The global market for medicinal cannabis is projected to witness an extraordinary growth, reaching an estimated value of $133 billion by the year 2028. This prediction is based on a comprehensive report released by Grand View Research, a renowned market research and consulting company specializing in syndicated research, customized research, and consulting services across high-growth markets. The report underscores the potential growth and future prospects of the medicinal cannabis industry on a worldwide scale. Based on the report, the medicinal cannabis market is expected to grow at a compound annual growth rate (CAGR) of 29.2% from 2023 to 2028. A compound annual growth rate is a useful measure that delivers a smoothed annual rate of growth, making it an ideal way to track the progress of industries, investments, and economic trends over time. In this case, the impressive CAGR indicates that the global medicinal cannabis market is poised to expand rapidly over the forecast period. Several factors are contributing to this remarkable increase. Most prominently, the growing recognition of cannabis’s therapeutic properties in treating an array of health conditions, including chronic pain, epilepsy, and multiple sclerosis, is fueling the market’s growth. The increasing legalization of medicinal cannabis in numerous countries around the world is another significant factor. As more regions recognize and legalize the medicinal use of cannabis, the market is expected to witness an upsurge in demand, thus further propelling its growth. Additionally, advancements in the field of medical and health research are likely to discover further benefits of cannabis, broadening its application scope within the medical sector, which in turn, is likely to boost the market’s value. The industry’s growth is also being reinforced by the rising investment in research and development activities by leading players in the pharmaceutical sector, who are keen to explore the potential of cannabis in drug discovery and development. The report by Grand View Research not only provides insights on the expected growth rate but also offers in-depth analysis on the market dynamics, including the key drivers, restraints, opportunities, and challenges confronted by the global medicinal cannabis market. Furthermore, the study provides an exhaustive geographical analysis, highlighting the key regions expected to demonstrate significant growth during the forecast period. As such, the prediction of the global medicinal cannabis market potentially reaching a whopping $133 billion by 2028 underscores the increasing acceptance and the promising future of medicinal cannabis in the medical and pharmaceutical industry. It is a testament to the progressive shift in attitudes towards medicinal cannabis, opening a new chapter of growth and opportunities in the global healthcare sector.

The growth of the medicinal cannabis market is being driven by a number of factors, including:

• Increasing legalization and regulation of medical cannabis around the world.
• Growing body of scientific evidence supporting the use of medical cannabis for a variety of conditions.
• Rising demand for medical cannabis from patients who are looking for safe and effective alternatives to traditional medications.
• Increasing investment in the medicinal cannabis industry by major companies.

The largest market for medicinal cannabis is North America, followed by Europe and Asia Pacific. The fastest-growing market is Asia Pacific, where the CAGR is expected to be 35.6% from 2023 to 2028.

This growth in the medicinal cannabis market is good news for patients, investors, and the industry as a whole. It means that more patients will have access to this safe and effective treatment option, and it means that the industry will continue to grow and create jobs.

Here are some specific examples of how the medicinal cannabis market is growing:

• In the United States, the number of states with medical cannabis programs has increased from 16 in 2012 to 38 in 2023.
• In Canada, the federal government legalized medical cannabis in 2016.
• In Europe, the number of countries with medical cannabis programs has increased from 12 in 2012 to 27 in 2023.
• In Asia Pacific, the number of countries with medical cannabis programs has increased from 3 in 2012 to 14 in 2023.

This growth in the medicinal cannabis market is a positive development, and it is expected to continue in the coming years.

According to a report by Grand View Research, the global market for medicinal cannabis is expected to grow at a compound annual growth rate (CAGR) of 29.2% from 2023 to 2028, reaching an estimated value of $133 billion by 2028 ¹. The report highlights the growing recognition of cannabis’s therapeutic properties in treating an array of health conditions, including chronic pain, epilepsy, and multiple sclerosis, as the most prominent factor fueling the market’s growth. The increasing legalization of medicinal cannabis in numerous countries around the world is another significant factor contributing to the market’s growth ¹. As more regions recognize and legalize the medicinal use of cannabis, the market is expected to witness an upsurge in demand, thus further propelling its growth. Additionally, advancements in the field of medical and health research are likely to discover further benefits of cannabis, broadening its application scope within the medical sector, which in turn, is likely to boost the market’s value ¹. The industry’s growth is also being reinforced by the rising investment in research and development activities by leading players in the pharmaceutical sector, who are keen to explore the potential of cannabis ¹. The impressive CAGR indicates that the global medicinal cannabis market is poised to expand rapidly over the forecast period.

Learn more:

1. statista.com2. marketdataforecast.com3. statista.com4. imarcgroup.com