Medical Cannabis Market is expected to reach US$ 49,116.4 Mn by 2028
                     Medical Cannabis Market
The medical cannabis 
market was valued at US$ 
8,926.6 million in 2020, 
and it is projected to 
reach US$ 49,116.4 
million by 2028; it is 
expected to grow at a 
CAGR of 23.9% from 2021 
to 2028.
Current and future Market Scenario
 According to The Insight Partners market research study titled “Medical Cannabis Market Forecast to 2028 – COVID-19 Impact 
and Global Analysis – by Product Type, Medical Application, and Compound,” the market is expected to reach US$ 49,116.4 
million by 2028 from US$ 8,926.6 million in 2020. It is estimated to grow at a CAGR of 23.9% from 2021 to 2028. The report 
highlights the trends prevalent in the market and the factors driving the market along with those that act as deterrents to its 
growth.
 Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, 
capsules, tablets, and beverages and edibles. In 2020, the flowers segment accounted for the largest market share of the global 
medical cannabis market. The cannabis flowers are resinous whose buds can be processed into pharmaceutical-grade drugs by 
extracting active cannabinoids. Moreover, various products such as elixirs, tinctures, salves, poultices, creams, and other 
formulations can be made from the flowering tops for external and internal ailment. Also, the highest level of cannabinoids is 
found in flowers, thus, it is likely to have the largest market share. However, the beverages and edibles segment is likely to grow 
faster during the forecast period, owing to higher amounts of the active ingredient in cannabis – THC, in edibles like chocolate 
bars, gummy bears, and cookies
Current and future Market Scenario
 The global medical cannabis market is driven by increasing number of approvals for medical cannabis products, rising 
acceptance for medicinal use of cannabis in developing countries, growing research on medicinal use of cannabis, and 
escalating government funding for spreading awareness and exploring medicinal benefits of cannabis. However, the illegal 
use of cannabis as a street drug and misconceptions regarding cannabis is a key factor restraining the market growth.
 Prominent players operating in the medical cannabis market include Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; 
Canopy Growth Corporation; Medical Marijuana, Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Tilray; and Cronos Group. The 
companies have implemented several inorganic and organic strategies to enhance the market value and maintain their 
position in the market. For instance, in July 2019, Aurora Cannabis Inc. and UFC, the world's premier mixed martial arts 
organization, announced the launch of a joint clinical research program that will produce multiple studies under the terms of 
their recently announced partnership.
Key Findings
Market Insights
Increasing Number of Approvals for Medical Cannabis Products
 The medicinal potential of cannabis has attracted various researchers and companies to use cannabis in medical 
applications. For instance, tetrahydrocannabinol (THC) is predominantly being used for producing medicinal products. The 
US Food and Drug Administration (FDA) has approved THC-based medicinal products such as nabilone (Cesamet) and 
dronabinol (Marinol) that are prescribed for the treatment of nausea in patients receiving chemotherapy; these drugs are 
also prescribed to stimulate appetite in patients with wasting syndrome developed as one of the indications in AIDS. 
Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is 
an approved drug that has been commercialized in Canada, and the UK, and a few European countries. Nabiximols is a 
cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a 
combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied 
for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based 
product, and its approval application has been filed under the Cannabis Act.
Key Findings
 Most Asian countries have legalized the use of cannabis in medical applications. In addition to accepting medical cannabis 
products from western countries and commercializing them in Asian markets, countries such as Australia, Singapore, 
Thailand, New Zealand, and South Korea have also legalized the cultivation of cannabis. For instance, in March 2021, the 
Ministry of Health and the Medicinal Cannabis Agency in New Zealand approved the commercialization of medical cannabis 
products of Tilray across the country. Furthermore, the company is also one of the leading providers of medical cannabis to 
Australia. Tilray’s products are manufactured at a certified facility in Canada with good manufacturing practices (GMP). Thus, 
the rise in approvals of medical cannabis and business expansion of companies are bolstering the medical cannabis market 
growth worldwide.
Product Type-Based Insights
 Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical 
ointments, capsules, tablets, and beverages and edibles. In 2019, the flowers segment held the largest share of the medical 
cannabis market, by product type. However, the beverages and edibles segment is expected to witness the highest CAGR 
over the coming years.
Key Findings
Medical Application-Based Insights
 Based on medical application, the medical cannabis market is segmented into pain management, neurological health 
management, mental health management, others. In 2020, the pain management segment held the largest share of 
the market and is anticipated to witness the fastest growth rate in the medical cannabis market.
Compound-Based Insights
 Based on compound, the medical cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, 
cannabidiol (CBD)-dominant, and balanced THC and CBD. In 2020, the THC dominant segment held the largest share of 
the market and is anticipated to witness the fastest CAGR in the medical cannabis market.
 Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints 
and product portfolios. Collaboration is one of the major strategies adopted by the anticoagulant reversal drug market 
players to enlarge customer base worldwide, which also permits them to maintain their brand name globally.
Key Findings
Strategic Insights
 Organic and inorganic strategies were equally adopted by the market players to meet the changing customer demand 
and maintain their improved services. For instance, organic strategy of expansion was adopted by Aphria Inc. in July 
2019. Aphria Inc. announced that its subsidiary Marigold Projects Jamaica Limited (Marigold) has received a retail Herb 
House license from Jamaica's Cannabis Licensing Authority (CLA) to open its first store in Kingston, Jamaica.
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Market Segments
By Product Type
By Medical Application By Compound
• Flowers
•
• Pain Management
• Tetrahydrocannabinol (THC)-
Concentrates
• Dominant
• Neurological Health Topical Ointments
Management • Cannabidiol (CBD)-Dominant
• Tablets • Mental Health Management • Balanced THC and CBD
• Capsules • Others
• Beverages and Edibles
By Geography
North America Asia Pacific South America
• US • China • Brazil
• Canada • India • Argentina
• Mexico • South Korea • Rest of South America
• Japan
Europe • Australia
• Rest of Asia Pacific
• France
• Germany Middle East & Africa
• Italy
• UK • South Africa
• Spain • Saudi Arabia
• Rest of Europe • UAE
• Rest of Middle East and Africa
Leading Players
Company Profiles
• Aphria, Inc.
• Aurora Cannabis
• Cannabis Science, Inc.
• Canopy Growth Corporation
• Medical Marijuana, Inc.,
• VIVO Cannabis Inc.
• Tikun Olam Ltd
• Tilray
• Cronos Group
  REASONS TO BUY
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading 
players and segments in the Medical Cannabis market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global 
Medical Cannabis market, thereby allowing players across the value chain to develop effective long-
term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and 
emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as 
well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin security 
interest with respect to client products, segmentation, pricing and distribution.
      Medical Cannabis Market
        
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