The global market size of medical cannabis is rapidly growing as more countries legalize the use of cannabis for medical purposes. According to Grand View Research, the global medical cannabis market size was valued at USD 9.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028.
The growth of the medical cannabis market can be attributed to several factors, including the increasing acceptance of cannabis as a therapeutic agent, the rise in the number of countries legalizing medical cannabis, and the growing awareness about the benefits of cannabis in treating various medical conditions.
In Australia, the medical cannabis market is still in its early stages due to the country's strict regulatory environment. According to a report by Prohibition Partners, the Australian medical cannabis market was valued at AUD 171.8 million in 2020 and is expected to reach AUD 1.2 billion by 2025, growing at a CAGR of 47%.
The growth of the medical cannabis market in Australia is being driven by a number of factors, including the increasing number of medical cannabis prescriptions being issued, the growing awareness of the therapeutic benefits of cannabis, and the expanding range of medical cannabis products available in the country.
Overall, the global medical cannabis market is significantly larger than the Australian market, but the Australian market is expected to experience rapid growth in the coming years as more patients and healthcare providers become aware of the benefits of medical cannabis. Learn more about global cannabis markets