Medical Cannabis Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

The global medical cannabis market size was valued at US$ 8.3 Bn in 2019 and is projected to hit US$ 54 bn by 2027.

The growth of the medical cannabis market is likely to be primarily driven by a combination of political, social, and economic interests during the forecast period. At present, around 30 nations have legalized the therapeutic application of medical cannabis and cannabis extracts and as per the current trends, the number is set to grow over the assessment period– a factor that is set to boost the growth of the market for medical cannabis during the forecast period.

The global medical cannabis market is highly fragmented, with a large number of players holding majority share in domestic markets. Development and commercialization of medical cannabis products is one of the key trends in the global medical cannabis market. Moreover, companies are engaged in broadening product offerings in medical cannabis and strengthening positions in the global market. Prominent players operating in the global medical cannabis market include Canopy Growth Corporation, United Cannabis, Aurora Cannabis, Cannabis Sativa, Inc., Emerald Health Therapeutics, GW Pharmaceuticals plc, Tilray, Medical Marijuana, Inc., The Supreme Cannabis Company, Inc., and The Cronos Group.

The benefit of medical cannabis is that it complements the normal cannabis system called the endocannabinoid system in the body. Interest in and usage of medical cannabis is increasing significantly in several countries. Regulations governing its usage differ across countries and influence medical practice and experience. The current opinion among the public is that medical cannabis has the therapeutic potential to prevent and treat a long list of disorders. However, there is a significant gap between that assumption and the current evidence in the medical literature. The common view is that medical cannabis is used mostly by young adults. Nevertheless, older adults are increasingly using medical cannabis, and studies show variable prevalence, from about 7% to more than one-third, depending on the country. Cannabis therapy provides the geriatric population with relief from symptoms such as vomiting, sleep difficulties, chronic pain, tremor, agitation, spasticity, nausea, and decreased appetite.

Broadening Range of Cannabis Consumer Products to Drive Global Market

Product invention and advancements in cannabis varieties, infused products, concentrates, vaporizing technology, and cannabis-based pharmaceutical products are projected to drive consumer adoption and spending. Medical cannabis consumer product companies will seek to differentiate their products through marketing, pricing, packaging, distribution, selection, and quality. It is believed that product differentiation and availability will be more prevalent in legal medical cannabis markets and drive consumer transition from illegal to legal markets.

Increase in Use of Cannabidiol (CBD) to Drive Global Market

In terms of derivative, the global medical cannabis market has been classified into cannabidiol (CBD), tetrahydrocannabinol (THC), and others. The cannabidiol (CBD) segment is anticipated to dominate the global medical cannabis market during the forecast period. Usage of cannabidiol (CBD) in the treatment of various conditions such as seizure, inflammation, pain, psychosis or mental disorders, inflammatory bowel disease, nausea, migraines, depression, and anxiety is expected to fuel the growth of the segment.

Pain Management to be Key Application Area

Based on application, the global medical cannabis market has been categorized into mental health management, neurological disorders management, and pain management. The mental health management segment has been split into anxiety, depression, and others (attention deficit hyperactivity disorder (ADHD), post-traumatic stress disorder (PTSD), etc.). The neurological disorders management segment has been segregated into epilepsy, Alzheimer’s disease, Parkinson’s disease, and others (Huntington’s disease, multiple sclerosis, etc.). The pain management segment has been divided into neuropathic pain, cancer pain, and others (post-operative, chronic pain, etc.).

The pain management segment is likely to dominate the global medical cannabis market during the forecast period. According to the National Prescription Audit (December 2016), pain treatment was the second largest therapy in the U.S. High demand for pain management is projected to fuel the growth of the segment.

Retail Pharmacies to be Major Distribution Channel

In terms of distribution channel, the global medical cannabis market has been classified into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment is driven by high rate of establishment of retail pharmacies. Rise in approval for sale of medical cannabis in retail pharmacies and added benefits provided by the products positively affect sales. These factors are likely to augment the segment during the forecast period.

Prominent Regions

In terms of region, the global medical cannabis market has been segmented into North America, Europe, Latin America, and Rest of the World. North America dominated the global medical cannabis market in 2018, followed by Europe. Increase in incidence of neurological & pain disorders, multiple sclerosis, and cancer is the major factor projected to drive the market in the region from 2019 to 2027. Considerable production of cannabis in Canada is also anticipated to propel the market in North America during the forecast period. Growth of the medical cannabis market in Europe is attributed to rise in production of cannabis due to legalization of sale of medical cannabis products in several countries in Europe

Research Scope

Medical Cannabis Market, by Derivative

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)
  • Others

Medical Cannabis Market, by Application

  • Mental Health Management
    • Anxiety
    • Depression
    • Others (attention deficit hyperactivity disorder (ADHD), post-traumatic stress disorder, etc.)
  • Neurological Disorders Management
    • Epilepsy
    • Alzheimer’s Disease
    • Parkinson’s Disease
    • Others (Huntington’s disease, multiple sclerosis, etc.)
  • Pain Management
    • Neuropathic Pain
    • Cancer Pain
    • Others (post-operative, chronic pain, etc.)

Medical Cannabis Market, by Route of Administration

  • Nasal
  • Oral
  • Others

Medical Cannabis Market, by Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies

Medical Cannabis Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Rest of the World

The Medical Cannabis market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Medical Cannabis market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Medical Cannabis market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Cannabis market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Cannabis market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Medical Cannabis capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Medical Cannabis by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Cannabis market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Cannabis market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Cannabis market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Medical Cannabis industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Medical Cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Cannabis market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Cannabis market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Cannabis market. These factors have benefited the growth of the global market for Medical Cannabis. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Cannabis. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Medical Cannabis are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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