Global Medical Cannabis Oil Market Size, Share and Trends Analysis Report, By Type (Hemp-Derived and Marijuana-Derived), By Application (Cancer, Anxiety Relief, Anti-Seizure and Other), Forecast Period (2022-2028)

The global medical cannabis oil market is anticipated to grow at a significant CAGR of 17.5% during the forecast period (2022-2028). The rising global prevalence of cancer is a primary element driving medicinal cannabis oil market growth. Cancer is a leading cause of death globally, accounting for over 10 million deaths by 2020. Since medical marijuana can help with symptoms like nausea and vomiting that come with chemotherapy, this growing cancer rate could help the business grow. Cancer patients who consume cannabis oil need less pain medication, according to the American Cancer Society (ACS). Between 2022 and 2028, the increased global prevalence of cancer will be a major factor driving the market for therapeutic cannabis oil. By 2020, cancer will have claimed the lives of nearly 10 million people globally. The American Cancer Society claims that cancer patients who use cannabis oil require less pain medication (ACS).

CBD oil has shown potential as a treatment for several mental health issues, such as anxiety disorders. In a study conducted in Brazil, 57 males were given either oral CBD or a placebo 90 minutes before taking a simulated public speaking test. A 300-mg dose of CBD was found to be the most efficient at considerably reducing anxiety during the test, according to the researchers. The stressful life causes anxiety and mental issues are increasing, giving rise to the medical cannabis oil market.

CBD has been related to many hearts and circulatory system benefits, including the capacity to decrease high blood pressure, according to some research. High blood pressure has been linked to an increased risk of stroke, heart attack, and metabolic syndrome, as well as other health issues.

Some major players in the market include Aphria, Inc., Aurora Cannabis, Inc., Cannabis Science, Inc, Canopy Growth Corporation, Organigrams Holding, Inc., Vivo Cannabis Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in November 2021, VIVO Cannabis Inc. introduced high dose cannabidiol (CBD) oil, the newest medical marijuana product, Beacon Medica, which is designed to help patients achieve their health goals.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape– Aphria, Inc., Aurora Cannabis, Inc., Cannabis Science, Inc, Canopy Growth Corporation, Organigrams Holding, Inc., Vivo Cannabis Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Medical Cannabis Oil Market Report by Segment

By Type

• Hemp-Derived
• Marijuana-Derived

By Application

• Cancer Treatment
• Anxiety Relief
• Anti-Seizure
• Other

Global Medical Cannabis Oil Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa