Medical Marijuana Market Size 2024-2028

The medical marijuana market size is estimated to grow by USD 39.81 billion at a CAGR of 29.52% between 2023 and 2028.  Medical cannabis, derived from lawfully obtained marijuana or legal cannabis, is increasingly being prescribed by physicians to alleviate a range of medical conditions. Patients can consume it through various methods, including oral administration, inhalation via vaporizers or pipes, or ingesting cannabis-infused edibles. This form of cannabis is legal for medicinal use in many jurisdictions and offers potential relief for symptoms related to chronic pain, nausea, seizures, and other debilitating conditions. This therapeutic alternative offers relief for ailments ranging from chronic pain and chronic disease to neurological disorders. With growing acceptance and legalization, medical cannabis serves as a viable treatment option for patients seeking relief from symptoms that conventional medications may not adequately address. As medical research continues to explore its efficacy and safety, medical cannabis holds promise as a valuable addition to traditional healthcare practices.

What will be the Size of the Medical Marijuana Market During the Forecast Period?

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Medical Marijuana Market Segmentation

The medical marijuana market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Type Outlook
  • Oil and tinctures
  • Flower

• Product Outlook
  • Chronic pain
  • Nausea
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America 
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

By Type

The market share growth by the oil and tinctures segment will be significant during the forecast period. Medical marijuana oil refers to a concentrated form of marijuana extract, usually made by using solvents to extract the cannabinoids and other beneficial compounds from the marijuana plant. Oil can be taken orally directly or mixed with food or drink. It can also be applied topically or inhaled using a vaporizer.

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The oil and tinctures segment was valued at USD 4.48 billion in 2018 and continued to grow until 2022. The Western hemisphere market encompasses the production and distribution of Cannabis Sativa and Indica strains for medical purposes. The FDA has approved certain cannabis-derived products, such as Epidiolex (CBD), Marinol (THC pill), Syndros (THC liquid), and Cesamet (THC oral spray), for treating ailments like chronic pain, ALS, Parkinson's, Alzheimer's, and cancer. Canopy Growth, a leading B2B and B2C enterprise, focuses on research work with cannabidiol (CBD) and THC to develop innovative medical cannabis solutions.

Mergers & acquisitions and funding values continue to shape the market's financial reports, with consumer spending following an S-Curve function. CBD and THC compounds are crucial for addressing various neurological disorders, chronic pain, nausea, and seizures, emphasizing the importance of cannabis testing. Production concerns and regulatory compliance, including GCS data and FDA guidelines, are ongoing challenges for market momentum in various countries. The marijuana plant's potential for medical purposes, addressing symptoms of numerous ailments, drives the market's exponential curve function. Hence, the application of cannabis oil and tinctures will drive medical marijuana market demand during the forecast period. 

By Product

Based on type, the market has been segmented into chronic pain, nausea and others. The chronic pain segment will account for the largest share of this segment. Medical marijuana, derived from Indica, Sativa, and hybrid plants, is gaining prominence as a pain-relieving alternative to traditional medications. Thoroughly tested cannabinoid-based medications, such as CBD and THC, alleviate chronic pain caused by neurological diseases, chemotherapy-induced symptoms like vomiting and appetite loss, and inflammation-related conditions like chronic low-back pain. Decriminalizing cannabis and expanding medical use have fueled market growth, with clinical trial initiatives focusing on safety and effectiveness. Key therapeutic uses include pain management, appetite stimulation, and ocular strain relief. Edible cannabis products, like functional food items such as kale, turmeric, and kombucha, are gaining popularity.

Terpenes and minor cannabinoids contribute to the medicinal benefits, with product types including solid, gas, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but alternative methods are emerging to address concerns related to health risks. In summary, the market is growing due to its therapeutic uses in managing pain, stimulating appetite, and treating diseases, with a focus on safety, effectiveness, and decriminalization. Clinical trials are ongoing to explore new applications and expand the reimbursement environment.

Regional Analysis 

North America is estimated to contribute 46% to the growth of the global medical marijuana market during the forecast years.

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Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast duration. In North America, marijuana is legal in countries such as the US and Canada. In August 2019, the Supreme Court in Mexico ordered the Health Ministry to issue a regulation on marijuana use within six months. Such government initiatives to legalize medical marijuana are primarily driving market growth in the region. The Indica strain is known for its calming effects, helping people with insomnia, chronic pain, and neurological disorders. The Sativex strain, on the other hand, is popular for its energizing and uplifting effects, often used by patients dealing with depression, fatigue, and lack of appetite. The marijuana industry is witnessing a rise in demand for legalized medical use.

Moreover, companies like Canopy Growth Corporation, Tilray, and Aurora Cannabis are leading the market with their extensive product offerings, including various strains, edibles, and extracts. These companies are investing heavily in research and development to create effective and consistent medicinal marijuana products. Funding and partnerships play a crucial role in the growth of the marijuana market. For instance, Canopy Growth Corporation's partnership with Martha Stewart and Snoop Dogg has significantly boosted their brand image and sales. Additionally, the legalization of marijuana in various countries and states is driving the market forward, with countries like Canada and Mexico leading the way. In conclusion, the market is experiencing rapid growth due to its proven medicinal benefits and increasing legalization. Companies are investing in research, development, and strategic partnerships to cater to the diverse needs of patients and capitalize on this growing industry. Expansion of dispensaries and product launches can propel the growth momentum of the medical marijuana market in North America during the forecast period.

Medical Marijuana Market Dynamics

Cannabis and Sativa, two major types of marijuana, are gaining significant traction. The medical marijuana industry is a growing sector, with Indica and Sativa being the primary strains used for medicinal purposes. The Epidelxioxide Act of 1992 paved the way for the legalization of Marinol, a synthetic THC medication, and since then, the use of medical marijuana has become more prevalent. The marijuana industry is a complex one, with various players, including FDA, regulating its production, distribution, and consumption. Seizures, chronic pain, and various other health conditions are some of the reasons why people turn to Medical Marijuana.

The Syndros and Marinol medications are FDA-approved for the treatment of Dravet syndrome and chemotherapy-induced nausea and vomiting, respectively. Marketing medical marijuana requires a nuanced approach, as it is still a controversial topic along with CBD in many parts of the world. Navigating the legal landscape and adhering to the regulations set by the FDA and other regulatory bodies is crucial. The marijuana industry is a dynamic one, with new developments and trends emerging constantly. Staying informed and up-to-date with the latest research and regulations is essential for effective marketing in this sector.

Key Market Growth Driver

The market is experiencing growth driven by the increasing number of product launches. Thoroughly tested cannabinoid-based medications are gaining popularity for their therapeutic uses in managing symptoms of various diseases. These include appetite loss and vomiting during chemotherapy, as well as neurological diseases. Clinical trial initiatives are underway to ensure safety and effectiveness in treating conditions such as chronic low-back pain, and inflammation. Decriminalizing cannabis for medical use has led to the development of various product types, including edible cannabis products.

Functional food items like kale, turmeric, and kombucha infused with cannabis are also gaining traction in the reimbursement environment. Terpenes and minor cannabinoids are being explored for their potential in pain management and ocular strain relief. Product types include solid, gas, and dissolvable/powders, catering to diverse patient preferences. Some recent product launches include Curaleaf's high THC oil product in Germany, launched medical marijuana in Germany, shaping medical marijuana market growth and trends in the forecast period.

Significant Market Trends

Increasing awareness campaigns are driving the growth of the market. companies are launching educational campaigns to promote safe and responsible use of marijuana, aiming to boost sales. The market is witnessing significant growth as companies prioritize thorough testing and safe production of cannabinoid-based medications. In April 2022, the House of Wise and Last Prisoner Project launched a campaign for decriminalizing cannabis and cannabinoids and processing clemency petitions for individuals with federal cannabis-related convictions. Medical marijuana is increasingly used for therapeutic purposes, including appetite loss and vomiting during chemotherapy, neurological diseases, and pain management. Clinical trial initiatives aim to enhance safety and effectiveness for various diseases.

Moreover, edible cannabis products, such as functional food items like kale, turmeric, and kombucha, are gaining popularity. companies address common side effects like vomiting and nausea through research on terpenes and minor cannabinoids. The reimbursement environment for medical marijuana is evolving, with product types including solids, gases, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but companies are also focusing on alternative product types for specific therapeutic uses, such as Type 2 diabetes and ocular strain. Companies continue to prioritize safety, effectiveness, and innovation in the market. Hence, such factors are driving medical marijuana market growth during the forecast period.

Major Market Challenges

Side effects associated with inappropriate use of marijuana is one of the factors hampering medical marijuana market growth. Medical marijuana, also known as cannabis, contains active ingredients called cannabinoids, with THC and CBD being the most prominent. The THC content can vary, making it crucial to consult doctors before use, considering medical conditions and substance use history. Thorough testing is essential to ensure safety and effectiveness in treating diseases such as neurological conditions, appetite loss during chemotherapy, and vomiting in HIV/AIDS patients. Decriminalizing cannabis has led to the development of cannabinoid-based medications and therapeutic uses, including pain management and ocular strain relief. Edible cannabis products are gaining popularity as functional food alternatives to traditional medicines. Clinical trial initiatives focus on the therapeutic uses of terpenes and minor cannabinoids for inflammation, chronic low-back pain, and other conditions.

Moreover, the reimbursement environment for medical marijuana is evolving, with product types including solids, gases, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but alternative methods are being explored to address concerns related to safety and effectiveness. Other natural remedies, like kale, turmeric, and kombucha, are also being studied for their potential synergistic effects with medical marijuana. Such side effects can adversely affect the introduction of medical marijuana, Hence, impeding the growth potential of the market during the forecast period.

Key Medical Marijuana Market Companies & Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Key Offering- Aurora Cannabis Inc.: The company offers medical marijuana products such as medreleaf PAX live resin luminarium, sedamen, heliova, medreleaf rex 510 vape cartridge and medreleaf sedamen 510 vape cartridge.
• Key Offering-  Khiron Life Sciences Corp: The company offers marijuana such as cannabidiol (CBD) ilemma, and a table of two cannabis registries.
• Key Offering- Tilray Brands Inc.: The company offers marijuana such as whole flower medical cannabis, ground flower medicinal cannabis, and full spectrum medical cannabis oral solution.

The  medical marijuana market  growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., CV Sciences Inc., Etain LLC, HEXO Corp., Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp., Maricann Group Inc, Medical Marijuana Inc., MediPharm Labs Inc., Organigram Holdings Inc., Phoena Holdings Inc, Skye Bioscience Inc., Tikun Olam, Tilray Brands Inc., Trevena Inc, and Verano Holdings LLC

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The medical marijuana market is experiencing dynamic shifts influenced by regulatory changes and emerging research. Cannabis Sativa and Cannabis Indica, primary species, drive product diversity. FDA (Food and Drug Administration), pivotal in drug approvals, greenlit Epidiolex, Marinol, Syndros, and Cesamet. The oil and tincture segment, popular for CBD ((cannabidiol) integration, caters to diverse therapeutic needs. Stada, a key player, amplifies market competition. Medical marijuana continues to gain significant traction as a viable treatment option for various health conditions. The business-to-business (B2B) and business-to-consumer (B2C) sectors are witnessing robust growth in this domain. Enterprises involved in the production, distribution, and retail of medical marijuana are employing innovative marketing strategies to expand their customer base. Funding and Values play a crucial role in the medical marijuana industry. Valuable investments are being made to research and develop new strains and delivery methods.

Functions such as reporting, production, and customer service are essential for the smooth operation of these businesses. Moreover, the regulatory landscape is evolving, with countries like Canada and some US states legalizing its use for medicinal purposes. Furthermore, momentum is building for the acceptance of medical marijuana as a legitimate treatment option, with many people recognizing its potential benefits. The cannabis industry is a complex one, with various stakeholders, including cultivators, processors, distributors, and retailers. Concerns around the legality and safety of the product are being addressed through stringent regulations and quality control measures. In conclusion, the market is an evolving and dynamic industry, with significant growth potential. Companies are investing in research, development, and marketing to capitalize on this trend and meet the growing demand for medicinal cannabis products. Chronic pain, chronic disease, neuropathic pain, and neurological disorders are pivotal segments, with the New York State Department of Health exploring applications for Amyotrophic Lateral Sclerosis (ALS). In the Asia Pacific, medical marijuana gains traction for Parkinson's, Alzheimer's, and cancer treatments. The market's trajectory intertwines legislative evolution, scientific breakthroughs, and patient-driven demand.

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What are the Key Data Covered in this Medical Marijuana Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market report across North America, APAC, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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