Market research reports, consulting: Global Market Insights Inc.

Medical Marijuana Market - By Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures), By Route of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online) & Global Forecast, 2023-2032

Report ID: GMI2836
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Published Date: February 2023
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Report Format: PDF

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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.
 

Medical Marijuana Market

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.
 

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 Share, By Application

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.

 

Authors: Mariam Faizullabhoy, Gauri Wani
Frequently Asked Question(FAQ) :
Which are the key medical marijuana companies?
Jazz Pharmaceuticals, Cannabis Sativa, Inc., Tilray, Curaleaf, Green Roads, CHARLOTTE
What factors are pushing the expansion of the Europe medical marijuana market?
What is the medical marijuana market worth?
How will pain management applications influence growth of the medical marijuana industry?
Medical Marijuana Market Scope
  • Medical Marijuana Market Size
  • Medical Marijuana Market Trends
  • Medical Marijuana Market Analysis
  • Medical Marijuana Market Share
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    Authors: Mariam Faizullabhoy, Gauri Wani
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    Premium Report Details

    Base Year: 2022

    Companies covered: 10

    Tables & Figures: 233

    Countries covered: 18

    Pages: 180

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