Surging Global Medical Cannabis Market Fueled by Growing Awareness and Legalization Trends, Forecast to 2030

The global medical cannabis market has witnessed remarkable growth, with its valuation reaching USD $9,882.21 million in 2022, and is anticipated to soar to USD $53,886.43 million by 2030, registering a CAGR of 23.61%. Cannabis, a chemical plant rich in medicinal properties, is utilized as a raw material by various pharmaceutical firms for producing drugs targeting diverse therapeutic applications. The extract from cannabis is employed to treat numerous conditions, including Alzheimer’s disease, migraines, arthritis, chronic pain, and more.

Market growth is primarily driven by the rising awareness of various medical applications, such as appetite enhancement, pain management, and reduced eye pressure. Moreover, the growing number of countries legalizing medical cannabis usage worldwide is expected to positively impact market growth. Additionally, the surge in mergers and acquisitions within the medical cannabis sector will further propel the market.

However, the global medical cannabis market faces a significant restraint, as the US Food and Drug Administration (FDA) has not approved medical cannabis for cancer treatment.

The market is segmented by route of administration, including oral, inhalation, and topical methods, and by application, encompassing Alzheimer’s disease, migraines, arthritis, chronic pain, and others. Geographically, the market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Key players in the global medical cannabis market include GW Pharmaceuticals PLC, The Peace Naturals Project, Insys Therapeutics Inc., Cannabis Sativa Inc., Green Relief Inc., Medical Marijuana Inc., Aurora Cannabis Inc., Aphria Incorporation, MedReleaf Corporation, and Canopy Growth Corporation.

Market Segments:

• Route of Administration
  • Oral
  • Inhalation
  • Topical
• Application
  • Alzheimer’s disease
  • Migraine
  • Arthritis
  • Chronic Pain
  • Others
• Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa