New York, USA, March 08, 2023 (GLOBE NEWSWIRE) -- Medical Marijuana Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Marijuana Market Information by Product Type, Application, Distribution Channel And Region - Forecast till 2030" the 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).
Market Scope
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. Cannabinoid-based medications are used to treat a variety of conditions, including HIV/AIDS-related weight loss and appetite loss, vomiting and nausea brought on by chemotherapy, and a few uncommon kinds of neurological diseases. Growing clinical trial activities for this marijuana will be a major factor in the market's expansion. For instance, multiple research supported by the National Center for Complementary and Integrative Health (NCCIH) are investigating the mechanisms of marijuana-related chemicals such as terpenes and minor cannabinoids.
These studies seek to bolster the data on marijuana's active ingredients and determine whether they may have applications in the treatment of pain. Other medical cannabis research projects are being carried out by NCCIH, including studies on the effects of edible cannabis and its components on inflammation, chronic low-back pain, and investigations into the link between cannabis smoking and type 2 diabetes.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 248.42 Billion |
| CAGR | 31.97% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Therapeutics containing cannabinoids are used for treating certain rare forms of neurological disorders, vomiting and nausea associated with chemotherapy. |
| Increasing initiatives pertaining to the clinical trials of this marijuana will significantly drive the market growth |
Competitive Outlook
Several businesses have decided to engage in the medical cannabis market as a result of the quick growth of marijuana for medicinal use and its growing benefits over the therapeutic use. Although growing and producing cannabis is the most important component of the marijuana ecosystem, pharmaceutical companies account for a large portion of the market's high income. The industry is in a phase of expansion as a result of increased legislation in several nations, which have prompted numerous businesses to make investments in the sector. The major companies in the market are developing a variety of strategic initiatives to increase their market reach and achieve a competitive advantage. In order to increase their knowledge and product range, they are also concentrating on strategic development activities such mergers and acquisitions, collaborations, partnerships, fundraising and investments, and the launch of novel products.
Cannabis business with headquarters in Smiths Falls, Ontario is called Canopy Growth Corporation, formerly known as Tweed Marijuana Inc. Canopy Growth Corporation announced in June 2021 that the acquisition of Supreme Cannabis Company Inc. had been completed. The acquisition of 7 ACRES and 7 ACRES Craft Collective of the Supreme has strengthened Canopy's position in the market and helped to expand its capacity for production.
Key Players
- Pfizer Inc.
- Medical Marijuana Inc.
- GBSciences Inc.
- MediPharm Laboratories
- Emerald Health Therapeutics Inc.
- Aphria
- CanniMed Ltd.
- Canopy Growth Corporation
- Cannabis Sativa Inc.
- GW Pharmaceuticals Plc.
- Aphria
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Medical Marijuana Market Segmentation
Based on the type of product, the medical marijuana market is segmented into solid, gas, and dissolvable/powder forms. With a 53.1% revenue share, the gas & dissolvable/powders category led the market of medical marijuana in 2021. Its expanding medical use is primarily responsible for the rise. Clinical studies have demonstrated that marijuana's non-psychoactive constituents, such CBD, have the capacity to lower inflammation and so have the potential to offer a novel therapy for chronic pain. The helpful characteristic can also be utilized to treat other conditions including anxiety, cancer, and sleep disorders. Additionally, it is anticipated that the sector would develop as cannabis is increasingly legalized across the world.
Based on the application, the medical marijuana market is divided into segments for Alzheimer's, cancer, schizophrenia, and multiple sclerosis. In 2021, the sector for treating schizophrenia and MS had the largest market share, accounting for 60–64% of market revenue. Amyotrophic lateral sclerosis is becoming more common, which is one of the causes promoting the segment's expansion.
Based on the distribution channel, the market of medical marijuana is segmented into retail and pharmacy shops, as well as online marketplaces. In 2021, the category of retail and pharmacy shops held the largest revenue share. The market will expand due to the high demand for this marijuana and the rising number of shops selling cannabis-infused medicinal items.
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Medical Marijuana Market Regional Analysis
Due to an increase in research and development (R&D) activities for the use of medical cannabis in drug discovery, an increase in the prevalence of chronic diseases like cancer and osteoarthritis, and an increase in public awareness of the advantages of using medical cannabis, Europe has the second-largest medical marijuana market in the world. Also, factors like increased legality, ongoing research into genetic modification and development of the plant, and improvements in cannabis intellectual property rights support the market's expansion in the area. Leading American companies are concentrating on geographic expansion tactics to enter the European market and so spur regional growth. Also, the German medical marijuana market grew the fastest, while the UK medical marijuana industry had the greatest market share.
These studies seek to bolster the data on marijuana's active ingredients and determine whether they may have applications in the treatment of pain. Other medical cannabis research projects are being carried out by NCCIH, including studies on the effects of edible cannabis and its components on inflammation, chronic low-back pain, and investigations into the link between cannabis smoking and type 2 diabetes.
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