Medical Cannabis Set to Revolutionize Healthcare: Market to Hit $77.13 Billion by 2032!

New York, United States, July 04, 2024 (GLOBE NEWSWIRE) — The global medical cannabis market is on the brink of a significant expansion, with projections indicating it will reach a staggering USD 77.13 billion by 2032. This growth, driven by a robust compound annual growth rate (CAGR) of 18.24%, reflects the increasing acceptance and utilization of cannabis for therapeutic purposes.

Medical cannabis, derived from Cannabis plants, is increasingly recognized for its potential to treat a wide array of health conditions, including cancer, chronic pain, mental disorders, and neurological diseases. The primary cannabinoids used in medical applications are tetrahydrocannabinol (THC) and cannabidiol (CBD). The market is segmented by product type, derivative, route of administration, application, and distribution channel, catering to a diverse range of patient needs.

Product Types:

Solids: Pills and tablets.
Dissolvable/Powders: Easily mixed with liquids for ingestion.
Oil: Versatile use in cooking or direct consumption.
Ointments and Creams: Topical applications for localized relief.

Derivatives:

Cannabidiol (CBD)
Tetrahydrocannabinol (THC)

Routes of Administration:

Inhalation: Vaporizers and inhalers.
Oral: Edibles, capsules, and tinctures.
Topical: Creams, balms, and patches.

Applications:

Pain Management
Neurological Health Management
Mental Health Management

Distribution Channels:

Hospital Pharmacy
Retail Pharmacy
Online Pharmacy

Increasing R&D Activities and Financial Support: The market's expansion is significantly bolstered by increased research and development (R&D) activities and substantial financial support from both private and governmental sources. Numerous organizations are investing in the study and development of cannabinoids for medical use, acknowledging cannabis's potential to treat various medical conditions.

According to the National Institute on Drug Abuse, the National Institute of Health (NIH) funded 330 projects with USD 140 million for cannabinoid research and development in 2017. This included USD 36 million for 70 projects exploring the therapeutic potential of cannabinoids and USD 15 million for 26 projects focused on CBD research. This financial commitment from nodal agencies is expected to drive market growth through 2032.

Future Implications: A growing acceptance. The increasing consumer awareness of cannabis's health benefits, along with its expanding medical applications, plays a crucial role in driving the market forward. As more research underscores the therapeutic benefits of medical cannabis, its adoption is expected to rise, leading to the development of novel products and more comprehensive treatment options for various health conditions.

Do you believe medical cannabis will become a mainstream treatment for various health conditions by 2032?