Medical Marijuana Market Research Report Information By Product Type (Solid and Gas & Dissolvable/Powders), By Application (Alzheimer’s Disease, Cancer, and Schizophrenia & Multiple Sclerosis), By Distribution Channel (Retail & Pharmacy Stores and Online Platforms), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
The medical marijuana market size was valued at USD 26.9 billion in 2021 and is projected to grow from USD 35.49 Billion in 2022 to USD 248.42 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 31.97% during the forecast period (2022 – 2030). Key factors that are driving the legal marijuana market growth include a rise in the legalization of marijuana in various countries, and the use of cannabis for medical purposes is gaining momentum worldwide. The medical marijuana market refers to the trade of medical cannabis products and related goods and services. Medical marijuana, also known as medical cannabis, refers to the use of marijuana for medical purposes under the supervision of a healthcare provider.
The demand for medical marijuana has grown in recent years due to increased awareness of its potential benefits for treating various medical conditions, such as chronic pain, multiple sclerosis, and epilepsy.
The COVID-19 pandemic has had a significant impact on the medical marijuana market. The pandemic has disrupted supply chains, leading to shortages in certain products and affecting the prices of medical marijuana products.
The pandemic has led to a decline in consumer spending, which has impacted the demand for medical marijuana products. The closure of dispensaries and other non-essential businesses during lockdowns has also impacted the sales of medical marijuana products, as patients were unable to purchase their medications.
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Market Segmentation
The medical marijuana market has been segmented into type, application and end-user.
Based on the type, the market has been segmented into solid and gas and powders
Based on the application, the market has been segmented into Alzheimer’s disease, cancer and schizophrenia and multiple sclerosis.
Based on the end-user, the market has been segmented into Retail and Pharmacy Stores and Online Platforms.
Medical Marijuana Market Key Players
- Some of the key market players are:
- Canopy Growth Corporation (US)
- Cannabis Sativa Inc (Nevada)
- GW Pharmaceuticals Plc (US)
- Emerald Health Therapeutics Inc
- Aphria (Ontario)
- CanniMed Ltd (Canada)
- Pfizer Inc (US)
- Medical Marijuana Inc (US)
- GBSciences Inc (Nevada)
Regional Analysis
The largest region for the medical marijuana market is North America. This region has a mature and well-established market for medical marijuana, driven by the legalization of medical marijuana in a number of states in the United States and the increasing acceptance of medical marijuana as a treatment option for various medical conditions.
Canada also has a rapidly growing medical marijuana market, driven by the legalization of recreational marijuana and the increasing availability of medical marijuana products.
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