The global medical cannabis oil market size was US$ 2.1 billion in 2021. The global medical cannabis oil market is forecast to grow to US$ 7.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.

Factors influencing the Market

Cannabis oil is anti-inflammatory and acts as a pain reliever. In addition, it offers superior moisturization and unclogs the pores. Moreover, the rising use of cannabis oil in skincare products will drive the growth of the market. Furthermore, they are also used in edibles, wellness products, and medical products, which will benefit the overall medical cannabis oil market in the coming years.

According to the National Center for Biotechnology Information (NCBI) survey data, approximately 62% of the population used cannabis-based products between 2017 to 2018 to treat various medical conditions. Thus, the growing use of oil is likely to propel the market forward.

The increasing research and development and financial support from governments will benefit the global medical cannabis oil market. Furthermore, the growing demand for pain relief therapies will boost the growth of the medical cannabis oil market.

The rising prevalence of chronic diseases will drive the medical cannabis oil market forward. On the contrary, the high cost of medical cannabis oil may restrict the market growth during the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a negative impact on the global medical cannabis oil market. The COVID-19 pandemic spread rapidly, which forced government organizations to impose strict travel restrictions. As a result, the demand for medical cannabis oil reduced drastically. People had to stop visiting clinics and hospitals, which hampered their therapy sessions. Thus, it had a significant negative impact on the global medical cannabis oil market.

Regional Analysis

North America is forecast to hold the largest share in the medical cannabis oil market, followed by Europe. The growth of the market is attributed to the legalization of cannabis in various cities of the United States. In addition, rising awareness about the health benefits of medical cannabis oil will drive the medical cannabis oil market forward. Furthermore, the presence of the leading medical industry will contribute to the growth of the medical cannabis oil market.

The medical cannabis oil market is forecast to witness significant growth in Europe owing to the rising awareness about the medical applications of cannabis and increasing consumer demand.

Due to the rising number of cannabis manufacturing plants in China, Asia-pacific will also contribute to the growth of the medical cannabis oil market.

Competitors in the Market

Aphria Inc.
Curaleaf Holdings
MedMen Enterprises
Freedom Leaf, Inc.
Greens Roads of Florida
ENDOCA
Folium Bioscience
Charlottes Web Holdings, Inc.
Canopy Growth Corporation
CBD American Shaman
Kazmira LLC
Pharmahemp
Aurora Cannabis
HempLife Today
Emblem Cannabis
Other Prominent Players
Market Segmentation

The global medical cannabis oil market segmentation focuses on Product, Application, Distribution Channel, and Region.

Based on Product Type

Marijuana-based
Hemp-based
Based on Application
Sleep Disorders
Multiple Sclerosis
Neurological Pain
Depression
Others
Based on Distribution Channel

Independent Drugs Store
Hospital & Retail Pharmacies
Online Channels
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America