report:
The Medical Cannabis Market is segmented into various segments such as product, source, species, derivatives, application, route of administration, treatment type, distribution channel and region:
Based on product, the medical cannabis market is segmented into:
Oil
Dried Medical Cannabis
Medical Cannabis Capsules
Vape Pen
Whole Flower
Creams & Moisturizer
Ground Flower
Patch
Masks & Serum
Cleanser
Others
Based on source, the medical cannabis market is segmented into:
Synthetic
Natural
Based on species, the medical cannabis market is segmented into:
Cannabis Indica
Sativa
Hybrid
Based on derivatives, the medical cannabis market is segmented into:
Cannabidiol (CBD)
Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
Cannabigerol (CBG)
Cannabichromene (CBC)
Cannabinol (CBN)
Cannabicyclol (CBL)
Others
Based on application, the medical cannabis market is segmented into:
Pain Management
Anxiety
Muscle Spasm
Nausea
Appetite Loss
Eating Disorders
Inflammatory Bowel Diseases
Cancer
Arthritis
Wasting Syndrome (Cachexia)
Alzheimer’s Disease
Epilepsy
Depression and Sleep Disorder
Multiple Sclerosis
Autism
Mental Health Conditions
Elevate Mood
Others
Based on route of administration, the medical cannabis market is segmented into:
Oral Solutions and Capsules
Smoking
Vaporizers
Topicals
Others
Based on treatment type, the medical cannabis market is segmented into:
Analgesic
Psychedelic
Antiviral
Aphrodisiac
Expectorant
Others
Based on distribution channel, the medical cannabis market is segmented into:
B2B
B2C
Based on region, the medical cannabis market is segmented into:
Asia Pacific
North America
South America
Europe
Middle East & Africa
The prominent players in the Medical Cannabis Market are
Aurora Cannabis
BARNEY’S FARM
CANNABIS SEEDS USA
CANOPY GROWTH CORPORATION
Cresco Labs
EcoGen Biosciences
Elixinol Global Limited
ENDOCA
Extractas
FOLIUM BIOSCIENCES
HEXO Corp. (Zenabis Global Ltd)
HUMBOLDT SEED COMPANY
JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc)
Medical Marijuana, Inc.
MediPharm Labs Inc.
Peace Naturals Project Inc.
PharmaHemp
Seed Cellar
Seeds For Me
Tilray
World Class Cannabis Seeds (Crop King Seeds)
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