Medicinal cannabis, also referred to as medical marijuana, is employed for the treatment of medical conditions or to reduce associated symptoms. The primary cannabinoids, delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD), are used in managing a range of diseases and health conditions, with applications that include pain control, regulation of blood pressure, enhancement of memory and concentration, appetite stimulation, sensory response, muscle-related disorders, and seizure management. The increasing legalization of medicinal cannabis exports across multiple countries is expected to drive significant growth in the global medicinal cannabis market.
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The market is experiencing growth driven by increasing awareness of a wide range of therapeutic applications, including pain relief, appetite stimulation, and reduction of intraocular pressure. Medical marijuana is categorized into two primary types: Cannabis sativa and Cannabis indica, which originate from the Western Hemisphere and the regions of Central and South Asia, respectively. A key factor contributing to the rising adoption of cannabis for medical purposes is the growing number of countries worldwide that have approved the use of medicinal marijuana.
The COVID-19 pandemic had a moderately positive impact on the industry, as it led to expanded acceptance and use of medicinal cannabis across several states in the United States, as well as in Europe and Canada. Lockdown measures resulted in a decline in consumer purchases through offline and retail channels; however, major players in the cannabis sector shifted their focus toward online sales and promotional activities through e-commerce platforms and social media. During this period, a notable increase in the number of patients utilizing medicinal marijuana was observed in both Europe and the United States.
Rising awareness of the therapeutic benefits of medicinal marijuana among healthcare professionals, medical practitioners, and patients has encouraged regulatory bodies to evaluate and approve its medical use. More than 30 countries, including the United States, Canada, Argentina, the United Kingdom, Australia, Germany, and several European nations, have authorized medicinal marijuana through various national initiatives. In addition, its medical use has been approved in numerous states across the United States. Medical marijuana has been the subject of extensive research and discussion over several decades, leading to the commercial approval of multiple marijuana-based pharmaceutical products by the U.S. Food and Drug Administration due to their proven clinical benefits.
Market Segmentation:
By Product: Flower, Oil & Tinctures
The oils and tinctures segment dominated the market and is projected to register the fastest growth over the forecast period. Cannabis oils are preferred due to their formulation, which combines cannabis extracts with safe carrier oils, offering ease of use and accessibility. Tinctures, typically alcohol-based, benefit from an extended shelf life. Their naturally bitter taste is often masked with the addition of sweeteners and flavoring agents, enhancing consumer acceptability.
By Application: Cancer, Chronic Pain, Depression and Anxiety, Arthritis, Diabetes, Glaucoma, Migraines, Epilepsy, Multiple Sclerosis, AIDS, Amyotrophic Lateral Sclerosis, Alzheimer’s Disease, Post-Traumatic Stress Disorder (PTSD), Parkinson’s Disease, Tourette
The chronic pain segment currently leads the market. Research indicates that medicinal cannabis is safe and effective for managing chronic and neuropathic pain. The growing number of clinical trials investigating the use of cannabis for chronic and neuropathic pain underscores its expanding role in pain management in the coming years. Under New York’s “New Medicinal Marijuana Law,” patients certified by a healthcare provider and holding a registered patient identification card with the New York State Department of Health are authorized to use medical marijuana for pain relief.
Medical marijuana has experienced rapid adoption for chronic pain management, a trend expected to continue. Cannabinoids have increasingly supplanted opioids due to their superior efficacy in alleviating pain. Medicinal cannabis is applied not only for chronic pain but also for nerve pain, multiple sclerosis, Parkinson’s disease tremors, interstitial cystitis, endometriosis, fibromyalgia, and other persistent pain conditions. Additionally, it is utilized to manage glaucoma, nausea, weight loss, and pain or wasting syndrome associated with conditions such as HIV, Crohn’s disease, and bowel disorders.
The cancer segment, however, is anticipated to be the fastest-growing application area over the forecast period, with a projected CAGR of 25.0%. While cannabis use outside a clinical setting remains illegal under federal law, the increasing number of states, districts, and territories legalizing its medicinal use is driving demand in oncology. Multiple clinical studies suggest that cannabis may have anti-cancer properties, although the U.S. Food and Drug Administration has not approved it for cancer treatment, posing a regulatory challenge to this application segment. Factors such as the rising prevalence of cancer and growing research interest in medicinal cannabis for oncology support the rapid growth of this market segment.
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Regional Analysis:
North America currently dominates the medicinal cannabis market. In contrast, most Asian and Latin American countries have yet to legalize cannabis for medical use, limiting the market’s regional scope primarily to North America, Europe, and other global regions. A key driver of market growth in North America is the rapid pace of cannabis legalization, coupled with the swift approval and commercialization of medicinal marijuana in the United States and Canada. The region is expected to experience substantial growth over the forecast period, driven by a large population increasingly adopting medical cannabis as a therapeutic option.
The rising prevalence of chronic conditions, such as Crohn’s disease and Alzheimer’s, has further fueled the expansion of medicinal marijuana sales in North America. Additionally, several leading companies are actively working to secure production and supply channels for medicinal cannabis, strengthening the market in the region. In the United States, cannabis has been legalized for recreational use in four states, with five additional states—including California, Maine, Arizona, Massachusetts, and Nevada—also approving recreational legalization. Moreover, growing investments from major players in the U.S. and Canadian markets are expected to support continued market growth throughout the forecast period.
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Latest Industry Developments:
Product Innovation: Consumer product companies and retailers specializing in Cannabis sativa are rapidly emerging to meet the demands of the “mainstream” marijuana consumer. Users are no longer limited to smoking cannabis flowers through joints, pipes, or bongs; they now have access to a growing variety of products, including concentrates, infused goods, and topicals. The COVID-19 pandemic accelerated interest in alternative formats such as edibles and other infused products, as consumers sought safer, contact-free consumption methods.
Inhalation allows THC to enter the lungs and bloodstream quickly, producing psychoactive effects far faster than orally consumed edibles. Recent scientific advancements and product innovations are addressing the challenges associated with edibles, such as inconsistent dosing and variable effects, making these alternatives increasingly reliable and appealing to consumers.
