Latin America Medical Cannabis Market

Latin America Medical Cannabis Market Size (2024 to 2032)

The size of the Latin America medical cannabis market was valued at USD 1.28 billion in 2023. This market is expected to grow at a CAGR of 23.94% from 2024 to 2032 and be worth USD 8.83 billion by 2032 from USD 1.59 billion in 2024. 

MARKET SCENARIO

In Latin America, the medical cannabis market is rising rapidly due to government permission for cannabis cultivation starting in 2017. According to drug approval authority, Cannabis medical products are much safer for cancer patient treatments creating a space for market growth. The number of cancer patients in Latin America is increasing, which is fuelling the demand for medical cannabis drugs. Medical cannabis is more effective in reducing Nausea and appetite. An increasingly aging population and rising chronic disease are propelling the application of the market. Increasing medical and clinical trials for cancer therapy with medical cannabis is boosting the demand for the market. 

In the Latin America region, some factors stand as barriers, such as permission or approval for production, stringent regulations, government approval, and regulations for medical users, and drug production are prime factors restraining the growth rate of the market. Lack of knowledge in utilizing the raw materials in the production of drugs using medical cannabis is also restricting the demand of the market. 

SEGMENTAL ANALYSIS

Latin America Medical Cannabis Market Analysis By Species

• Indica
• Satiiva
• Hybrid

Latin America Medical Cannabis Market Analysis By Derivatives

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)
• Others

Latin America Medical Cannabis Market Analysis By Application

• Cancer
• Arthritis
• Epilepsy
• Migraine

Latin America Medical Cannabis Market Analysis By End User

• Pharmaceutical Industry
• Research
• Development Centers
• Others

Latin America Medical Cannabis Market Analysis By Route of Administration

• Oral Solutions and Capsules
• Smoking
• Vaporizers
• Topicals
• Others

GEOGRAPHICAL ANALYSIS

• Brazil
• Mexico
• Argentina
• Chile
• Rest of Latin America

Mexico is in a leading position in the production of cannabis and medical cannabis products. The total market size of the cannabis market is near about $1.9 billion in 2019. Medical cannabis is used in the treatment of chronic disorders such as cancer, chronic pain, and neurological diseases. In 2022, the Mexico market size for medical cannabis is valued at $55 Billion. According to WHO, the total number of cancer patients in Mexico is around 190,667, where which is increasing the demand for the medical cannabis market.

Brazil holds the highest share of the market following Mexico. Rising incidences of cancer are a major factor in market growth. In this region, cannabis production was legalized in 2017 for medicinal purposes and is anticipated to fuel the demand of the market. The market size in 2018 in the Brazil region is near about $2.4 billion. The first product was made in Brazil in 2019, and in 2020 the Brazilian government approved a medicinal cannabis product. 

Argentina is following Brazil in leading dominant share of the Latin American market owing to the increasing number of chronic diseases. According to Argentina Medical Services, the total market of the medical cannabis market is rising rapidly, and in the next five years, it will reach $100 Billion. Also, increasing recreational cannabis medicals is increasing the high growth rate. The increasing geriatric population is bolstering the demand for the medical cannabis market. 

Chile shows exponential growth in the market, and in the next ten years, it will account $2 billion market size. The total Cannabis market in Chile is USD 1.5 billion, and 40% of applications increased in that period. 

Colombia is also to have a significant growth rate in the coming years. The total cannabis market in Colombia was valued at $ 0.7 billion in 2019. 

KEY MARKET PLAYERS

Companies playing a key role in the Latin American medical cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc.