Global Medical Marijuana Market Report 2024: Market Value to Reach $154.83 Billion by 2034 from $16.88 Billion in 2023

DUBLIN, Feb. 2, 2024 /PRNewswire/ -- The "Global Medical Marijuana Market Analysis & Forecast 2024-2034: Market By Product; By Application; By End-user; and By Region" report has been added to  ResearchAndMarkets.com's offering.

The global medical marijuana market size was estimated to be USD 16.88 billion in 2023 and is expected to reach at USD 154.83 billion by 2034 with a CAGR of 22.32% during the forecast period 2024-2034.

Growing awareness regarding various therapeutic applications of the marijuana, surge in permitting the usage of medical marijuana, increasing adoption of cannabis in therapeutic applications, rising research & development activities, growing prevalence of chronic diseases, and increase in acquisition of market players for the manufacturing of advanced medical products are some of the key factors boosting the market growth.

North America region is anticipated for the highest revenue share during the forecast period owing to the surge in cannabis legalization, increasing product launches by major market players. For instance, in December 2022, Jushi Holdings Inc., a multi-state cannabis operator with vertical integration, has introduced a diverse range of products in California, featuring three distinct brands tailored to cater to the preferences and budget considerations of cannabis consumers.

The company has expanded its offerings to include Seche Pre-Roll Singles, Tasteology Fruit Chews, and The Lab Vapes, presenting a fresh assortment of premium brands and unique products exclusively accessible at the Company's Beyond HelloT retail outlets in California. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing favourable government initiatives, growing disposable income, rising awareness regarding the benefits of the product, surge in the legalization of cannabis, and increasing research & development activities. 

Increase launch of advanced medical products is predicted to boost the market growth during the forecast period. Medical marijuana, also known as medical cannabis, is a marijuana plant extract utilized to alleviate symptoms, illnesses, and various health conditions. Nevertheless, numerous North American states have relaxed laws regarding cannabis use, both for medical and recreational purposes.

Additionally, many other countries worldwide are following the lead of North America by legalizing cannabis. Therefore, the increasing trend of cannabis decriminalization is expected to significantly boost the development & launch of medical marijuana. For instance, in March 2023, Irwin Naturals Inc. is delighted to inform the public about the launch of their new product, Irwin Naturals Cannabis CBD 25mg Softgels, which are now accessible across Canada through the Starseed Medicinal Medical Group platform.

By product, oil & tincture was the highest revenue-grossing segment in the global medical marijuana market in 2023 owing to increasing medicinal usage, growing research & development activities, rising clinical trial procedures, and surge in legalization of cannabis, and growing new product launch. For instance, in March 2022, Tilray is broadening its range of medical cannabis offerings by introducing the initial EU GMP medical cannabis oil products in Malta. Additionally, flower is predicted to grow at fastest CAGR during the forecast period owing to the rising launch of new products.

By application, chronic pain was the highest revenue-grossing segment in the global medical marijuana market in 2023 owing to increasing research activities, surge in number of clinical trials with marijuana to treat neuropathic & chronic pain, rising acquisitions within market players, and growing research & development activities.

For instance, In August 2023, The National Health Service (NHS) research ethics committee has granted authorization for a clinical trial on non-cancer-related chronic pain conducted by the private health clinic LVL Health. This pharmaceutical firm has dedicated its efforts to research, growing, producing, and distributing innovative cannabis-based medications. It has now received approval to commence its trial, which aims to involve as many as 5,000 patients. Additionally, amyotrophic lateral sclerosis (ALS) is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of amyotrophic lateral sclerosis and rising legalization of the use of cannabis.

By end-user, pharmaceutical was the highest revenue-grossing segment in the global medical marijuana market in 2023 owing to surge in use of cannabis in the pharmaceutical industry, growing investment by pharma companies in CBD due to the health benefits of cannabis, and increasing partnerships & collaborations within market players.

For instance, in February 2022, Leaf Trade, Inc., a wholesale marketplace for the cannabis industry serving various stakeholders such as cannabis sellers, brands, distributors, and retailers across 25 markets, has unveiled a nationwide partnership with Curaleaf Holdings, Inc., a prominent global supplier of consumer cannabis products.

While Leaf Trade is currently collaborating with Curaleaf in 11 states, this national partnership will extend its support to cover Curaleaf's operations in all 19 U.S. Wholesale Markets, including the upcoming launch in New York scheduled for this month. Additionally, research & development centres is predicted to grow at fastest CAGR during the forecast period owing to the growing research & development activities, rising number of clinical trials, and surge in focus on development of novel products.

Company Profiles

• Tilray Inc.
• Aphria Inc.
• Aurora marijuana Inc.
• MedReleaf. Corp.
• Terra Tech Corp.
• GW Pharmaceuticals plc.
• OrganiGram Holding Inc.
• Cannabis Sativa Inc.
• Canopy Growth Corporation
• VIVO Cannabis Inc.
• Medical Marijuana Inc.
• Cronos Group Inc.
• Tikun Olam Ltd.
• Maricann Group Inc.

Segmentation: Medical Marijuana Market Report 2022 - 2033

Medical Marijuana Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)

• Flower
• Oil & Tinctures

Medical Marijuana Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Epilepsy
• Migraines
• Chronic Pain
• Diabetes
• Amyotrophic Lateral Sclerosis
• Glaucoma
• Cancer
• Multiple Sclerosis
• AIDS
• Parkinson's Disease
• Depression and Anxiety
• Arthritis
• Tourettes
• Alzheimer's Disease
• Post-Traumatic Stress Disorder (PTSD)
• Others

Medical Marijuana Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

• Research & Development Centres
• Pharmaceutical

Medical Marijuana Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

North America

• U.S.
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Latin America

• Brazil
• Mexico
• Argentina
• Rest of LATAM

Middle East & Africa

• South Africa
• GCC
• Rest of MEA

For more information about this report visit https://www.researchandmarkets.com/r/o8aa8u

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