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Medical Marijuana Market Size
Medical Marijuana Market size was worth more than USD 42.5 billion in 2022 and is anticipated to record over 13% CAGR from 2023-2032. Rising legalization of medical marijuana worldwide is expected to complement the market expansion.
The growing use of medical marijuana to treat multiple health conditions is expected to positively influence the industry outlook. In the last decade, the consumer awareness regarding the therapeutic significance of marijuana and cannabis products has increased substantially, subsequently promoting applications in pain management, and appetite enhancement. Medical marijuana has gained momentum as a promising treatment for chronic conditions. It is also used for patients undergoing treatment for HIV, chronic pain, or cancer to address post-treatment symptoms such as loss of appetite, nausea, and other side effects.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 42.65 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 13.3% |
| 2032 Value Projection: | USD 156.12 Billion |
| Historical Data for: | 2018 to 2032 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 233 |
| Segments covered: | Application, Route of Administration, Distribution Channel and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Introduction of strict federal laws may hamper medical marijuana market growth
The rising difficulties in banking the medical marijuana business could restrain the market growth. Despite numerous health benefits and medical applications, multiple governments are restricting the use of cannabis. For instance, in the U.S., cannabis remains illegal, and its cultivation and sale are, thus, prohibited by the federal law. The federal government manages all banks in the country, limiting access to hefty funds for the regional marijuana businesses. The dearth of accurate policies pertaining to cannabis production for marijuana companies may also impede the industry outlook. However, the increasing global efforts to legalize marijuana for medical applications will help overcome the current challenges.
Medical Marijuana Market Analysis
Medical marijuana market valuation from pain management applications crossed USD 32 billion in 2022. The rising prevalence of chronic diseases has accelerated the need for post-treatment management of side effects such as cancer pain, neuropathic pain, and others. The increasing number of R&D activities exploring the potential benefits of marijuana in the treatment of nausea, vomiting, and pain induced by chemotherapy will accelerate the product demand. The rising episode of cancer is also expected to proliferate the application scope of medical marijuana. According to the Indian Council of Medical Research (ICMR) report, cancer prevalence in India is projected to rise from 26.7 million in 2021 to more than 29.5 million in 2025.
Medical marijuana market size from online distribution channels is anticipated to exhibit over 13.5% CAGR between 2023-2032. The growing patient preference for online channels can be attributed to the benefits of timely delivery, easy availability, and higher accessibility to a continuous supply of medications. Drug stores are lately witnessing lesser consumer preference as they mostly cater to the geriatric patient pool. The emergence of telemedicine and telehealth along with the rapid adoption of e-pharmacy and online drug stores will also amplify medical marijuana sales. Furthermore, the surging number of startups in the field of e-pharmacy and the rapid influx of investments in the digitization of the healthcare sector will augment market statistics.
By route of administration, the inhalation segment accounted for more than 72% share of the medical marijuana industry in 2022. Inhaled medical cannabis is rapidly gaining momentum considering its extensive research focusing on the efficiency of innovative inhalation methods to treat certain medical conditions. According to a research study published in the Rambam Maimonides Medical Journal in October 2022, inhaled THC-rich therapy is more effective as compared to CBD-based extract therapy for the treatment of chronic lower back pain. The growing preference for inhaled medical marijuana can also be attributed to the greater bioavailability of inhaled THC over other routes of administration.
Europe medical marijuana market is poised to reach over USD 95.5 billion by 2032 owing to significant efforts undertaken towards the legalization of medical cannabis. European countries, such as Germany are among the early members to legalize the use of medical marijuana due to the growing patient pool and extensive R&D activities. According to the National Health Service (NHS) data, England witnessed a 425% surge in dispensations of unlicensed medical cannabis products in 2021. The growing public and private efforts to boost medical marijuana applications will also complement the regional industry forecasts. U.S. medical marijuana industry is anticipated to exhibit 10% CAGR between 2022 to 2030.
Medical Marijuana Market Share
Some leading companies in the global medical marijuana market include
- Canopy Growth Corporation
- Jazz Pharmaceuticals
- Aurora Cannabis, Inc.
- Medical Marijuana, Inc.
- Emerald Health Therapeutics Inc.
- Cannabis Sativa, Inc.
- The Cronos Group Inc.
- Lexaria Bioscience Corp
- Tilray
- Curaleaf
- CHARLOTTE’S WEB
- Green Roads
- Gaia Herbs
- Folium Biosciences
These firms are foraying into strategic collaborations and partnerships to expand their business footprint and customer reach. For instance, in May 2021, Emerald Health Therapeutics and FlowerPod LLC (FP) entered a license agreement allowing the latter access to Emerald’s patented technology for the development of cannabis-related products.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a moderate impact on the medical marijuana industry. Due to a dramatic surge in hospitalization rates worldwide, high infection rates, and the growing concerns associated with mortality, several healthcare facilities delayed non-emergency treatments and surgeries. As healthcare providers worldwide focused majorly on the prevention and treatment of patients with COVID-19, individuals seeking chronic care are inclined toward over-the-counter medical marijuana products. This scenario has positively influenced the sales of medical marijuana. However, the increasing focus on the development of COVID-19 vaccines in the post-pandemic era may hinder the industry outlook to some extent.
The medical marijuana market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments: Click here to Buy Section of this Report
By Application
- Pain management
- Neuropathic pain
- Cancer pain
- Others
- Muscle spasms
- Nausea
- Anorexia
- Seizures
- Others
Route of administration
- Inhalation
- Oral
- Topical
By Distribution channel
- Dispensaries
- Online
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- The Netherlands
- Denmark
- Ireland
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- ROW
- Australia
- Thailand
- Israel
Frequently Asked Questions (FAQ) :