The global medical cannabis market is projected to grow 36% per year through 2024, according to a report by Global Market Insights. The growth will be driven by many population segments, including by older people suffering from chronic pain due to neurology diseases, cancer and arthritis.
According to Boston University School of Public Health, about 1 in 5, or 1.5 billion, people suffer from chronic pain globally.
Other findings in the report include:
- The global medical cannabis market will surpass US$55 billion by 2024
- The global medical inhalation market was valued at US$ 5.3 billion in 2017 driven by its more controlled dosage rates and faster absorption
- The global topical medical cannabis market was valued at US $349 million in 2017
- The U.S. medical cannabis dispensaries market segment was US $2.1 billion in 2017
- 29 states plus Washington D.C. have approved medical cannabis sales and use. More are expected.
- The epidemic of opioid addiction is a factor driving appeal of medical cannabis over traditional pain relievers.
- Israel and Australia have approved medical cannabis for certain conditions, driving new growth
- The Israeli market was valued at US$ 39 million in 2017, where new reform allows sales in pharmacies
Among the many cannabis producers expected to gain from the market growth are Canopy Growth, Aurora Cannabis, GW Pharmaceuticals, Aphria, CanniMed, Tilray, Emerald Health Therapeutics, MedReleaf, and others.
Source: Global insights press release