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
• Charlotte’s 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