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The medical marijuana market size is projected to increase by USD 21.25 billion and the market size is estimated to grow at a CAGR of 21.86% between 2022 and 2027.
Medical marijuana or medical cannabis is derived from legally procured marijuana and used for the treatment of various medical conditions as recommended by doctors. It is taken by patients orally through inhalation or marijuana-infused edibles.
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Vendors are launching educational campaigns to promote safe and responsible use of medical marijuana, aiming to boost sales. For example, Leaf411 and Healer.com collaborated to provide online training, while House of Wise partnered with Last Prisoner Project for a new campaign. In addition, New York launched its first public health education campaign, including public service advertisements. These awareness initiatives are expected to fuel the adoption of medical marijuana in the forecast period.
The legalization of marijuana for medical purposes has created a demand for new medical marijuana products. Vendors are launching these products to enhance their revenue and market share. For example, Curaleaf introduced a range of medical cannabis products in Germany in May 2021, including a high-THC oil product to meet patient demand. They expanded their portfolio throughout the year to cater to various patient needs. Similarly, in April 2022, Dr. Reddy and MediCane Health Inc. launched medical marijuana in Germany, contributing to the market's growth in the forecast period.
The active ingredients in medical marijuana are known as cannabinoids. THC is one of the most important and active cannabinoids. The amount of THC in medical marijuana is based on how the plant is rise, prepared, and stored. Moreover, medical marijuana contains many other chemicals, and the amount which varies from plant to plant. Such factors can make it difficult to identify the required dosage of medical marijuana for patients.
Moreover, medical marijuana users can experience a variety of side effects, including mood swings, lack of coordination, raised appetite, red eyes, dry mouth, nausea, coughing, infection of the throat, decreased reaction time, and others. Such side effects can adversely affect the introduction of medical marijuana, Hence, impeding the growth potential of the market during the forecast period.
The market share growth by the oil and tinctures segment will be significant during the forecast period. Medical marijuana oil refers to a concentrated form of marijuana extract, usually made by using solvents to extract the cannabinoids and other beneficial compounds from the plant. Medical marijuana oil can be taken orally directly or mixed with food or drink. It can also be applied topically or inhaled using a vaporizer.
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The oil and tinctures segment was valued at USD 3.93 billion in 2017 and continued to grow until 2021. Tinctures, on the other hand, are liquid extracts usually made by soaking the cannabis plant material in a solvent such as alcohol or glycerin. This solvent helps dissolve the cannabinoids and other compounds from the plant, producing a concentrated liquid extract. Tinctures are usually taken sublingually (under the tongue) to facilitate faster absorption into the bloodstream. They provide a convenient method of delivering precise amounts of cannabinoids, allowing individuals to effectively manage their symptoms. Hence, the application of oil and tinctures will drive the demand of the market during the forecast period.
North America is estimated to contribute 47% to the growth of the global market during the forecast period.
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Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.In North America, medical marijuana is legal in the countries such as the US and Canada. In August 2019, the Supreme Court in Mexico ordered the Health Ministry to issue a regulation on medical marijuana use within six months. Such government initiatives to legalize medical marijuana are primarily driving market growth in the region.
Market players operating in Canada legally export medical marijuana to the US. the US is one of the leading markets for medical marijuana in the region, around 33 states have approved the use of marijuana for medical applications. Patients receive a medical marijuana card, which serves as proof of identity to use the product as recommended by their doctor. Expansion of dispensaries and product launches can propel the growth momentum of the global medical marijuana market in North America during the forecast period.
The COVID-19 pandemic positively impacted the demand for medical marijuana in North America. Although, in 2021, Due to the large-scale vaccination drives and other government initiatives resulted in the lifting of the lockdown and resumption of business operations in the global medical marijuana market. Market players are making strategies to overcome the supply-demand challenge, which had a positive impact on the growth of the market in focus in 2021-2022. These factors are expected to drive the growth of the medical marijuana market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The medical marijuana market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The medical marijuana market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Medical Marijuana Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.86% |
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Market growth 2023-2027 |
USD 21.25 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
19.59 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 47% |
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Key countries |
US, Canada, Germany, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., CV Sciences Inc., Etain LLC, HEXO Corp., Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp, Maricann Group Inc, Medical Marijuana Inc., MediPharm Labs Inc., Organigram Holdings Inc., Phoena Holdings Inc, Skye Bioscience Inc., Tikun Olam, Tilray Brands Inc., Trevena Inc, and Verano Holdings LLC |
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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, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 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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