Medical Marijuana Market Size, Share, Trends and Forecast, 2028

Medical Marijuana Industry Prospective:

The global medical marijuana market was worth around USD 11.25 billion in 2021 and is estimated to grow to about USD 51.36 billion by 2028, with a compound annual growth rate (CAGR) of approximately 18.4 percent over the forecast period.

The report analyzes the medical marijuana market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the medical marijuana market.

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Medical Marijuana Market: Overview

Medical marijuana is a plant-based medicine produced from the genus Cannabis. Cannabis is becoming increasingly popular as a result of its growing medicinal applications. It comes from the Cannabis sativa plant, which is used to treat chronic conditions and control pain. It's used to treat a specific symptom or condition, such as chronic pain, cancer, and mental health issues. Tetrahydrocannabinol (THC) and cannabidiol (CBD) are the two main cannabinoids derived from this plant that have medicinal advantages.

Marijuana is a greenish-gray color mixture of dried flowers of cannabis sativa. Medical marijuana is in its inception phase in the medical sector. The chemical characteristics of medical marijuana have their usage in the treatment of various diseases, such as mental disorders, chronic pain, cancer, etc. Marijuana for medicinal uses is steadily finding acceptance in the society globally, which, in turn, is fuelling the expansion of medical marijuana market on a global scale.

COVID-19 Impact:

The COVID-19 pandemic has had a significant impact on the global medical marijuana market, as there is a question about the impact of cannabis on coronavirus sufferers. The capacity of cannabis to diminish the virus's ability to cause inflammation was investigated at Augusta University in Georgia, although the notion has yet to be proven in human sources. Other studies have found that cannabis has a deleterious impact on COVID-19 patients. Furthermore, throughout the lockdown, the dispensaries and clinics that provided the medicines stayed closed, limiting market expansion.

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Medical Marijuana Market: Growth Drivers

Increased use of cannabis for a variety of medical conditions will help to drive revenue growth.

The marijuana plant was utilized for medical purposes for millennia until it became legal in the early 1900s. The plant's medicinal advantages are expected to raise product demand, resulting in increased market growth. Cannabidiol (CBD) is a nonpsychoactive chemical found in the cannabis plant. CBD is thought to have a variety of medicinal properties. Epidiolex, for example, is a CBD oil extract that is now being tested for epilepsy. Furthermore, nabiximols is a plant extract that has been licensed in Europe for the therapy of spasticity, overactive bladder, multiple sclerosis, neuropathic pain, and other illnesses. According to the latest survey, the most prevalent reasons people use medicinal marijuana are for pain relief, anxiety, depression, muscular stiffness, and a few other ailments. As a result, the expanding number of research studies to uncover additional medicinal uses, together with the increasing number of advantages connected with medical marijuana, will significantly boost the global medical marijuana market growth.

Currently, medical marijuana is in its initial phase in the medicinal healthcare industry. It is a revolutionary product that is garnering mass acceptance globally, where Chinese remedies still use such plants and have a long history associated with marijuana. Medical marijuana has the potential to create a huge impact on the healthcare industry to cure cases that are not treatable by traditional medicines. Medical marijuana is basically common marijuana plant used to obtain an authentic composition of cannabinoids required for manufacturing the product needed for medicinal use.

Medical Marijuana Market: Restraints

Side effects allied with the consumption of marijuana can limit the market growth

Despite the growing use of authorized medical marijuana to treat a variety of ailments, the negative side effects linked with marijuana consumption may limit the market growth. Hallucinations, dizziness, low blood pressure, and a few other side effects are expected to limit the major market's expansion. Another important element restricting market development is a lack of public understanding of the numerous linked advantages of marijuana.

Medical Marijuana Market: Opportunities

Increasing awareness regarding the medical importance of marijuana is likely to offer better growth opportunities for market expansion.

The increased understanding of the advantages of medicinal marijuana among medical professionals, healthcare sector experts, and patients has spurred regulatory bodies to consider and allow medical marijuana. Over 30 countries, including the United States, Canada, Argentina, the United Kingdom, Australia, Germany, and many other European countries, have approved its medicinal use through various national efforts. It's also been licensed for medical use in a number of places around the United States. Medical marijuana has been the topic of intense research and debate for decades. The US Food and Drug Administration has authorized many drugs including marijuana-based formulations in healthcare because of their demonstrated medicinal advantages.

Medical Marijuana Market: Challenges.

A limited number of suppliers and distributors around the emerging market pose a major challenge to the market expansion.

Medical marijuana or drugs based on marijuana are largely concentrated in North America and Europe. This is due to the legalization of marijuana for medical purposes, increased awareness among the consumers, high spending power, and well-developed infrastructure for the cultivation and testing of marijuana herbs. However, the situation differs in Asia Pacific where many countries still oppose the use of marijuana and its legalization. This is directly affecting its sale in the region. Also, low awareness and high prices of these drugs make them unsuitable for a low-income population which is why distributors and suppliers in such regions are limited.

Medical Marijuana Market: Report Scope

Medical Marijuana Market: Segmentation

The global medical marijuana market is categorized into type, application, end-use, and region.

Based on type, the market is bifurcated into flowers, edibles, concentrates, and others.

The application segment of the market is divided into chronic pain, cancer, mental disorders, and others.

The end-user segment is segregated into research & development and pharmaceutical.

Report Scope:

Recent Developments

• April 2020, the Medicinal Cannabis Agency of New Zealand, which is part of the Ministry of Health, has created a new Medical Cannabis Scheme to promote patient access to high-quality medical cannabis products. The Ministry of Health created the program to allow home, commercial production, manufacturing, and distribution of medicinal cannabis while also establishing quality and licensing standards.

Medical Marijuana Market: Regional Landscape

North America is expected to lead the global market over the forecast period.

North America is expected to have the largest share of the global medical marijuana market throughout the forecast period. The United States is the most important country in the cannabis business and is primarily contributing to the region's market expansion. Furthermore, the growing number of legalizations relating to the use of cannabis plants for medicinal and recreational uses in over 30 states in the United States has considerably contributed to the region's expanding income. In addition, the existence of numerous large competitors in the region is a key element boosting the medical marijuana market's growth. Furthermore, the growing amount of private and governmental financing for research into the medicinal relevance of marijuana will support the market expansion. Europe is expected to stay in the second spot in the global market. Market growth in Europe is due to the legalization of marijuana for medical and research purposes.

Medical Marijuana Market: Competitive Landscape

Major players operating in the global medical marijuana market include:

• Cara Therapeutics Inc.
• Growblox Sciences, Inc.
• CannaGrow Holdings, Inc.
• International Consolidated Companies, Inc.
• Cannabis Sativa, Inc.
• United Cannabis Corporation
• GreenGro Technologies, Inc.
• GW Pharmaceuticals plc
• Lexaria Corp.

Global medical marijuana market is segmented as follows:

By Type

• Flowers
• Edibles
• Concentrates
• Others

By Application

• Chronic Pain
• Cancer
• Mental Disorders
• Others

By End User

• Research & Development
• Pharmaceutical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa