According to our research report, the global medical cannabis market size in 2023 is USD 13.96 billion. and estimated to reach USD 56.16 billion by 2030. The market is projected to grow with a CAGR of 22% per annum during the period of analysis (2024 - 2030).
Industry Overview
Medicinal cannabis, commonly known as medicinal marijuana, is used to cure sickness or alleviate its symptoms. The two cannabinoids, delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are utilized in the treatment of various diseases and health disorders, as well as applications such as pain management, blood pressure, memory, focus, hunger, sensory stimulation, muscle difficulties, and seizures. Several nations throughout the world are legalizing the export of medicinal cannabis products, which is projected to accelerate the expansion of the medicinal cannabis industry. For example, in January 2018, the Australian government authorized cannabis producers to export medicinal cannabis and cannabis products to the worldwide market.
The market is expanding due to increased knowledge of numerous medicinal uses such as pain management, appetite augmentation, and ocular pressure reduction. Medical marijuana is divided into two types: Cannabis Sativa and Cannabis Indica, which are native to the Western Hemisphere and the Central and South Asian areas, respectively. One of the primary elements increasing the usage rate of cannabis in therapeutic applications is the growing number of nations authorizing the use of medicinal marijuana in various regions of the world.
The increased understanding of the advantages of medicinal marijuana among healthcare sector experts, medical professionals, and patients has spurred regulatory authorities to consider and allow medical marijuana. Over 30 countries, including the United States, Canada, Argentina, the United Kingdom, Australia, Germany, and several European countries, have approved its medicinal use through various national efforts. It has also been licensed for medical use in several states around the United States. Medical marijuana has been the topic of intense research and debate for decades. Multiple drugs have been commercially licensed by the United States Food and Drug Administration owing to the demonstrated medical advantages of marijuana-based formulations in healthcare.
The expanding number of states adopting medical marijuana, as well as the increasing need for cannabis in medicinal and recreational applications, are some of the key drivers predicted to drive medical marijuana demand in the future years. Increasing research and development efforts are also predicted to increase medicine demand throughout the forecast period. Because of its medicinal characteristics, the Food and Drug Administration (FDA) in the United States has authorized certain cannabis drugs: Epidiolex, a medicine containing a refined version of cannabidiol produced from the cannabis plant, is used to treat seizures caused by two kinds of epilepsy: Lennox-Gastaut syndrome and Dravet syndrome.
Impact of Covid-19 on the Industry
COVID-19 had a moderately favorable influence on the industry, as it expanded the use of medicinal cannabis in various states across the United States, Europe, and Canada. Customers buying from the offline or retail market decreased as a result of the lockdown, but many prominent participants in the cannabis industry moved their attention to selling and promoting products on social media and e-commerce platforms. During the pandemic, the number of patients using medicinal marijuana increased significantly in Europe and the United States. With the legalization of adult-use cannabis in jurisdictions such as California, Washington, New York, and Colorado, the industry experienced a decline in growth.
The construction of Pharmacon's 178,000-square-foot cannabis grow center in North Macedonia has been halted owing to social distancing restrictions. Furthermore, following the government's proclamation of a state of emergency across the country, Cannabis Social Clubs—private, non-profit organizations in which cannabis is collaboratively cultivated and given to registered members—closed their doors in Barcelona. Cannabis firms that provide an e-commerce platform, on the other hand, are experiencing a rise in business. The Alberta Government, for example, declared cannabis retail shops, growers, manufacturers, distributors, and warehouses to be essential services on March 30, 2020. As a result, during the COVID-19 epidemic, cannabis companies and services continued to serve Albertans.
Market Drivers
An increase in the legalization of medicinal cannabis in various economies is projected to drive the market growth
Increased approvals for medical cannabis products, as well as increased research and development activities in the medicinal cannabis industry, are likely to drive market growth. For example, in March 2017, Germany's parliament enacted a bill enabling healthcare practitioners to prescribe medical cannabis products to people suffering from health concerns such as chronic pain, vomiting, and nausea. However, health risks associated with excessive cannabis usage, such as tachycardia and the risk of heart attack, particularly in persons with pre-existing heart disease or arrhythmias, are predicted to limit market expansion.
The legalization of medical cannabis is predicted to increase as solid proof of its safety and usefulness is achieved via significant studies. In 2013, the Czech Republic, for example, approved medical marijuana for patients suffering from chronic pain, epilepsy, chemotherapy-induced side effects, and other serious illness indications. Furthermore, people with marijuana prescriptions are permitted to obtain medicinal marijuana from pharmacies under the statute. However, marijuana growing is not permitted in the nation, so providers must import medicinal cannabis. These characteristics are projected to boost the usage of medical cannabis in the pharmaceutical and biotechnology industries.
Hemp-infused Edibles Product Innovation, Differentiation, and Availability to Drive Market Growth
Consumer product firms and shops selling C. Sativa are fast emerging to fulfill the requirements of the "mainstream" marijuana consumer. Customers are no longer confined to smoking flowers via joints, pipes, or bongs, but have access to an expanding range of goods like concentrates, infused products, and topicals. Concerns over COVID-19 prompted people to seek out newly created replacements such as edibles and other infused goods. Inhaling the substance causes THC to enter the lungs and bloodstream swiftly, allowing the user to experience the related mind-altering effects considerably faster than swallowing an edible product. Scientific advancements and product innovation have begun to tackle the disadvantages of edibles, such as the variable impact of marijuana after eating.
Candies, chocolates, and drinks are still among the most popular hemp-based consumables on the market. The onset of the euphoric "high" effect produced by such edibles takes one to two hours, although the impact lasts longer than that produced by breathing smoke or vapor. Nonetheless, product innovation and packaging-related changes are likely to play a critical part in raising edibles sales sentiments and expanding at the quickest rate over the projection period.
Market Restraints
Regulations governing the use of hemp in several countries are stifling market growth
Marijuana is theoretically designated and legal for medicinal use in parts of North America, Africa, Australia, Europe, and South America. However, it is still illegal in the majority of Middle Eastern and Asian nations. Consumption, possession, purchase, or sale of the substance is illegal in rising nations such as Japan, India, and Korea and is viewed as a criminal offense. As a result, the legal environment on goods in these places is projected to impede the market from reaching its full growth potential. Furthermore, negative effects connected with its usage as a drug, such as cognitive impairment, are predicted to limit expansion.
MEDICAL CANNABIS MARKET REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 - 2030 |
|
Base Year |
2023 |
|
Forecast Period |
2024 - 2030 |
|
CAGR |
22% |
|
Segments Covered |
By Product, Application, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regional Scope |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Key Companies Profiled |
Cara Therapeutics Inc., Cannabis Sativa, Inc., CannaGrow Holdings, Inc., United Cannabis Corporation, Growblox Sciences, Inc., GreenGro Technologies, Inc., GW Pharmaceuticals plc, International Consolidated Companies, Inc., Lexaria Corp |
Flower
Oil & Tinctures
In 2021, the oil and tinctures category led the market, accounting for 51.8 percent of total sales. Over the projected period, the category is estimated to increase at the quickest rate. Marijuana oils are recommended because they combine cannabis extracts with innocuous carrier oils. The oils are easy to get by. Because tinctures are often alcohol-based, they have a longer shelf life. The bitterness of tinctures is sometimes disguised by additions such as sweeteners and flavoring compounds.
Cancer
Chronic Pain
Depression and Anxiety
Arthritis
Diabetes
Glaucoma
Migraines
Epilepsy
Multiple Sclerosis
AIDS
Amyotrophic Lateral Sclerosis
Alzheimer’s Disease
Post-Traumatic Stress Disorder (PTSD)
Parkinson's Disease
Tourette
In 2021, the chronic pain sector led the market, accounting for approximately 26.0 percent of total revenue. According to different studies, medicinal cannabis is safe for treating individuals with chronic pain and neuropathic pain. One of the important signs demonstrating the expanding use of cannabis in pain treatment in the next years is the increasing number of clinical trials with marijuana to treat neuropathic and chronic pain. According to New York's "New Medicinal Marijuana Law," a patient who is certified by a healthcare practitioner to use medical marijuana and who has a patient identification card registered with the New York State Department of Health is allowed to use medical marijuana for pain treatment.
Medical marijuana has gained quick adoption for chronic pain management, and this trend is estimated to continue in the future years. Cannabinoids have surpassed opioids in the treatment of chronic pain due to their capacity to relieve pain more effectively than opioids. It is used to treat chronic pain, as well as nerve discomfort and multiple sclerosis. It is also used to treat tremors in Parkinson's disease, interstitial cystitis, endometriosis, fibromyalgia, and other chronic pain conditions. It is used to treat glaucoma, nausea, and weight loss, as well as people suffering from pain and wasting syndrome caused by HIV, Crohn's disease, and bowel syndrome.
Cancer, on the other hand, will be the fastest-growing application sector over the projection period, with a CAGR of 25.0 percent. The use of cannabis outside of a scientific environment is unlawful under federal law. However, the constantly increasing number of states, districts, and territories passing legislation to legalize the medicine is fuelling its demand in cancer therapy. Several clinical experiments have shown that marijuana can kill cancer cells. However, the medicine is not licensed by the US Food and Drug Administration for the treatment of cancer, which is a major impediment to the expansion of this application area. Furthermore, the rising prevalence of cancer and increased interest among researchers in the use of medicinal marijuana in cancer treatment are some of the causes to blame.
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
North America led the market, accounting for 76.1 percent of total sales in 2021. Most Asian and Latin American economies have not yet legalized the use of cannabis for medicinal purposes. As a result, the market's regional breadth is confined to North America, Europe, and the Rest of the World. One of the primary elements leading to its growing demand is the quick speed of cannabis legalization and the rapid growth in the approval and commercialization of medicinal marijuana in the United States and Canada. The area is predicted to increase at an exponential pace throughout the projection period, owing to a huge population preferring medical cannabis as a therapeutic choice.
The growing number of patients suffering from chronic illnesses such as Crohn's and Alzheimer's has also spurred the expansion of medical marijuana sales in North America. Furthermore, several important companies are taking steps to secure the availability and supply of medicinal marijuana in the area, which is propelling the North American medical marijuana market. In the United States, cannabis has been legalized for recreational use in four states, and five states, notably California, Maine, Arizona, Massachusetts, and Nevada, have voted to legalize it for recreational purposes as well. Furthermore, the increasing number of major companies investing in the US and Canadian markets is likely to boost the market throughout the projection period.
Global Medical Cannabis Market – By Companies
Cara Therapeutics Inc.
Cannabis Sativa, Inc.
CannaGrow Holdings, Inc.
United Cannabis Corporation
Growblox Sciences, Inc.
GreenGro Technologies, Inc.
GW Pharmaceuticals plc
International Consolidated Companies, Inc.
Lexaria Corp
NOTABLE HAPPENINGS IN THE GLOBAL MEDICAL CANNABIS MARKET IN THE RECENT PAST:
Merger & Acquisition: - In 2021, Canopy Growth Corporation and The Supreme Cannabis Company, Inc. announced that they have reached a binding agreement for the former to acquire the latter. This purchase will help the firm not only extend its product offering but also strengthen its market position.
Regulatory Approval: - In 2021, Mexican senators backed a measure legalizing recreational cannabis, a watershed moment in the country's drug battle that might lead to it becoming the world's largest market. With permission, adults would be able to use marijuana and cultivate a limited number of plants at home. It also provides manufacturers permission to produce and sell the crop.
Business Partnership: - In 2020, Vifor Pharma and Cara Therapeutics have signed a US license agreement for Korsuva to treat dialysis patients with pruritus.
Global automotive lighting refers to all vehicle lighting systems, from headlamps that illuminate the road to taillights that communicate movements. They guarantee motorists and other road users alike safety, visibility, and style. While taillights frequently use LEDs for improved visibility, headlights are available in a variety of technologies, including LED and laser. Interior illumination, DRLs, and signal lights all have a role to play. This market, which was estimated to be worth $33.64 billion in 2022, is anticipated to rise to $67.39 billion by 2030 because of laws, luxury tastes, safety concerns, and technological developments like OLED taillights and adaptive headlights. Anticipate a future dominated by intelligent, connected, personalized, and sustainable lighting systems that enhance the safety, efficiency, and aesthetic appeal of automobiles.
Car lighting works its magic to provide safety, visibility, and style. Headlights cut through the night, taillights express intent, and interiors shine with comfort. The billion-dollar global business is expected to rise due to consumer demand for high-end experiences, safer roads, and cutting-edge technology. Imagine dynamic messages being painted by taillights, headlights that adjust to the road, and interiors that customize their atmosphere. Driven by technological advancements like linked systems and laser beams, this future is calling. Anticipate even more visually attractive, environmentally friendly, and intelligent lighting to illuminate the way ahead, making cars safer, more efficient, and unquestionably cooler.
In the market for automobile lighting, safety is the driving force behind demand from the public and laws. While automated high beams smoothly react to traffic, adaptive headlights modify their beams so as not to blind other people. With visually striking displays, dynamic taillights convey intentions for braking and turning. Beyond these developments, integrated pedestrian identification and lane departure alerts will soon make roads safer and brighter for everyone.
Luxurious automobile lighting creates a distinct visual identity that goes beyond simple illumination. Personalized interior lighting customizes the driving experience by setting the mood with a range of colours and intensities, while intricate designs and distinctive DRLs modify exteriors. As you approach your automobile at night, welcoming lights lead the way, resulting in an interior that is perfectly lit. Not only is this symphony of light aesthetically pleasing, but it also stands as a tribute to luxury. Upcoming developments like gesture-controlled lighting and holographic displays promise to further enhance the experience.
The worldwide automotive lighting market is undergoing a significant transition towards energy-efficient solutions, as environmental concerns gain prominence. LED technology is leading the way, providing a ray of hope for the environment and drivers alike. LED lights beam brighter and use a lot less energy than conventional halogen lamps. There are some tangible advantages to this. For drivers, this translates to increased fuel economy, which lowers petrol prices and lessens reliance on fossil fuels. Greater air quality and a reduction in the transport sector's contribution to climate change are the results of reduced overall emissions.
Although the global automotive lighting business is booming, there are still unknowns. Difficulties impede growth even as innovation propels it with eye catching features like laser beams and adaptable headlights. These technologies are luxury items due to their high cost and difficult integration, which puts producers' abilities to the test. The worldwide patchwork created by unclear legislation limits the potential of innovation. Durability issues persist, particularly when complex systems are subjected to challenging conditions. Ultimately, a lot of drivers still don't fully understand how these improvements can help them. Together, we can overcome these obstacles. The keys to reducing costs are improved production, more seamless integration, and unified regulations. Their full potential can be realized by educating customers about the safety, efficiency, and aesthetic value of these lighting wonders. By working together, we can pave the way for an even brighter and safer future for vehicle lighting.
It is made possible by advanced LED technology, which gives drivers the ability to customize their illumination for the highest level of comfort and flair. Consumers that care about the environment want greener products, and vehicle lighting complies. While solar- and self-powered lighting technologies offer a future powered by clean energy, energy-efficient LEDs lower pollution. The advent of connected lighting systems heralds a new age. Envision automobiles interacting with infrastructure and one another to minimize accidents and enhance traffic efficiency. Integrated headlights with pedestrian recognition provide unmatched safety, while dramatic taillights with eye-catching displays alert onlookers to your intentions. The possibilities are endless in the future. Gesture-controlled interior illumination, holographic displays projected onto the road, and even light fixtures with self-healing capabilities.
Due to laws requiring safety features like headlights, taillights, and brake lights, exterior lighting presently holds the most market share in the vehicle lighting industry. The dominance of this market is partly attributed to advancements in safety-focused technologies such as adaptive headlights and daytime running lights. The market value of external lighting is increased by the quick adoption of technology like LED bulbs and laser lights, which improve performance and aesthetics. Conversely, the interior lighting market is expected to increase at the fastest rate in the upcoming years. Innovations like ambient lighting and technology breakthroughs like LED and OLED displays, driven by consumer demand for comfort and personalisation, open new possibilities. The spread of sophisticated interior lighting systems is further driven by the growing emphasis on safety and the expansion of the luxury car market.
The worldwide vehicle lighting market is currently dominated by halogen because of its more affordable price, advanced technology, and useful illumination. With its dependable supply chain and affordable option for manufacturers and cost-conscious customers, halogen holds the biggest market share. The fastest-growing market right now is LEDs, which are predicted to shortly overtake halogen. The rapid expansion of LEDs is driven by their higher efficiency, longer lifespan, flexibility in design, and technological breakthroughs including enhanced brightness. Because LEDs use less energy and produce fewer emissions and better fuel economy, they are becoming more and more popular in the changing automotive lighting market.
Passenger automobiles rule the worldwide automotive lighting market. The sheer number of passenger cars produced which surpasses that of business vehicles and fuels the need for lighting systems is the primary cause of this popularity. The growing demand for personal automobiles in developing nations is a result of rising disposable income, which in turn drives the rise of the passenger car market. The importance that consumers place on safety and aesthetics elements helps to drive market expansion. But in the upcoming years, the market for electric and hybrid cars is expected to develop at the quickest rate. The exponential rise of the worldwide electric car market, which is still expanding and shows no signs of slowing down, is what is driving this surge. Specialised lighting solutions are required since electric and hybrid vehicles have different lighting requirements because of their specific functionality and design aesthetics.
Most lighting systems sold nowadays are sold by OEMs (Original Equipment Manufacturers), primarily because manufacturers pre-install lighting systems in new cars. But in the next years, the aftermarket is expected to develop at the quickest rate. This spike in demand for replacement parts, especially lighting systems, can be linked to several variables, one of them being the average age of cars. The industry is expanding because of consumers' growing desire to personalise their cars with aftermarket lighting upgrades such LED upgrades and decorative lighting. The availability and affordability of technologies like adaptive headlights and laser lights in the aftermarket, together with other advancements in lighting technology, are driving demand even more. Moreover, the growing market for electric cars (EVs).
Throughout the forecast period, Asia Pacific is anticipated to be the automotive lighting market with the highest profitability. Over the past few years, Asia Pacific countries like China and India have seen notable increases in automotive manufacturing and sales, primarily in the medium-to premium luxury car segment. Asia Pacific is predicted to see an increase in the manufacturing of passenger cars, with India experiencing the strongest growth rate. Depending on the state of the national economy, the area offers a suitable selection of both high-end and cheap cars. For instance, there is a substantial demand for halogen, Xenon/HID, and LED since China and India produce more economy and mid-range automobiles. On the other hand, luxury car adoption rates are greater in South Korea and Japan, where LED lighting is the norm.
A brief shadow was thrown by COVID-19 over the worldwide automotive lighting market. Production was stopped by lockdowns and supply chain disruptions, while luxury lighting upgrades were shelved by consumers on a tight budget. Resources became scarce, and R&D stagnated. Still, the market is recovering thanks to resurgent demand and rearranged priorities. While energy-efficient LEDs are being pushed towards adoption by sustainability, safety concerns are driving interest in features like pedestrian detection and adaptive headlights. The digital push of the epidemic creates opportunities for intelligent, networked lighting systems that may interact with infrastructure and other cars. Ultimately, the industry is positioned to shine brighter, focused on safety, sustainability, and a connected future, even though the pandemic dimmed its brilliance.
A development collaboration between OSRAM Continental and REHAU aims to incorporate lighting into external components, providing automobile manufacturers with innovative lighting options that improve functionality and design flexibility. For rear combination lamps, Hella unveiled a revolutionary lighting innovation called Hella FlatLight technology. A Memorandum of Understanding (MoU) was signed by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a division of Motherson Group, and Marelli Automotive Lighting to investigate a technology collaboration focused on intelligently lighted external body components. Valeo debuted their revolutionary 360° lighting system at the Shanghai Auto Show. This technology surrounds the car with a band of light, projecting instantaneous, clear signs that other drivers can see from a distance. Pedestrians, cyclists, and scooter riders are especially susceptible to these signals
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
Specify your preferred Countries, Segments, or timeframes
Unlock Country Level Outlook, Trends, Cross-country Comparability, or supply Chain Variations.
Analyst Support
Every order comes with Analyst Support.
Customization
We offer customization to cater your needs to fullest.
Verified Analysis
We value integrity, quality and authenticity the most.
