Allied Market Research published a report, titled, "Medical Cannabis Market by Product Type (Buds/Marijuana Flower and Cannabis Extracts), Application (Chronic Pain, Mental Disorders, Cancer, and Others), and End User (Pharmaceutical and Research & Development Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global medical cannabis industry generated $6.82 billion in 2020, and is expected to reach $53.88 billion by 2030, witnessing a CAGR of 23.6% from 2021 to 2030.
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Leading market players
- Aurora marijuana Inc.
- Canopy Growth Corporation
- Cronos Group Inc.
- Maricann Group, Inc.
- Medical Marijuana, Inc.
- OrganiGram Holding Inc.
- Terra Tech Corp.
- Tikun Olam Ltd.
- Tilray, Inc.
- VIVO Cannabis Inc.
Medical cannabis, also known as medical marijuana (MMJ), is prescribed by physicians for their patients for the treatment of various diseases, including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s. The use of cannabis as medicine has not been rigorously tested due to production and governmental restrictions, resulting in limited clinical research to define the safety and efficacy of using cannabis to treat diseases.
Covid-19 Scenario
- During the Covid-19 pandemic, there has been a significant decline in the demand for medical cannabis from key end-users, restricted manufacturing operations in most of the industries, and inadequate funding for research and academic institutes.
- In addition, there have been disrupted supply chains and challenges in terms of essential/post-sales services. Cannabis businesses that offered an e-commerce platform experienced a surge in growth.
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As per end user, it is categorized into pharmaceutical and research & development centers. The pharmaceutical acquired the largest share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in use of cannabis in the pharmaceutical industry as well as rise in investments by pharma companies in CBD owing to the health benefits of cannabis.
North America estimated to continue its dominance in terms of revenue by 2030
Based on region, North America held the highest market share in 2020, contributing to more than four-fifths of the global medical cannabis market, and is estimated to continue its dominance in terms of revenue by 2030. This is due to legalization of cannabis in the U.S. and Canada for medical and recreational purposes and rise in the usage of medical cannabis for treatment of several diseases associated with changing lifestyles. However, LAMEA is expected to manifest the fastest CAGR of 36.3% during the forecast period, owing to government approvals for cannabis cultivation and rise in prevalence of chronic diseases such as cancer and usage of cannabis for their treatments.
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