The Medical Marijuana Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Marijuana Global Market Report 2024, The medical marijuana market size has grown exponentially in recent years. It will grow from $27.5 billion in 2023 to $33.3 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to changing regulatory landscape, growing acceptance of cannabis for medical purposes, expanding list of medical conditions, patient demand for alternative therapies, evolving healthcare provider attitudes.
The medical marijuana market size is expected to see exponential growth in the next few years. It will grow to $72.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to continued regulatory developments, scientific research and evidence, patient education and awareness, expansion of medical marijuana product offerings, integration into mainstream healthcare. Major trends in the forecast period include partnerships with traditional healthcare providers, focus on customized treatment plans, standardization of dosage and labeling, investment and M&A activity.
The increasing prevalence of cancer is expected to drive the demand for the medical marijuana market going forward. Cancer refers to the condition when a few of the body’s cells grow out of control and spread to other bodily regions. Medical marijuana helps treat cancer patients with neuropathy, nausea, pain, vomiting, appetite, and weight loss. For instance, in April 2022, according to a report on cancer facts and figures by the American Cancer Society, a US-based nonprofit health organization devoted to the eradication of cancer, there were 1.92 million new cases of cancer in the US, compared to 1.89 million cases in 2021. Therefore, the increasing prevalence of cancer will drive the growth of the medical marijuana market.
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The medical marijuana market covered in this report is segmented –
1) Medical Marijuana Market By Product: Dried Flower, Extract Form
2) Medical Marijuana Market By Type: Flower, Concentrate, Edibles, Other Types
3) Medical Marijuana Market By Application: Pain Management, Tourette Syndrome, Alzheimer’s disease, Migraines, Depression And Anxiety, Multiple Sclerosis, Cancer, Other Applications
4) Medical Marijuana Market By Distribution Channel: Retail Pharmacy, E-Commerce, Other Distribution Channels
Top Major Players
Pfizer Inc.
Curaleaf Holdings Inc.
Trulieve Cannabis Corp
Green Thumb Industries GTI Inc.
Cresco Labs Inc.
Major companies operating in the medical marijuana market are directing their focus towards significant investments in business expansion, such as the establishment of medical marijuana dispensaries to enhance accessibility for patients and solidify their presence in the evolving landscape of medical cannabis distribution. Medical marijuana dispensaries refer to authorized facilities or stores where individuals with valid medical marijuana prescriptions or cards can legally purchase medicinal cannabis products. For instance, in July 2023, Botanical Sciences, a Georgia-based medical cannabis provider, inaugurated a medical cannabis dispensary in Pooler, near Savannah, with plans for extensive expansion. Additional outlets are set to be established in Columbus and Evans, while the company aims to further extend its presence by establishing dispensaries in Augusta, Chamblee, Marietta, and Stockbridge. Adhering to Georgia’s regulations, MMJ operators have the opportunity to open up to six dispensaries each.
The medical marijuana market report table of contents includes:
1. Executive Summary
2. Medical Marijuana Market Characteristics
3. Medical Marijuana Market Trends And Strategies
4. Medical Marijuana Market – Macro Economic Scenario
5. Global Medical Marijuana Market Size and Growth
…..
32. Global Medical Marijuana Market Competitive Benchmarking
33. Global Medical Marijuana Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Marijuana Market
35. Medical Marijuana Market Future Outlook and Potential Analysis
36. Appendix
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