Overview and Scope
Medical marijuana refers to the derivatives of the cannabis sativa plant. It is used to treat drug addiction issues or as a substitute for alcohol and other substances such as opiates and cocaine, including situations such as pain management, nausea and vomiting control, and pain relief.
Sizing and Forecast
The medical marijuana market size has grown exponentially in recent years. It will grow from $27.5 billion in 2023 to $33.3 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to changing regulatory landscape, growing acceptance of cannabis for medical purposes, expanding list of medical conditions, patient demand for alternative therapies, evolving healthcare provider attitudes.
The medical marijuana market size is expected to see exponential growth in the next few years. It will grow to $72.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to continued regulatory developments, scientific research and evidence, patient education and awareness, expansion of medical marijuana product offerings, integration into mainstream healthcare. Major trends in the forecast period include partnerships with traditional healthcare providers, focus on customized treatment plans, standardization of dosage and labeling, investment and M&A activity.
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Segmentation & Regional Insights
The medical marijuana market covered in this report is segmented –
1) By Product: Dried Flower, Extract Form
2) By Type: Flower, Concentrate, Edibles, Other Types
3) By Application: Pain Management, Tourette Syndrome, Alzheimer’s disease, Migraines, Depression And Anxiety, Multiple Sclerosis, Cancer, Other Applications
4) By Distribution Channel: Retail Pharmacy, E-Commerce, Other Distribution Channels
North America was the largest region in the medical marijuana market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global medical marijuana market during forecast period. The regions covered in the medical marijuana market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of cancer is expected to drive the demand for the medical marijuana market going forward. Cancer refers to the condition when a few of the body’s cells grow out of control and spread to other bodily regions. Medical marijuana helps treat cancer patients with neuropathy, nausea, pain, vomiting, appetite, and weight loss. For instance, in April 2022, according to a report on cancer facts and figures by the American Cancer Society, a US-based nonprofit health organization devoted to the eradication of cancer, there were 1.92 million new cases of cancer in the US, compared to 1.89 million cases in 2021. Therefore, the increasing prevalence of cancer will drive the growth of the medical marijuana market.
Key Industry Players
Major companies operating in the medical marijuana market report are Pfizer Inc., Curaleaf Holdings Inc., Trulieve Cannabis Corp, Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc., Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp, Aurora Cannabis Inc., HEXO Corp, MedMen Enterprises Inc., Organigram Holdings Inc., Charlotte’s Web Holdings Inc., Vireo Health International Inc., Medical Marijuana Inc., Cara Therapeutics Inc., VIVO Cannabis Inc., Valens GroWorks Corp, Green Relief Inc., Harborside Inc., MediPharm Labs Inc., Tikun Olam Cannbit Ltd., Emerald Health Therapeutics Inc., MedReleaf Corporation, GB Sciences Inc., CanniMed Therapeutics Inc., The Cronos Group Inc., Planet 13 Holdings Inc.
The medical marijuana market report table of contents includes:
1. Executive Summary
2. Medical Marijuana Market Characteristics
3. Medical Marijuana Market Trends And Strategies
4. Medical Marijuana Market – Macro Economic Scenario
5. Global Medical Marijuana Market Size and Growth
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31. Medical Marijuana Market Other Major And Innovative Companies
32. Global Medical Marijuana Market Competitive Benchmarking
33. Global Medical Marijuana Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Marijuana Market
35. Medical Marijuana Market Future Outlook and Potential Analysis
36.Appendix
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