The medical marijuana market comprises cannabis and
cannabinoid products that are used for medical purposes such as relieving
chronic pain, reducing nausea caused by chemotherapy, and managing symptoms of
diseases like multiple sclerosis and epilepsy. Medical marijuana products come
in various forms including dried flowers or leaves, ointments, tablets, and
extracts that are consumed in different methods like smoking, vaping, or eating
edibles. Medical marijuana offers various advantages over traditional
pharmaceutical products such as easy accessibility, ability to control dosage,
and natural healing properties without severe side effects. The growing
acceptance of medical marijuana among patients and healthcare professionals is
fueling the adoption of cannabis-based therapies over conventional treatment
options.
The medical
marijuana market is estimated to be valued at USD 22.34 Bn in 2024 and is
expected to reach USD 56.27 Bn by 2031, exhibiting a compound annual growth
rate (CAGR) of 14.1% from 2024 to 2031.
Key Takeaways
Key players operating in the medical marijuana market are Tilray, Aphria, Inc.,
Vantage Hemp, Averix Bio, LLC, Curaleaf, Bright Green Corporation, Cresco Labs,
Trulieve, GW Pharmaceuticals, Plc., Canopy Growth Corporation, and Aurora
Cannabis. The increasing prevalence of chronic diseases and conditions that
benefit from marijuana-based treatment is a major driver of demand in the
medical marijuana industry. Technological advancements in the extraction and
formulation of marijuana-derived medicines have facilitated controlled
consumption and precisely dosing, enhancing patient experience and compliance.
Market Trends
Rise in legalization of Medical
Marijuana Market Demand – Countries and states are progressively
legalizing the use of cannabis for therapeutic applications through regulatory
reforms. This is encouraging investments and innovations in the industry.
Growing preference for alternative treatments- Patients are increasingly
seeking holistic and natural treatment options over conventional drugs to avoid
side effects, driving utilization of medical marijuana products.
Market Opportunities
New geographic markets – Emerging countries in Asia, Africa, and Latin America
present significant opportunities for cultivation and sale of licensed medical
marijuana owing to growing patient population. Product diversification-
Innovative delivery methods like topicals, lozenges, nasal sprays and
development of specialized products for specific conditions represents scope
for expansions.
Impact of COVID-19 on Medical Marijuana Market Growth
The COVID-19 pandemic has impacted the growth of the medical marijuana market.
During the initial lockdown phase, recreational dispensaries and stores were
closed which hampered sales. However, medical dispensaries remained open as
medical marijuana was declared an essential service in most regions. The market
witnessed increased demand as people started using medical marijuana for
various health issues related to COVID-19 such as insomnia, anxiety,
depression, and pain management. Additionally, a few studies claimed that
cannabis could help reduce inflammation in the lungs caused by COVID-19.
Although supply chain issues arose due to restrictions, the market is estimated
to grow as people recognize the medicinal benefits of marijuana. Going forward,
companies need to focus on developing new product formulations, strengthening
online distribution channels, simplifying the medical registration process to
cater to the growing demand in the post-COVID economy.
North America Dominates the Medical Marijuana Market in Terms of Value
North America dominates the medical marijuana market in terms of value due to
the legalization of marijuana for medical use in major economies like the US
and Canada. According to estimates, the North American market accounted for
over 60% of the global revenues in 2024. Favorable regulations, increasing
product adoption, availability of multiple products like oils, edibles, flower,
and growing consumer awareness about medical benefits are fueling market
growth. Owing to the COVID-19 pandemic, sales increased further in this region
as more people turned to medical marijuana for various ailments. However,
regulatory hurdles and inconsistent federal policies remain major challenges
for market participants.
The Fastest Growing Region for Medical Marijuana Market is Europe
Europe is the fastest growing region for the medical marijuana market, expected
to expand with a CAGR of around 19% during the forecast period. Increasing
patient pool suffering from chronic conditions, rising geriatric population, growing
usage of cannabidiol (CBD) products for petcare and wellness are some of the
major factors driving market gains. Legalization of medical marijuana in key
European countries such as Germany, Italy, and Spain has opened new
opportunities for businesses. Moreover, emerging applications in pain
management, neurological disorders, and mental health conditions are further
propelling demand. Major regional players like Aphria R.X, Little Green Pharma,
and Sativida are striving to strengthen distribution networks and improve
access across Europe.
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Insights on- Medical
Marijuana Market
About
Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
