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
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMedical 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
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.
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.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Medical Marijuana Market Size in 2022 | USD 42.65 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 13.3% |
| 2032 Value Projection | USD 156.12 Billion |
| Historical Data for | 2018 to 2032 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 233 |
| Segments covered | Application, Route of Administration, Distribution Channel and Region |
| Growth Drivers | |
| Pitfalls & Challenges |
Introduction of strict federal laws may hamper medical marijuana market growth
Hey there! So, the booming medical marijuana biz is hitting a bit of a snag when it comes to banking. Even though it's helping folks out with all kinds of health problems, many governments are still keeping it on a tight leash. In the U.S., for example, weed is still considered a no-no by the bigwigs in Washington. That means growing and selling it is totally against the law. And since the feds control all the banks, the folks in the pot business don't have access to the big bucks they need to grow and sell their stuff. On top of that, there's a lot of confusion about how to grow and produce weed for medical use. That makes it hard for businesses to figure out what they're doing and plan for the future. But hey, not all is lost! Governments around the world are starting to realize that medical marijuana is the real deal. So, while there are still challenges, things are looking up as the world gets wise to the benefits of this plant.
Medical Marijuana Market Analysis
In 2022, the medical marijuana market for pain management was worth a whopping 32 billion dollars. Why? Because more and more people are suffering from chronic diseases like cancer, which cause painful side effects. To help with these side effects, researchers are studying the benefits of marijuana for treating nausea, vomiting, and pain caused by chemotherapy. And the results are promising! This is great news for those dealing with cancer pain. In fact, according to a report from the Indian Council of Medical Research, the number of cancer cases in India is expected to jump from 26.7 million in 2021 to over 29.5 million in just a few years. That means an even greater need for pain management, and medical marijuana could play a major role.
Hey there! Listen up! The market for medical marijuana bought online is about to explode. It's expected to grow by over 13.5% each year until 2032. Why? Because more and more people are turning to online sources for their medicine. It's easy, fast, and you can always get what you need. Brick-and-mortar pharmacies aren't as popular anymore, especially among younger folks. They're more for our grandparents. The rise of telemedicine and apps that sell medicine online is also making it easier for people to get their medical marijuana. On top of that, there are a ton of new companies starting up in the e-pharmacy business. And investors are pouring money into making healthcare more digital. All of this is going to make the medical marijuana market even bigger. So, get ready for a greener future!
In 2022, most people used medical marijuana through inhalation, which made up over 72% of the industry. Inhaling medical cannabis is becoming increasingly popular because a lot of research is being done on how well new inhalation methods can treat specific medical conditions. A study in the Rambam Maimonides Medical Journal in 2022 found that inhaling THC-rich cannabis was more effective for chronic lower back pain than using CBD-based extracts. Another reason why more people are choosing to inhale medical marijuana is that THC gets into the body more easily this way than when it is taken other ways.
Get ready, because the market for medical marijuana in Europe is about to explode! It's expected to reach a whopping 95.5 billion dollars by 2032. Why is that? Well, countries like Germany have already jumped on the medical marijuana bandwagon, and people are using it more and more. Plus, scientists are working hard to make it even better. England, for example, saw a crazy increase in medical marijuana use last year—a jump of 425%! It's all thanks to the growing number of people who need it and the support from both the government and private companies. And the United States is right behind Europe, with its medical marijuana industry expected to grow by 10% every year until 2030.
Medical Marijuana Market Share
Some leading companies in the global medical marijuana market include
- Canopy Growth Corporation
- Jazz Pharmaceuticals
- Aurora Cannabis, Inc.
- Medical Marijuana, Inc.
- Emerald Health Therapeutics Inc.
- Cannabis Sativa, Inc.
- The Cronos Group Inc.
- Lexaria Bioscience Corp
- Tilray
- Curaleaf
- CHARLOTTE’S WEB
- Green Roads
- Gaia Herbs
- Folium Biosciences
These firms are foraying into strategic collaborations and partnerships to expand their business footprint and customer reach. For instance, in May 2021, Emerald Health Therapeutics and FlowerPod LLC (FP) entered a license agreement allowing the latter access to Emerald’s patented technology for the development of cannabis-related products.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a moderate impact on the medical marijuana industry. Due to a dramatic surge in hospitalization rates worldwide, high infection rates, and the growing concerns associated with mortality, several healthcare facilities delayed non-emergency treatments and surgeries. As healthcare providers worldwide focused majorly on the prevention and treatment of patients with COVID-19, individuals seeking chronic care are inclined toward over-the-counter medical marijuana products. This scenario has positively influenced the sales of medical marijuana. However, the increasing focus on the development of COVID-19 vaccines in the post-pandemic era may hinder the industry outlook to some extent.
The medical marijuana market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments Click here to Buy Section of this Report
By Application
- Pain management
- Neuropathic pain
- Cancer pain
- Others
- Muscle spasms
- Nausea
- Anorexia
- Seizures
- Others
Route of administration
- Inhalation
- Oral
- Topical
By Distribution channel
- Dispensaries
- Online
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- The Netherlands
- Denmark
- Ireland
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- ROW
- Australia
- Thailand
- Israel
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