Global Medical Cannabis Market Expected to Reach USD 68.6 Billion by 2033 - IMARC Group

January 07, 2025 | Healthcare

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Global Medical Cannabis Market Statistics, Outlook and Regional Analysis 2025-2033

The global medical cannabis market size was valued at USD 37.0 Billion in 2024, and it is expected to reach USD 68.6 Billion by 2033, exhibiting a growth rate (CAGR) of 7.1% from 2025 to 2033.

Medical Cannabis Market

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The growing adequacy of cannabis-based treatments and improvements in the medical research sector are driving the substantial expansion of the medical cannabis industry worldwide. Also, a favorable climate for the use of medicinal cannabis has been created by factors such as the rising prevalence of chronic illnesses, like pain and anxiety disorders, coupled with changing regulatory frameworks. Apart from that, patients' convenience is being improved by technological advancements that further streamline access to medical cannabis products, especially in telemedicine and e-commerce platforms. Furthermore, partnerships between cannabis industries and healthcare professionals are improving knowledge and instruction on cannabis-based therapeutic alternatives, thereby impelling the market. In response to these trends, Weedmaps collaborated with NuggMD in July 2024 and introduced an initiative that aims to increase medical cannabis access across five states. The initiative integrates patient education, telehealth consultations for approval, and seamless product shopping, addressing common barriers faced by patients seeking medical cannabis for anxiety and pain management.

Concurrent with this, Tilray Medical received approval in Portugal in March 2024 for its first Tilray Medical's medical cannabis extract that is product highlights the significance of government-backed approvals in propelling market expansion by expanding therapeutic alternatives inside Portugal's regulated medical cannabis market by combining a particular THC-CBD ratio. Manufacturers are able to address a variety of medicinal needs and increase focus on cannabinoid research and customized formulations. Key players are encouraged to innovate and launch cutting-edge product lines as a result of growing knowledge of the possible therapeutic benefits of cannabinoids like THC and CBD. Reflecting this trend, Aurora Cannabis and MedReleaf Australia introduced a line of high-quality medicinal cannabis oils in Australia in October 2024. These oils varied cannabinoid ratios, thereby supporting personalized care while improving patients' access to premium cannabis products. Overall, the expansion of the medical cannabis market is based on developments that meet patient-centered demands as well as supply-side improvements. Major companies are changing the market environment By enhancing product accessibility, streamlining regulatory processes, and encouraging evidence-based education.

Global Medical Cannabis Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific, Europe (Germany, Italy, France, Spain, and the Netherlands), Latin America, and Middle East and Africa. According to the report, North America accounts for the majority of the total market share, driven by factors such as favorable regulatory frameworks, growing acceptance of cannabis for therapeutic purposes, substantial investments in research and development, etc.

North America Medical Cannabis Market Trends:

North America is the leading region in the market, driven by the region's well-established infrastructure and rising consumer awareness. CANNAVIGIA announced its entry into the U.S. market, introducing advanced compliance solutions tailored to the evolving cannabis in December 2024. This action supports U.S. operators in navigating complex regulations and positions them for international growth. With such developments and the region's strong market foundations, North America continues to set the pace for innovation and growth in the medical cannabis sector.

Europe Medical Cannabis Market Trends:

In Europe, increasing regulatory acceptance drives medical cannabis market growth. Germany, leading with patient prescriptions and insurance coverage, exemplifies the demand for chronic pain treatments. Expansion into France and Italy highlights diversification in uses like epilepsy management. For example, Germany’s cannabis imports rose by over 37% in 2022, reflecting expanding medical adoption. Partnerships between global suppliers and local distributors further support development in the regulated European landscape.

Asia Pacific Medical Cannabis Market Trends:

Asia Pacific’s medical cannabis market is emerging due to shifting policies and traditional medicine integration. Thailand legalized medical cannabis, fueling local cultivation and research. For instance, Thai hospitals now offer cannabis-based therapies for pain and chemotherapy side effects. Market awareness campaigns and government programs ensure patient accessibility. Other nations, like Australia, see growth via prescription-based systems, emphasizing the region’s gradual but promising market evolution.

Latin America Medical Cannabis Market Trends:

Latin America benefits from ideal growing conditions, cost-efficient production, and supportive laws for medical cannabis. Colombia, a leader in exports, supplies CBD oils for anxiety and epilepsy globally. By 2023, Colombian exports incorporated partnerships with Canadian firms for product innovation. The approval of cannabis-based medications in Brazil increases demand and draws attention to the possibilities of the regional industry. Investments in facilities for production and processing showcase Latin America's expanding contribution to global supply chains for medical cannabis.

Middle East and Africa Medical Cannabis Market Trends:

The medical cannabis industry in the Middle East and Africa is driven by regional pilot projects and export opportunities. Additionally, the first authorized cannabis farm in Africa, Lesotho, provides oils and extracts to European markets. Cannabis is used domestically in South Africa to treat ailments like seizures. Also, the region is positioned as a low-cost production hub with untapped potential as a result of economic benefits and global demand driving governmental policies.

Top Companies Leading in the Medical Cannabis Industry

Some of the leading medical cannabis market companies include Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., MedReleaf Corporation, Insys Therapeutics, Inc., CanniMed Therapeutics, Inc., Cara Therapeutics, Inc., United Cannabis Corporation., among many others. Aurora Cannabis completed a strategic business transformation plan in 2021 to boost financial performance and concentrate on its core operations, which includes a number of business transformation plans, reorganizations, and divestitures.

Global Medical Cannabis Market Segmentation Coverage

On the basis of the species, the market has been bifurcated into indica, sativa, and hybrid, wherein indica represents the most preferred segment. The increased interest in CBD-based products and therapeutic applications has heightened the need for Cannabis indica strains.
Based on the derivatives, the market is categorized into cannabidiol (CBD), tetrahydrocannabinol (THC), and others, amongst which tetrahydrocannabinol (THC) dominates the market. THC is known for its ability to interact with the body's endocannabinoid system, thereby producing different physiological and psychological effects.
On the basis of the application, the market has been divided into cancer, arthritis, migraine, epilepsy, and others. Among these, cancer exhibits a clear dominance in the market. Medical cannabis has demonstrated potential in reducing nausea and vomiting caused by chemotherapy and boosting appetite in cancer patients who are experiencing weight loss and cachexia.
Based on the end-use, the market is bifurcated into pharmaceutical industry, research and development centres, and others. Currently, the pharmaceutical industry exhibits a clear dominance in the market. Pharmaceutical companies are investing in clinical trials and research and development activities to develop novel cannabis-based pharmaceutical products.
On the basis of the route of administration, the market is segmented into oral solutions and capsules, vaporizers, topicals, and others. Currently, oral solutions and capsules account for the majority of the total market share. Oral solutions and capsules offer consistent dosing, thereby making it easier for healthcare professionals to prescribe and monitor patient treatment.

Report Features	Details
Market Size in 2024	USD 37.0 Billion
Market Forecast in 2033	USD 68.6 Billion
Market Growth Rate 2025-2033	7.1%
Units	Billion USD
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Species Derivatives Application End-Use Route of Administration Region
Species Covered	Indica, Sativa, Hybrid
Derivatives Covered	Cannabidiol (CBD), Tetrahydrocannabinol (THC), Others
Applications Covered	Cancer, Arthritis, Migraine, Epilepsy, Others
End-Uses Covered	Pharmaceutical Industry, Research and Development Centres, Others
Route of Administrations Covered	Oral Solutions and Capsules, Vaporizers, Topicals, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, Netherlands, Italy, Spain
Companies Covered	Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., MedReleaf Corporation, Insys Therapeutics, Inc., CanniMed Therapeutics, Inc., Cara Therapeutics, Inc., United Cannabis Corporation etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Medical Cannabis Market Expected to Reach USD 68.6 Billion by 2033 - IMARC Group

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