COVID-19 impact and global analysis: Medical cannabis market will inflate at 23.9 percent CAGR by 2028

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Globe News Wire has announced the publication of a fresh research report into the global medical cannabis market amid COVID-19. Titled, “Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Medical Application, Compound, and Geography,” the report draws some alluring predictions into the ever-growing market. 

Based on projections, the size of the medical cannabis market will top USD $ 49,116.4 million by 2028. Comparatively, the market was valued at US$ 8,926.6 million in 2020. During the forecast period, 2021-2028, this area of the cannabis industry will generate a compound annual growth rate (CAGR) of 23.9 percent.

Two factors that have been attributed to the global medical cannabis market’s forecasted growth include increased government funding and awareness of cannabis’ medicinal qualities. Despite the promising outlook, industry experts say that “black market” drug cartels continue to pose a problem for public health and restrict the success of legal avenues.

On the plus side, the findings of this report indicate that COVID-19 has not severely dented the medical cannabis market. Rather, the pandemic appears to be acting as a growth catalyst.

North America is dominating the medical cannabis market

Out of all the legal cannabis zones sprinkled across the world, North America is, unsurprisingly, taking the lead. A previous report published by Business News Wire suggested that North America’s cannabis market will yield US$ 65,161.4 million by 2027 from the US$ 6,036.9 million recorded in 2019.

A handful of North America’s leading players are exposed in the latest report. They include (but are not limited to) Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Cronos Group, Medical Marijuana, Inc., Tikun Olam Ltd, Tilray and VIVO Cannabis Inc. 

Last year, the huge continent bagged more than one-third of revenue share. Aside from the fact that North America churns out some of the highest quality cannabis, the sturdy regulatory framework implemented across legal cannabis regions is constantly attracting investor and researcher interest.

Report covers various segments of the medical cannabis market 

In terms of product type, this report on the global medical cannabis market is divided into various categories. They include beverages, cannabis oil, capsules, concentrates, edibles, flower, tablets and topical ointments. 

During the year 2020, raw cannabis flower held the greatest portion of market share. On the other hand, updated analysis of the market suggests that ingestible medical cannabis products such as beverages and edibles will record the highest CAGR from 2021-2028.

Based on medical application, the global market is separated into categories like mental health management, pain management and neurological health management. Last year, the largest market share was held by medical cannabis products designed to help relieve and/or manage pain; this segment is predicted to log the highest CAGR from 2021–2028.

In order to understand the CAGR of the global medical cannabis market amid COVID-19, analysts segmented the market as follows:

  • THC-dominant
  • CBD-dominant 
  • Balanced THC and CBD.

Last year, products that were rich in tetrahydrocannabinol maintained the largest market share. Moving forwards, the THC-dominant market in spite of CBD’s rapid rise to fame is expected to post the highest CAGR during the forecast period.

You can download a PDF version of this medical cannabis market growth report by clicking here.