Benzinga | May 24, 2021 03:12PM EDT

ResearchAndMarkets Report: Medical Cannabis Market To Hit $49.1B By 2028, CAGR: 23.9%

The global medical cannabis market is poised to grow at a CAGR of 23.9% over the next seven years and is expected to reach $49.1 billion by 2028, according to a new report by ResearchAndMarkets.

The "Medical Cannabis Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Medical Application, and Geography" analyzes a myriad of aspects affecting the medical cannabis market, including key market dynamics, types of products, medical applications, compounds, geographical distribution, as well as the impact of the COVID-19 pandemic.

It also gives a survey of the industry landscape and provides profiles of some major players in the cannabis space, including Aphria, Inc. (TSX:APHA) (NASDAQ:APHA), Aurora Cannabis Inc. (NYSE:ACB), Cannabis Science, Inc., Canopy Growth Corporation (NASDAQ:CGC), Medical Marijuana, Inc. (OTC:MJNA), VIVO Cannabis Inc (TSX:VIVO) (OTCQX:VVCIF), Tikun Olam, Tilray Inc (NASDAQ:TLRY) and The Cronos Group Inc (NASDAQ:CRON), CANVORY.

As per the survey, the use and cultivation of medical cannabis are now legal in developing countries in South and Central America, Asia, the Middle East, Africa, North America and Europe.

The medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets and beverages, and edibles, with the marijuana flower segment holding the largest share in 2019.

In 2020, the largest market share belonged to the pain management segment while consumers also used medical cannabis to treat neurological and mental health disorders.

Tetrahydrocannabinol (THC)-dominant segment held the largest share of the medical cannabis market over the same period, at the expense of cannabidiol (CBD)-dominant, and balanced THC and CBD segments.

Photo by Gerd Altmann from Pixabay