Global medical cannabis market set to reach $121.33 billion by 2033, driven by increasing legalization and acceptance

From GlobeNewswire: 2024-06-21 09:00:00

The Global Medical Cannabis Market is set to reach USD 121.33 billion by 2033 with a CAGR of 21.30%. Medical cannabis, derived from cannabis plants, contains THC and CBD with therapeutic benefits like pain relief and muscle relaxation. The market growth is driven by increasing legalization and acceptance of cannabis for medical purposes.

The concentrates segment is expected to dominate the global medical cannabis market, providing a convenient way to consume cannabinoids for medical benefits. Concentrates offer higher doses of THC or CBD and can be ingested through vaping and dabbing. The chronic pain segment is projected to grow rapidly due to the prevalence of chronic pain globally.

Hospital pharmacies hold the highest revenue share in the distribution channel for medical cannabis, offering quality control and expert administration of products. North America leads the market share due to early legalization efforts and robust infrastructure. Asia Pacific is forecasted to grow rapidly with increasing acceptance of medical cannabis and expanding research activities.

Key players in the global medical cannabis market include Aurora Cannabis Inc., Canopy Growth Corporation, and GW Pharmaceuticals. Recent developments include the launch of CBD products by Irwin Naturals Inc. in Canada. The market is segmented by product type, application, and distribution channel. Regional analysis covers North America, Europe, Asia Pacific, and more.



Read more at GlobeNewswire: Global Medical Cannabis Market Size To Worth USD 121.33