Global Medical Cannabis Market Projected to Reach $77.13 Billion by 2032

LOS ANGELES- The global medical cannabis market is expected to grow significantly, reaching a valuation of $77.13 billion by 2032 from $17.08 billion in 2023, driven by a compound annual growth rate (CAGR) of 18.24%, according to a report by Straits Research.

Medical cannabis, derived from Cannabis plants, is utilized to treat a variety of medical conditions, including cancer, chronic pain, and mental disorders. The primary cannabinoids used medicinally are tetrahydrocannabinol (THC) and cannabidiol (CBD). The increasing consumer awareness of the health benefits of cannabis and its expanding medical applications are key factors driving market growth. Cannabis is used to treat conditions such as cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, AIDS, ALS, Alzheimer’s, PTSD, and Parkinson’s disease.

Market Segmentation and Growth Drivers

The market is segmented by product type, derivative, route of administration, applications, distribution channel, and region. Key product types include solids, dissolvable powders, oils, ointments, and creams. Derivatives are categorized into cannabidiol (CBD) and tetrahydrocannabinol (THC). Routes of administration include inhalation, oral, and topical applications. Major application areas encompass pain management, neurological health management, and mental health management. Distribution channels comprise hospital pharmacies, retail pharmacies, and online pharmacies.

Regional and Sectoral Insights

Regionally, the market is analyzed across North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America (LATAM). The market’s growth is also propelled by increased R&D activities and financial support from both private and governmental sources. In 2017, the National Institute of Health (NIH) funded 330 projects with $140 million dedicated to cannabinoid research, highlighting the significant investment in this field.

Future Outlook

The substantial investment in research and development, combined with novel product development, is anticipated to drive the market’s growth over the forecast period. Governmental and non-governmental organizations, along with industry leaders, continue to support the exploration and development of medical cannabis applications.

As the market expands, it is expected to offer enhanced treatment options for various medical conditions, contributing to improved patient outcomes globally.

For more detailed information, refer to the full report by Straits Research.