Global Medical Cannabis Market Projected to Reach $87.41 Billion by 2030

According to a recent market report forecast, the global medical cannabis industry is expected to boom to a value of USD 87.41 billion by 2030. This surge in demand comes from a combination of evolving regulatory frameworks, increasing awareness of therapeutic benefits and escalating investments in research and development. Medical cannabis is now widely used for chronic pain, epilepsy, multiple sclerosis, and cancer-related nausea. Clinical evidence supports these uses, helping drive physician confidence and broader prescription rates. ^[1] The market is expected to further grow at a significant CAGR during the forecast period, with North America currently dominating and Asia Pacific emerging as a high growth region.

1. Legalization and Regulatory Support

Countries across North America, Europe, and parts of Asia are legalizing medical cannabis, reducing barriers for cultivation, processing, and clinical use. The relaxation of drug policies has improved patient access, physician acceptance, and public funding for cannabis-related research.

2. Therapeutic Application Expansion

Medical cannabis is being increasingly prescribed for chronic pain, multiple sclerosis, epilepsy, and cancer-related symptoms. As physicians become more comfortable prescribing it and new formulations enter the market, patient reliance on cannabis-based therapies is rising.

3. Advancements in Research and Product Development

Pharmaceutical companies and biotech firms are investing in clinical trials to validate cannabis efficacy and develop standardized formulations. Ongoing pharmaceutical R&D has produced novel cannabis delivery systems such as sprays, patches, and capsules, improving efficacy and patient compliance. ^[2]

North America

The U.S. and Canada account for the largest share, owing to advanced healthcare infrastructure, strong R&D support, and established cannabis companies. Insurance coverage and public health initiatives have also contributed to market maturity.

Asia-Pacific

Countries like Thailand, Australia, and India are seeing early-stage adoption due to changing laws and local cultivation initiatives. The region is expected to witness exponential growth as regulatory clarity improves, and healthcare access expands.

Despite the promising outlook, the market faces hurdles like inconsistent laws across countries, stigma associated with cannabis use, and limited product standardization. Regulatory ambiguity regarding production, import-export, and physician guidelines remains a significant challenge in many parts of the world. ^[3]

References:

1. Pisanti, Simona, Marco Malfitano, Lucia Ciaglia, Daniela Lamberti, Maria Chiara Ranieri, and Maurizio Bifulco. “Medical Cannabis: A Summary of the Evidence.” European Journal of Internal Medicine 49 (2018): 7–11

2. Baron, Eric P. “Medicinal Properties of Cannabidiol (CBD) in Neurological Disorders.” Epilepsy & Behavior 88 (2018): 240–250.

3. National Academies of Sciences, Engineering, and Medicine. The Health Effects of Cannabis and Cannabinoids: The Current State of Evidence and Recommendations for Research. Washington, DC: The National Academies Press, 2017.

4. Healthcare Asia Magazine. “Medical Cannabis Market to Hit $87.41B by 2030.” Healthcare Asia Magazine, May 29, 2025. https://healthcareasiamagazine.com/healthcare/news/medical-cannabis-market-hit-8741b-2030.

(Input from various sources)

(Rehash/Sakshi Thakar/MSM)