Medical Cannabis - Worldwide

  • Worldwide
  • The Medical Cannabis market is expected to witness significant growth worldwide, with projected revenue reaching US$14.98bn by 2024.
  • This market segment is anticipated to exhibit a compound annual growth rate (CAGR) of 12.47% between 2024 and 2028, resulting in a substantial market volume of US$23.97bn by 2028.
  • In terms of global comparison, in the United States is expected to generate the highest revenue in the Medical Cannabis market, amounting to US$13,110.00m by 2024.
  • This highlights in the United States' dominant position within the market.
  • When considering the revenue generated per person, the figures show that in 2024, each individual contributes US$3.83 to the Medical Cannabis market.
  • This metric provides insight into the economic impact of the Medical Cannabis market industry on a per capita basis.
  • As a journalist with deep knowledge about history, facts, and insights in the Medical Cannabis market, I offer the following country-specific statement about current trends in the worldwide market: The United States is leading the way in the medical cannabis market, with an increasing number of states legalizing its use for various medical conditions.

Key regions: Spain, Canada, Australia, Germany, United States

 
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Analyst Opinion

Cannabis-based medical products are already used when encountering a variety of symptoms and illnesses such as chronic pain, nausea and seizures, to name a few.

The United States Food and Drug Administration (FDA) approved Epidiolex in 2018 as the first product with a purified form of CBD. A drug approval by a medical authority ensures safety and effectiveness for both patient and doctor, increasing the probability of prescription greatly.

Depending on the country, different medical products are approved though. An example for different approval status between countrys is Sativex, which is already approved in several countries including Germany, United Kingdom and Canada, but it is not yet approved in the United States as of 2022. Furthermore, there are still countries, where the usage of medical cannabis is not allowed.

With ongoing product development, investments, and Mergers & Acquisitions, the field of use can still be expanded. A current example (2021) for the willingness to invest in clinical trials and approved medical products is Jazz Pharmaceuticals acquiring GW Pharmaceuticals, who is the manufacturer of Epidiolex and Sativex.

For the future, we expect an increase in usage and product diversity of cannabis-based medical drugs, thus providing more proof of the effectiveness. This will allow more countries to legalize medical cannabis and ease the process of approval from medical authorities, strengthening the supply and demand of cannabis-based medical products.

Methodology

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.

Overview

  • Revenue
  • Users
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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