Medical Cannabis - Worldwide | Statista Market Forecast

Revenue in the Medical Cannabis market market worldwide is forecasted to reach US$20.24bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.10%, leading to a market volume of US$22.46bn by 2029.
When considering global comparisons, the United States is expected to generate the highest revenue (US$14.53bn in 2024).
In terms of per person revenues in 2024, US$2.80k are generated concerning total population figures.
Global demand for medical cannabis commodities is rising, with countries like the United States leading the way in market growth and investment opportunities.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

The Medical Cannabis market is experiencing rapid growth and evolution worldwide.

Customer preferences: Customers are increasingly turning to medical cannabis as an alternative treatment option for various health conditions. The shift towards natural and holistic remedies has driven the demand for medical cannabis products. Patients are seeking relief from chronic pain, anxiety, and other ailments, leading to a growing acceptance and interest in medical cannabis.

Trends in the market: In North America, the trend towards legalization and decriminalization of medical cannabis has significantly impacted the market. Countries like Canada and certain states in the United States have established legal frameworks for medical cannabis use, leading to a surge in market growth. In Europe, countries such as Germany and the Netherlands have also legalized medical cannabis, creating new opportunities for market expansion. Additionally, the increasing research and development activities in the medical cannabis sector are driving innovation and product diversification.

Local special circumstances: In Latin America, countries like Colombia and Uruguay have emerged as key players in the medical cannabis market due to favorable climate conditions for cultivation. These countries have implemented regulations to support the cultivation and export of medical cannabis products, attracting investments and boosting economic growth. In Asia, countries like Israel and Thailand have made significant strides in legalizing medical cannabis for certain medical conditions, signaling a shift in attitudes towards cannabis use in the region.

Underlying macroeconomic factors: The global trend towards cannabis legalization for medical purposes is influenced by various macroeconomic factors. Economic benefits such as job creation, tax revenues, and foreign investments are driving governments to reconsider their stance on medical cannabis. Moreover, the growing awareness of the therapeutic benefits of cannabis and changing consumer preferences are shaping the regulatory environment and market dynamics worldwide. As the medical cannabis market continues to evolve, stakeholders are closely monitoring regulatory developments and market trends to capitalize on the opportunities presented by this burgeoning industry.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.