The global medical cannabis industry is projected to reach an estimated $77.13 billion in value by 2032 according to a new market report by Straits Research. Straits Research describes itself as “a market intelligence company providing global business information reports and services.”
“As per the latest report by Straits Research, the global medical cannabis market size was valued at USD 17,075.39 million in 2023. It is expected to reach USD 77,134.83 million by 2032, growing at a CAGR of 18.24% during the forecast period (2024–2032).” Straits Research stated in a press release.
“America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 12.79% during the forecast period.” the researchers stated about the United States’ emerging legal medical cannabis industry.
“Europe is anticipated to grow at a CAGR of 12.81% during the forecast period.” the researchers stated about Europe’s market. The researchers also determined the following:
- Based on product type, the global medical cannabis market is bifurcated into solids, dissolvable/powders, oil, and ointments and creams. The dissolvable/powders oil segment is the highest contributor to the market and is expected to grow at a CAGR of 17.88% during the forecast period.
- Based on derivatives, the global medical cannabis market is bifurcated into cannabidiol and tetrahydrocannabinol. The cannabidiol segment is the highest contributor to the market and is expected to grow at a CAGR of 18.14% during the forecast period.
- Based on the route of administration, the global medical cannabis market is bifurcated into inhalation, oral, and topical. The inhalation segment is the highest contributor to the market and is expected to grow at a CAGR of 18.48% during the forecast period.
- Based on the application, the global medical cannabis market is bifurcated into pain, neurological, and mental health management. The pain management segment is the highest contributor to the market and is expected to grow at a CAGR of 17.26% during the forecast period.
- Based on the distribution channel, the global medical cannabis market is bifurcated into hospital, retail, and online pharmacies. The hospital pharmacy segment is the highest contributor to the market and is expected to grow at a CAGR of 17.43% during the forecast period.
- America is the most significant revenue contributor and is expected to grow at a CAGR of 12.79% during the forecast period.
The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a separate 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.