Global Medical Cannabis Industry Estimated to Reach Almost $29B in 2024

The medical marijuana market has reached $8.28 billion in 2017. (File image via Reuters)
The medical marijuana market has reached $8.28 billion in 2017. (File image via Reuters)

Yet in another study illuminating marijuana’s impacts on the world’s economy, a research firm said the global medical cannabis market is expected to reach about $28.7 (USD) billion in 2024, significantly much higher than the reported $8.28 billion last year.

Energias Market Research Pvt. Ltd said on Thursday that 19.1 percent is the estimated compound annual growth rate.

The New York-based research firm cited “growing awareness” of medical cannabis, increased demand for marijuana-based treatments, and the increased number of research being done as “factors” that are propelling the growth.

The report said “legality issues” internationally, however, continue to be “key restraints” to the growth of the market.  

With “U.S. states legalizing the use of marijuana in medical applications,” North America holds the “largest share” in the global medical marijuana market.

“Europe holds the second largest share in the global medical marijuana market in 2017,” it said.

With opioid increasingly gaining a bad reputation due to its addictiveness, it said “chronic pain segment” had held the lion share for medical marijuana application in 2017.

The medical application for cannabis covers various ailments it said, including glaucoma, inflammatory bowel diseases, chronic pain, migraine, arthritis, anxiety, insomnia, AIDS, by using chemical derivatives from marijuana.

The derivatives include THC(delta-9-tetrahydrocannabinol), CBD (cannabidiol CBD capsules, CBD tincture or liquids, and CBD topical), and hybrid (combination of THC & CBD).

The new figure reported comes after a report released late February estimated that the global legal cannabis market – medical and recreational – will reach $63.5 billion by 2024 at a Compound Annual Growth Rate of 21.1 percent.

The report released by the Florida-based Ameri Research Inc. said the legal cannabis market worldwide reached $14.3 billion in value.

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