The global medical cannabis oil market size is estimated to reach USD 4.41 billion in 2027 from USD 1.98 Billion in 2020, at a CAGR of 14.32% during the forecast period (2021-2027). Cannabis oil is extracted from a variety of cannabis Sativa plants. The characteristics of cannabis oil include reducing epileptic seizures, anti-inflammatory, pain reliever, superior moisturization, and not clogging pores properties, which have improved its usage in skincare products, edibles, wellness products, and medical products, as per the National Center for Biotechnology Information (NCBI) survey conducted between 2017 to 2018, around 62% of the population utilized cannabis-based products to treat various medical conditions. The growing research for cannabis in the medical industry has escalated the demand for cannabis oil to treat multiple symptoms caused to chronic diseases.
Medical Cannabis Oil Market Dynamics:
The rising R&D primarily drives the global medical cannabis oil market for medical cannabis, financial support by many government and private organizations for cannabis research, increasing awareness regarding the benefits of cannabis, legalization of cannabis for medical application, and rising need for therapies related to pain management owing to the rising disease burden of chronic pain are expected to propel the medical cannabis oil market in the upcoming years. Cannabis has various medical properties which help to cure various critical and normal diseases. According to the NIDA (National Institute of Drug Abuse), in 2017, the National Institute of Health (NIH) supported 330 projects and expend USD 140 million on cannabinoid R&D. During this investment, USD 36 million was expended on 70 projects to examine the therapeutic attributes of cannabis, and USD 15 million was expended on 26 projects centered on cannabinoid (CBD).
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However, the presence of strict laws, the high price of CBD products, and the absence of legalization programs in many African and Asian countries are some of the key factors hampering the growth of the market for medical cannabis oil.
Impact of COVID-19 on the Medical Cannabis Oil Market:
The outbreak of the COVID-19 pandemic has impacted the global medical cannabis oil market. As the market witnessing a decrease in demand due to the lockdown across the world, quarantine and closure of the factory in quarter 2 results in insufficient raw material supply affected the global industry over a longer duration.
Scope of the Report
The report outlines the medical cannabis oil market study based on product type, application, and distribution channel.
Based on product type, the medical cannabis oil market is segmented into –
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Based on application, the medical cannabis oil market is segmented into-
- Sleep Disorders
- Multiple Sclerosis
- Neurological Pain
Based on distribution channel, the medical cannabis oil market is segmented into-
- Independent Drugs Store
- Hospital & Retail Pharmacies
- Online Channels
Medical Cannabis Oil Market: Regional Outlook
The global medical cannabis oil market is regionally segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). In 2020, North America was estimated to account for the largest share in the global market and will continue to maintain its leading position over the assessment period. The legalization of cannabis in various cities of the US, increasing knowledge about the benefits of CBD oil, an overall rise in the acceptance of cannabidiol for personal, pharmaceutical, and wellness use, and consumption of cannabis-based products are some factors accelerating the growth of the region.
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Europe holds the second-largest market in the western Europe region owing to the increasing knowledge related to medical applications of cannabis. The Asia Pacific is anticipated to project the fastest growth during the forecast period due to the setup of cannabis manufacturing plants, especially in China. China is the largest cannabis cultivator in Asia and cultivates about half of the globe’s production. The country also exports about 90% of its products to the UK, Germany, Japan, the US, and the Netherlands. Further, end-user players, including cosmetics and personal care, are targeting developing countries to enhance their sales and profitability. Hence, the increasing focus of cannabidiol-based product producers in the region and the growing legalization of cannabis for medical purposes in these nations are few key factors boosting the market’s growth.
Competitive Landscape –
The leading manufacturers of medical cannabis oil in the global market include Aphria Inc., Curaleaf Holdings, MedMen Enterprises, Freedom Leaf, Inc., Greens Roads of Florida, and ENDOCA.
Other medical cannabis oil manufacturers include Folium Bioscience, Charlotte’s Web Holdings, Inc., Canopy Growth Corporation, CBD American Shaman, Kazmira LLC, Pharmahemp, Aurora Cannabis, HempLife Today, and Emblem Cannabis.
- In June 2019, Freedom Leaf Inc. acquired Green Lotus companies to diversify its product offering and distribution channels.
- In May 2019, Canopy signed an agreement with PharmaHouse Inc. They supply high-quality cannabis flowers with an additional 20% of the flowering space available for its greenhouse facility.
- In September 2018, Emblem Cannabis launched its oral dose-metered spray along with a convenient medical delivery system. With this launch, the company has entered into a new business segment and diversified its product portfolio.
The medical cannabis oil market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
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