The medical marijuana market refers to the use of marijuana or its derivatives for medicinal purposes. It is used to treat various conditions such as chronic pain, multiple sclerosis, epilepsy, and cancer, among others. The global medical marijuana market is expected to grow significantly in the coming years, driven by factors such as the increasing legalization of medical marijuana, the growing acceptance of marijuana as a treatment option, and the increasing prevalence of chronic diseases.
Worldwide revenue from the medical marijuana market stands at US$ 22.4 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 14.0% to reach a valuation of US$ 96.7 Bn by the end of 2033.
|Medical Marijuana Market Size (2022)||US$ 22.4 Bn|
|Projected Market Value (2033)||US$ 96.7 Bn|
|Global Market Growth Rate (2023-2033)||14.0% CAGR|
|Market Share of Top 4 Countries||53.9%|
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The global medical marijuana market is expected to grow at a significant rate during the forecast period, driven by factors such as increasing legalization of marijuana for medical use, growing acceptance of marijuana as a viable treatment option, and increasing research and development in the field.
The market is segmented based on product, application, and region. On the basis of product, the market is segmented into flowers, concentrates, and others. On the basis of application, the market is segmented into chronic pain, mental disorders, cancer, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
- Aurora Cannabis
- Canopy Growth Corporation
- Aphria, Inc.
- Maricann Group, Inc.
- Tikun Olam, Ltd.
- GW Pharmaceuticals plc.
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc.
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The major players operating in the medical marijuana market include Canopy Growth Corporation, Aurora Cannabis, Aphria Inc., Tilray, and others. These players have adopted various strategies, such as partnerships, collaborations, and new product launches, to increase their share in the market.
The market is fast growing as more countries have legalized marijuana for medical use. Early adopters of the market are anticipated to profit by increasing their regional presence and solidifying their market dominance. Different regulatory, quality, and pricing requirements have an impact on cross-border trade as well. Manufacturers in the medical marijuana sector are primarily fortifying their positions through a variety of strategic actions, including as partnerships, acquisitions, and agreements to expand their product lines. Several recent examples include.
Key instances include:
- In June 2021, the Supreme Cannabis Company was fully acquired by one of the biggest cannabis companies, Canopy Growth. They were able to further solidify their position as the industry leader thanks to the acquisition.
- In Jan 2019, Tauriga Sciences had a manufacturing deal with a Maryland-based gum manufacturer to manufacture their line of cannabis/CBD chewing gum (CBD Gum).
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Key Segments Covered in Medical Marijuana Industry Research
- Dried flower
- Extract Form
- Pain Management
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