New York, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The global medical marijuana sector is expected to make $22.4 billion in sales in 2022, with the global market expected to rise at a 14.0% CAGR to US$96.7 billion by the end of 2033.
The global medical marijuana market has witnessed significant growth in recent years, fueled by increasing acceptance of cannabis-based treatments for various medical conditions, changing regulatory landscapes, and growing patient demand.
Medical marijuana, or medical cannabis, refers to the use of the Cannabis sativa or Cannabis indica plant and its chemical compounds, primarily tetrahydrocannabinol (THC) and cannabidiol (CBD), for medical purposes.
The therapeutic potential of medical marijuana is attributed to its ability to alleviate symptoms and provide relief for various medical conditions, including chronic pain, epilepsy, multiple sclerosis, cancer, and anxiety disorders.
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Market Dynamics
Growth Drivers
- Changing Regulatory Environment: Increasing recognition of the medical benefits of marijuana has led to changes in regulations in various regions. Legalization and decriminalization efforts in several countries and states have expanded access to medical marijuana.
- Growing Acceptance: There is a growing acceptance of cannabis-based treatments among patients and healthcare professionals, leading to increased demand for medical marijuana products.
- Expanding List of Medical Conditions: Research continues to uncover new medical applications for marijuana, broadening the range of conditions for which it can be prescribed.
- Investment and Research: Significant investments in research and development of cannabis-based pharmaceuticals are driving innovation and the creation of new medical marijuana products.
- Epidemiological Trends: The rising incidence of chronic illnesses, such as cancer and neurological disorders, is increasing the demand for palliative and symptom management treatments, where medical marijuana can play a role.
- Diverse Product Offerings: The market offers a wide range of medical marijuana products, including oils, tinctures, capsules, and edibles, catering to different patient preferences and needs.
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Challenges
- Regulatory Variability: The regulatory landscape for medical marijuana varies significantly from one region to another, creating challenges for companies operating in multiple markets.
- Quality Control and Standardization: Ensuring consistent quality and standardization of medical marijuana products is a complex challenge due to the natural variability of the plant.
- Stigma and Perception: Despite growing acceptance, the stigma associated with marijuana use in some societies remains a hurdle to broader adoption.
- Research Barriers: Cannabis's classification as a Schedule I controlled substance in some countries has hindered comprehensive research on its medical properties.
Market Segmentation
Product:
- Dried flower
- Extract Form
Indication:
- Pain Management
- Seizure
- Others
Distribution Channel:
- Retail pharmacies
- E-commerce
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Regional Analysis
The U.S. medical marijuana market is one of the largest globally. A growing number of states have legalized medical cannabis, and the industry has matured significantly. Robust research, product innovation, and a well-developed supply chain contribute to its growth.
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Competitive Landscape
The market is fast rising as more nations legalise marijuana for medical purposes. Early market adopters will profit by increasing their geographical presence and solidifying their market dominance. Cross-border trading is influenced by many regulatory, quality, and pricing considerations. Medical marijuana manufacturers are generally cementing their positions through a number of strategic activities such as collaborations, acquisitions, and product line expansion agreements. Several recent examples are provided below.
Key players in the industry include:
Tilray, Aurora Cannabis, Canopy Growth Corporation, Aphria, Inc., Maricann Group, Inc., Tikun Olam, Ltd., MedReleaf. Corp., GW Pharmaceuticals plc., Cannabis Sativa, Inc., Medical Marijuana, Inc.
Recent Developments
- Canopy Growth, one of the major cannabis companies, purchased the Supreme Cannabis Company in its whole in June 2021. They were able to strengthen their position as the industry leader as a result of the acquisition.
- In January 2019, Tauriga Sciences signed a production agreement with a Maryland-based gum manufacturer to create their line of cannabis/CBD chewing gum (CBD Gum).
Future Outlook
The medical marijuana market is poised for continued growth, driven by evolving regulatory landscapes and increasing acceptance of cannabis-based treatments. Research into new medical applications and the development of standardized pharmaceutical-grade products will further expand the market's potential.
Moreover, as more countries and states legalize medical marijuana, the market is likely to see increased investment and consolidation, creating opportunities for both established players and newcomers.
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