The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a new analysis by Spherical Insights. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”
“The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.” Spherical Insights stated in a press release.
Below is a list of the countries that have adopted national medical cannabis reform measures as of the posting of this article, along with the corresponding year of the policy adoption. It is worth noting that medical cannabis is widespread in the United States at the state level, however, cannabis remains illegal at the federal level. Additionally, Japan adopted a limited medical cannabis measure in 2023, with the law taking effect at the end of 2024:
Argentina: 2017
Australia: 2016
Austria: 2008
Barbados: 2019
Belgium: 2001
Bermuda: 2016
Brazil: 2015
Canada: 2001
Chile: 2015
Colombia: 2016
Costa Rica: 2023
Croatia: 2015
Cyprus: 2019
Czech Republic: 2013
Denmark: 2018
Ecuador: 2019
Estonia: 2005
Finland: 2008
France: 2022
Georgia: 2018
Germany: 2017
Greece: 2017
Ireland: 2019
Israel: 1999
Italy: 2007
Jamaica: 2015
Lesotho: 2017
Lithuania: 2019
Luxembourg: 2018
Malawi: 2020
Malta: 2018
Mexico: 2017
Moldova: 2008
Netherlands: 2003
New Zealand: 2020
North Macedonia: 2016
Norway: 2017
Panama: 2021
Paraguay: 2017
Peru: 2017
Poland: 2017
Portugal: 2018
Romania: 2013
San Marino: 2016
Slovenia: 2014
Spain: 2005
South Africa: 2017
South Korea: 2018
St. Vincent and the Grenadines: 2018
Switzerland: 2011
Thailand: 2018
United Kingdom: 2018
Vanuatu: 2018
Zambia: 2021
Zimbabwe: 2018
Ukraine: 2024
Uruguay: 2013
“The concentrates segment is anticipated to hold the greatest share of the global medical cannabis market during the projected timeframe.” Spherical Insights stated about the global medical cannabis industry between now and 2033. “The chronic pain segment is anticipated to grow at the fastest pace in the global medical cannabis market during the projected timeframe.”
“The hospital pharmacies segment had the highest revenue share during the projection period.” Spherical Insights also stated. “North America is expected to hold the largest share of the global medical cannabis market over the forecast period.”
“Asia Pacific is predicted to grow at the fastest pace in the global medical cannabis market during the projected timeframe. This expansion can be due to several factors such as increasing acceptance of medical cannabis, developing legal frameworks, raising awareness about the potential therapeutic advantages of cannabis, and expanding research and development activities in the region. Furthermore, factors such as the vast population base and increased frequency of chronic conditions lead to demand for medical cannabis products, fueling market expansion in the Asia Pacific region.” the researchers concluded.