Which Segment Accounted For The Largest Mexico Medical Cannabis Market Share?

Mexico Medical Cannabis Industry Overview

The Mexico medical cannabis market size was valued at USD 4.8 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20% from 2023 to 2030. Various countries have begun to liberalize marijuana and hemp regulations, which is expected to stimulate market growth. Legalizing it for adult use will assist to create new jobs and bring in billions of dollars to the economy. Tourism, food, and transportation are just a few of the industries that will benefit from legalization. The anticipated increase in the acceptance of cannabis for medicinal purposes is projected to increase demand for medical cannabis, eroding the illegal market in the process.

Mexico medical cannabis market size, by application, 2020 - 2030 (USD Million)

As of January 2021, Mexicos health ministry published rules that will regulate the use of medical cannabis. As per the regulations, cannabis will be cultivated specifically for research purposes as well as for manufacturing pharmaceutical products, applicable to both private as well as public research, including measures regarding quality control and good manufacturing practices for products containing cannabis. Since the regulations have been put in place, medical tourism is expected to increase, bringing in extra income for the government, and furthering the growth of the market.

Gather more insights about the market drivers, restraints, and growth of theMexico Medical Cannabis Market

One of the variables projected to drive the Mexican industry is the high prevalence of cancer. According to the American Cancer Society, around 11,030 new cancer patients will be diagnosed with cancer in Mexico in 2022. Numerous researches have confirmed cannabis's anti-cancer properties, resulting in its increased use in cancer treatment. Over the projected period, rising illness burdens and increased usage of cannabis for medical purposes are expected to drive product demand.

The country's health licenses for cannabis growth, harvesting, and manufacture are solely for medical and research purposes. In Mexico, cannabis regulations are not well-regulated, and it is subject to secondary control by the Federal Commission for the Protection Against Health Risks. It can only be brought into Mexico for medicinal or scientific research objectives.

Browse through Grand View Research's Pharmaceuticals Industry Related Reports

Legal Marijuana Market-The global legal marijuana market size was valued at USD 16.7 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 25.4% from 2023 to 2030.

Cannabidiol Market-The global cannabidiol market size was valued at USD 5.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030.

Mexico Medical Cannabis Market Segmentation

Grand View Research, Inc. has segmented the Mexico medical cannabis productmarket based on product and application:

Mexico Medical Cannabis Product Outlook (Revenue, USDMillion, 2017 - 2030)