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The medical marijuana market share is expected to increase by USD 14.47 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.91%.
This medical marijuana market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical marijuana market segmentations by application (chronic pain, nausea, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The medical marijuana market report also offers information on several market vendors, including Aphria Inc, Aurora Cannabis Inc., Cannabis Sativa Inc, Canopy Growth Corp., Cronos Group Inc, CV Sciences Inc., Emerald health therapeutics inc, Etain LLC, HEXO Corp, Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp, Maricann Group Inc, Medical Marijuana Inc, Organigram Holdings Inc, Phoena Holdings Inc, Tikun Olam Ltd, Tilray Inc, Trevena Inc, and VIVO Cannabis Inc among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising number of product launches is notably driving the medical marijuana market growth, although factors such as side effects associated with inappropriate use of medical marijuana may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical marijuana industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medical Marijuana Market Driver
The rising number of product launches is one of the key drivers supporting the medical marijuana market growth. The rise in demand for new medical marijuana products is attributed to the legalization of marijuana for medical applications. Moreover, new product launches help increase the revenue and market share of vendors. For instance, in May 2021, Curaleaf announced the launch of its new range of medical cannabis products in Germany. The company has launched a high THC oil product to meet immediate patient demand and extended its product portfolio over the course of the year to cater to a wide range of patient needs. This, in turn, will drive the growth of the market during the forecast period.
Key Medical Marijuana Market Trend
The increasing number of awareness campaigns is one of the key medical marijuana market trends contributing to the market growth. Vendors are launching campaigns to educate end-users about the safe and responsible use of medical marijuana to increase sales. For instance, in July 2022, Leaf411, which is the first cannabis nurse guidance call service in the US, collaborated with Healer.com. This collaboration is to provide online medical cannabis training to patients, healthcare providers, and dispensaries. Thus, the increasing number of awareness campaigns can increase the adoption of medical marijuana during the forecast period.
Key Medical Marijuana Market Challenge
Side effects associated with inappropriate use of medical marijuana is one of the factors hampering the medical marijuana market growth. The active ingredients in medical marijuana are known as cannabinoids. THC is one of the most important and active cannabinoids. Medical marijuana also contains CBD. The amount of THC in medical marijuana varies based on how the plant is grown, prepared, and stored. In addition, medical marijuana contains many other chemicals, and the amount can vary from plant to plant. These factors can make it difficult to identify the required dosage of medical marijuana for patients. Consumers of medical marijuana can experience various side effects, including changes in mood, lack of coordination, increased appetite, red eyes, dry mouth, nausea, cough, throat infection, slower reaction time, and others. Such side effects can negatively impact the adoption of medical marijuana and, therefore, hinder the growth potential of the market in focus during the forecast period.
This medical marijuana market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global medical marijuana market as a part of the global tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical marijuana market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the medical marijuana market encompasses successful business strategies deployed by the key vendors. The medical marijuana market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical marijuana market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical marijuana market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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49% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the medical marijuana market in North America. Market growth in this region will be slower than the growth of the market in Europe and South America.
The government initiatives will facilitate the medical marijuana market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic positively impacted the demand for medical marijuana in North America. Furthermore, vendors are implementing strategies to overcome the supply-demand challenges, which will positively impact market growth during the forecast period.
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The medical marijuana market share growth by the chronic pain segment will be significant during the forecast period. Medical marijuana is gaining popularity as an alternative to traditional pain-relieving medications. It can ease various types of chronic pain, including pain resulting from nerve damage and inflammation. Some of the types of marijuana plants used for chronic pain relief are cannabis Indica, cannabis Sativa, and hybrids. The number of adults with chronic pain is increasing in countries such as the US, the UK, and China. Thus, this factor, along with the growing popularity of medical marijuana, can accelerate the growth momentum of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the medical marijuana market size and actionable market insights on post COVID-19 impact on each segment.
Marijuana market - The market share has the potential to grow by USD 28.72 billion during 2020-2025, and the market’s growth momentum will accelerate at a CAGR of 22.54%.
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Medical Marijuana Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.91% |
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Market growth 2022-2026 |
$ 14.47 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
18.2 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 49% |
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Key consumer countries |
US, Canada, Germany, UK, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aphria Inc, Aurora Cannabis Inc., Cannabis Sativa Inc, Canopy Growth Corp., Cronos Group Inc, CV Sciences Inc., Emerald health therapeutics inc, Etain LLC, HEXO Corp, Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp, Maricann Group Inc, Medical Marijuana Inc, Organigram Holdings Inc, Phoena Holdings Inc, Tikun Olam Ltd, Tilray Inc, Trevena Inc, and VIVO Cannabis Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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