Global Medical Cannabis Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Product Type;

Prescription Drugs, Recreational Drugs, and Others

By Product;

Flowers, Concentrates, Edibles, Topical & Tinctures, and Others

By Compound;

Tetrahydrocannabinol (THC) and Cannabidiol (CBD)

By Route of Administration;

Inhalation and Oral

By Distribution Channel;

Hospital Pharmacies , Retail Pharmacies, and Online Pharmacies

By Application;

Chronic Pain, Mental Disorders, Cancer, and Others

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America - Report Timeline (2021 - 2031)
Report ID: Rn175524098 Published Date: May, 2025 Updated Date: June, 2025

Introduction

Global Medical Cannabis Market (USD Million), 2021 - 2031

Medical Cannabis Market was valued at USD 19,732.75 million in the year 2024. The size of this market is expected to increase to USD 87,949.27 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 23.8%.


Global Medical Cannabis Market Growth, Share, Size, Trends and Forecast

*Market size in USD million

CAGR 23.8 %


Study Period2025 - 2031
Base Year2024
CAGR (%)23.8 %
Market Size (2024)USD 19,732.75 Million
Market Size (2031)USD 87,949.27 Million
Market ConcentrationLow
Report Pages314
19,732.75
2024
87,949.27
2031

Major Players

  • GW Pharmaceuticals plc
  • MedReleaf Corp.
  • Canopy Growth Corporation
  • Aphria Inc.
  • Aurora Cannabis.
  • Medical Marijuana, Inc
  • Green Relief Inc.

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Global Medical Cannabis Market

Fragmented - Highly competitive market without dominant players


The Medical Cannabis Market is rapidly evolving, fueled by a broader acceptance of cannabis-based therapies in mainstream healthcare. As evidence grows around its benefits for chronic pain, neurological disorders, and side effects from chemotherapy, medical cannabis is gaining favor. Nearly 65% of advocacy organizations now promote access to regulated cannabis treatments, showing its rising acceptance across medical communities.

Growing Use for Chronic Health Conditions
Demand is rising due to the increasing burden of chronic illnesses, including epilepsy, cancer, and multiple sclerosis. Currently, more than 55% of patients rely on medical cannabis for pain and inflammation management. This demand is encouraging the development of more refined and therapeutic formulations tailored for long-term care.

Innovation in Product Delivery
Technological innovation is reshaping the market with the emergence of new delivery systems like capsules, oils, and sprays. These products offer controlled dosing and greater convenience, driving patient adoption. As of now, around 40% of medical cannabis offerings come in non-inhalable formats, highlighting the shift towards more pharmaceutical-oriented solutions.

Evolving Market with Clinical Momentum
With continuous scientific backing and positive outcomes, medical cannabis is gaining ground as a reliable treatment option. Increased regulatory backing, innovation in drug formats, and professional endorsements are creating a robust foundation for future growth. More than 60% of healthcare providers recognize the potential of cannabis-based therapy in patient care.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Product Type
    2. Market Snapshot, By Product
    3. Market Snapshot, By Compound
    4. Market Snapshot, By Route of Administration
    5. Market Snapshot, By Distribution Channel
    6. Market Snapshot, By Application
    7. Market Snapshot, By Region
  4. Global Medical Cannabis Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Increasing legalization of medical cannabis
        2. Growing acceptance of cannabis as a therapeutic agent
        3. Rising prevalence of chronic diseases and conditions
      2. Restraints
        1. Regulatory challenges and legal restrictions
        2. Lack of standardized dosing and administration protocols
        3. Concerns regarding potential misuse and abuse
      3. Opportunities
        1. Emerging markets for medical cannabis products
        2. Development of innovative delivery methods and formulations
        3. Integration of medical cannabis into mainstream healthcare practices
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Medical Cannabis Market, By Product Type, 2021 - 2031 (USD Million)
      1. Prescription Drugs
      2. Recreational Drugs
      3. Others
    2. Global Medical Cannabis Market, By Product , 2021 - 2031 (USD Million)
      1. Flowers
      2. Concentrates
      3. Edibles
      4. Topical & Tinctures
      5. Others
    3. Global Medical Cannabis Market, By Compound , 2021 - 2031 (USD Million)
      1. Tetrahydrocannabinol (THC)
      2. Cannabidiol (CBD)
    4. Global Medical Cannabis Market, By Route of Administration, 2021 - 2031 (USD Million)
      1. Inhalation
      2. Oral
    5. Global Medical Cannabis Market, By Distribution Channel , 2021 - 2031 (USD Million)
      1. Hospital Pharmacies
      2. Retail Pharmacies
      3. Online Pharmacies
    6. Global Medical Cannabis Market, By Application, 2021 - 2031 (USD Million)
      1. Chronic Pain
      2. Mental Disorders
      3. Cancer
      4. Others
    7. Global Medical Cannabis Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. GW Pharmaceuticals plc
      2. MedReleaf Corp.
      3. Canopy Growth Corporation
      4. Aphria Inc.
      5. Aurora Cannabis.
      6. Medical Marijuana, Inc
      7. Green Relief Inc.
  7. Analyst Views
  8. Future Outlook of the Market