Medical Marijuana Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, Germany, UK, France - Size and Forecast 2023-2027

Medical Marijuana Market Forecast 2023-2027

The medical marijuana market size is projected to increase by USD 21.25 billion at a Compound annual growth rate (CAGR) of 21.86% between 2022 and 2027.

Medical cannabis, derived from legally acquired marijuana, is increasingly prescribed by physicians to alleviate various medical conditions. Patients administer it orally, through inhalation, or in marijuana-infused edibles. This therapeutic alternative offers relief for ailments ranging from chronic pain and chronic disease to neurological disorders. With growing acceptance and legalization, medical cannabis serves as a viable treatment option for patients seeking relief from symptoms that conventional medications may not adequately address. As medical research continues to explore its efficacy and safety, medical cannabis holds promise as a valuable addition to traditional healthcare practices.

 Industry Growth Analysis

To learn more about this report, View Report Sample

Canopy Growth Corporation's partnership with Martha Stewart and Snoop Dogg has significantly boosted its brand image and sales. Additionally, the legalization of marijuana in various countries and states is driving the market forward, with countries like Canada and Mexico leading the way. In conclusion, the Medical Marijuana market is experiencing rapid growth due to its proven medicinal benefits and increasing legalization. Companies are investing in research, development, and strategic partnerships to cater to the diverse needs of patients and capitalize on this burgeoning industry.

Segment Analysis

In the current market, Cannabis and Sativa are two major types of marijuana gaining significant attention due to their medicinal properties. The Indica strain is known for its calming effects, helping people with insomnia, chronic pain, and neurological disorders. The Sativa strain, on the other hand, is popular for its energizing and uplifting effects, often used by patients dealing with depression, fatigue, and lack of appetite. The Marijuana industry is witnessing a surge in demand for legalized medical use. Companies like Canopy Growth Corporation, Tilray, and Aurora Cannabis are leading the market with their extensive product offerings, including various strains, edibles, and extracts. These companies are investing heavily in research and development to create effective and consistent medicinal marijuana products. Funding and partnerships play a crucial role in the growth of the marijuana market

By Type- Oil & Tincture Segment

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 marijuana plant. Oil can be taken orally directly or mixed with food or drink. It can also be applied topically or inhaled using a vaporizer.

Get a glance at the market contribution of various segments View the PDF Sample

The oil and tinctures segment was valued at USD 3.93 billion in 2017 and continued to grow until 2021. The Western hemisphere Medical Marijuana market encompasses the production and distribution of Cannabis Sativa and Indica strains for medical purposes. The FDA has approved certain cannabis-derived products, such as Epidiolex (CBD), Marinol (THC pill), Syndros (THC liquid), and Cesamet (THC oral spray), for treating ailments like chronic pain, ALS, Parkinson's, Alzheimer's, and cancer. Canopy Growth, a leading B2B and B2C enterprise, focuses on research work with CBD and THC to develop innovative medical cannabis solutions. GW Pharmaceuticals, another key player, produces Sativex, an oromucosal spray for treating multiple sclerosis-related spasticity.

Mergers & acquisitions and funding values continue to shape the market's financial reports, with consumer spending following an S-Curve function. CBD and THC compounds are crucial for addressing various neurological disorders, chronic pain, nausea, and seizures. Production concerns and regulatory compliance, including GCS data and FDA guidelines, are ongoing challenges for market momentum in various countries. The marijuana plant's potential for medical purposes, addressing symptoms of numerous ailments, drives the market's exponential curve function.Hence, the application of cannabis oil  and tinctures will drive the demand of the market during the forecast period. 

By Product

Medical marijuana, derived from Indica, Sativa, and hybrid plants, is gaining prominence as a pain-relieving alternative to traditional medications. Thoroughly tested cannabinoid-based medications, such as CBD and THC, alleviate chronic pain caused by neurological diseases, chemotherapy-induced symptoms like vomiting and appetite loss, and inflammation-related conditions like chronic low-back pain. Decriminalizing cannabis and expanding medical use have fueled market growth, with clinical trial initiatives focusing on safety and effectiveness. Key therapeutic uses include pain management, appetite stimulation, and ocular strain relief. Edible cannabis products, like functional food items such as kale, turmeric, and kombucha, are gaining popularity.

Avicanna, based in Toronto, recently acquired by Shopper's Business division, is a significant player in the biopharmaceutical business, focusing on therapeutics for vomiting and nausea, HIV/AIDS, and inflammation. Terpenes and minor cannabinoids contribute to the medicinal benefits, with product types including solid, gas, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but alternative methods are emerging to address concerns related to health risks. In summary, the medical marijuana market is growing due to its therapeutic uses in managing pain, stimulating appetite, and treating diseases, with a focus on safety, effectiveness, and decriminalization. Clinical trials are ongoing to explore new applications and expand the reimbursement environment.

Market Dynamic

Cannabis and Sativa, two major types of marijuana, are gaining significant traction. The Medical Marijuana industry is a growing sector, with Indica and Sativa being the primary strains used for medicinal purposes. The Epidelxioxide Act of 1992 paved the way for the legalization of Marinol, a synthetic THC medication, and since then, the use of Medical Marijuana has become more prevalent. The Marijuana industry is a complex one, with various players, including CesameT and FDA, regulating its production, distribution, and consumption. Seizures, chronic pain, and various other health conditions are some of the reasons why people turn to Medical Marijuana. The Syndros and Marinol medications are FDA-approved for the treatment of Dravet syndrome and chemotherapy-induced nausea and vomiting, respectively. Marketing Medical Marijuana requires a nuanced approach, as it is still a controversial topic in many parts of the world. Navigating the legal landscape and adhering to the regulations set by the FDA and other regulatory bodies is crucial. The Marijuana industry is a dynamic one, with new developments and trends emerging constantly. Staying informed and up-to-date with the latest research and regulations is essential for effective marketing in this sector.

Significant Market Trends and Analysis

Increasing awareness campaigns are driving the growth of the market. Vendors are launching educational campaigns to promote safe and responsible use of marijuana, aiming to boost sales. The medical marijuana market is witnessing significant growth as vendors prioritize thorough testing and safe production of cannabinoid-based medications. In April 2022, House of Wise and Last Prisoner Project launched a campaign for decriminalizing cannabis and processing clemency petitions for individuals with federal cannabis-related convictions. Avicanna, based in Toronto, recently underwent an acquisition by the Shopper's Business division, expanding their biopharmaceutical business and therapeutics focus. Medical marijuana is increasingly used for therapeutic purposes, including appetite loss and vomiting during chemotherapy, neurological diseases, and pain management. Clinical trial initiatives aim to enhance safety and effectiveness for various diseases.

Edible cannabis products, such as functional food items like kale, turmeric, and kombucha, are gaining popularity. Vendors address common side effects like vomiting and nausea through research on terpenes and minor cannabinoids. Companies like Avicanna are exploring inflammation treatment for chronic low-back pain and other conditions. The reimbursement environment for medical marijuana is evolving, with product types including solids, gases, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but vendors are also focusing on alternative product types for specific therapeutic uses, such as Type 2 diabetes and ocular strain. Vendors continue to prioritize safety, effectiveness, and innovation in the medical marijuana market.

Key Growth Driver

The market is experiencing growth driven by the increasing number of product launches. Thoroughly tested cannabinoid-based medications are gaining popularity for their therapeutic uses in managing symptoms of various diseases. These include appetite loss and vomiting during chemotherapy, as well as neurological diseases. Clinical trial initiatives are underway to ensure safety and effectiveness in treating conditions such as HIV/AIDS, chronic low-back pain, and inflammation. Decriminalizing cannabis for medical use has led to the development of various product types, including edible cannabis products. Companies like Avicanna in Toronto have recently undergone acquisitions to expand their biopharmaceutical business and cater to a wider range of therapeutic needs. For instance, Avicanna's product portfolio now includes solutions for vomiting and nausea.

Functional food items like kale, turmeric, and kombucha infused with cannabis are also gaining traction in the reimbursement environment. Terpenes and minor cannabinoids are being explored for their potential in pain management and ocular strain relief. Product types include solid, gas, and dissolvable/powders, catering to diverse patient preferences. Some recent product launches include Curaleaf's high THC oil product in Germany, addressing immediate patient demand, and extending their product portfolio to cater to a wide range of medical needs., Dr. Reddy and MediCane Health Inc. launched medical marijuana in Germany, contributing to the market growth and trends in the forecast period.

Major Challenges

Side effects associated with inappropriate use of marijuana is one of the factors hampering the market growth. Medical marijuana, also known as cannabis, contains active ingredients called cannabinoids, with THC and CBD being the most prominent. The THC content can vary, making it crucial to consult doctors before use, considering medical conditions and substance use history. Thorough testing is essential to ensure safety and effectiveness in treating diseases such as neurological conditions, appetite loss during chemotherapy, and vomiting in HIV/AIDS patients. Decriminalizing cannabis has led to the development of cannabinoid-based medications and therapeutic uses, including pain management and ocular strain relief. Edible cannabis products, such as those from Avicanna in Toronto, are gaining popularity as functional food alternatives to traditional medicines. Clinical trial initiatives focus on the therapeutic uses of terpenes and minor cannabinoids for inflammation, chronic low-back pain, and other conditions.

The reimbursement environment for medical marijuana is evolving, with product types including solids, gases, and dissolvable/powders. Cannabis smoking remains a common method of consumption, but alternative methods are being explored to address concerns related to safety and effectiveness. Other natural remedies, like kale, turmeric, and kombucha, are also being studied for their potential synergistic effects with medical marijuana. Such side effects can adversely affect the introduction of medical marijuana, Hence, impeding the growth potential of the market during the forecast period.

Regional Insights 

North America is estimated to contribute 47% to the growth of the global market during the forecast period. In the Western hemisphere, the medical marijuana market is experiencing significant growth, driven by legalization in countries like the US and Canada.

For more insights on the market share of various regions Download PDF Sample now!

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, marijuana is legal in countries such as the US and Canada. In August 2019, the Supreme Court in Mexico ordered the Health Ministry to issue a regulation on marijuana use within six months. Such government initiatives to legalize medical marijuana are primarily driving market growth in the region. 

The Indica strain is known for its calming effects, helping people with insomnia, chronic pain, and neurological disorders. The Sativex strain, on the other hand, is popular for its energizing and uplifting effects, often used by patients dealing with depression, fatigue, and lack of appetite. The Marijuana industry is witnessing a surge in demand for legalized medical use. Companies like Canopy Growth Corporation, Tilray, and Aurora Cannabis are leading the market with their extensive product offerings, including various strains, edibles, and extracts. These companies are investing heavily in research and development to create effective and consistent medicinal marijuana products. Funding and partnerships play a crucial role in the growth of the marijuana market. For instance, Canopy Growth Corporation's partnership with Martha Stewart and Snoop Dogg has significantly boosted their brand image and sales. Additionally, the legalization of marijuana in various countries and states is driving the market forward, with countries like Canada and Mexico leading the way. In conclusion, the Medical Marijuana market is experiencing rapid growth due to its proven medicinal benefits and increasing legalization. Companies are investing in research, development, and strategic partnerships to cater to the diverse needs of patients and capitalize on this burgeoning industry.

Market players operating in Canada legally export medical marijuana to the US. the US is one of the leading markets in the region, around 33 states have approved the use of marijuana for medical applications. Patients receive a 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 market in North America during the forecast period.

Who are the Major Market Companies?

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.

• Key Offering- Aurora Cannabis Inc.: The company offers medical marijuana products such as medreleaf PAX live resin luminarium, sedamen, heliova, medreleaf rex 510 vape cartridge and medreleaf sedamen 510 vape cartridge.
• Key Offering-  Khiron Life Sciences Corp: The company offers marijuana such as cannabidiol (CBD) ilemma, and a table of two cannabis registries.
• Key Offering- Tilray Brands Inc.: The company offers marijuana such as whole flower medical cannabis, ground flower medicinal cannabis, and full spectrum medical cannabis oral solution.

The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market players, including:

• Canopy Growth Corp.
• Cresco Labs LLC
• Cronos Group Inc.
• CV Sciences Inc.
• Etain LLC
• HEXO Corp.
• Isodiol International Inc.
• Jazz Pharmaceuticals Plc
• Maricann Group Inc
• Medical Marijuana Inc.
• MediPharm Labs Inc.
• Organigram Holdings Inc.
• Phoena Holdings Inc
• Skye Bioscience Inc.
• Tikun Olam
• Trevena Inc
• Verano Holdings LLC

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.

Market Analyst Overview

The medical marijuana market is experiencing dynamic shifts influenced by regulatory changes and emerging research. Cannabis Sativa and Cannabis Indica, primary species, drive product diversity. FDA (Food and Drug Administration), pivotal in drug approvals, greenlit Epidiolex, Marinol, Syndros, and Cesamet. The oil and tincture segment, popular for CBD ((cannabidiol) integration, caters to diverse therapeutic needs. Stada, a key player, amplifies market competition.

Medical Marijuana continues to gain significant traction as a viable treatment option for various health conditions. The Business-to-Business (B2B) and Business-to-Consumer (B2C) sectors are witnessing robust growth in this domain. Enterprises involved in the production, distribution, and retail of Medical Marijuana are employing innovative marketing strategies to expand their customer base. Funding and Values play a crucial role in the Medical Marijuana industry. Valuable investments are being made to research and develop new strains and delivery methods. Functions such as reporting, production, and customer service are essential for the smooth operation of these businesses. Moreover, the regulatory landscape is evolving, with countries like Canada and some US states legalizing its use for medicinal purposes. Momentum is building for the acceptance of Medical Marijuana as a legitimate treatment option, with many people recognizing its potential benefits. The Cannabis industry is a complex one, with various stakeholders, including cultivators, processors, distributors, and retailers. Concerns around the legality and safety of the product are being addressed through stringent regulations and quality control measures. In conclusion, the Medical Marijuana market is an evolving and dynamic industry, with significant growth potential. Companies are investing in research, development, and marketing to capitalize on this trend and meet the growing demand for medicinal cannabis products.

Chronic pain, chronic disease ,neuropathic pain, and neurological disorders are pivotal segments, with New York State Department of Health exploring applications for Amyotrophic Lateral Sclerosis (ALS). In the Asia Pacific, medical marijuana gains traction for Parkinson's, Alzheimer's, and cancer treatments. The market's trajectory intertwines legislative evolution, scientific breakthroughs, and patient-driven demand.

Segment Overview

The market research and growth 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. 

• Type Outlook
  • Oil and tinctures
  • Flower

• Product Outlook
  • Chronic pain
  • Nausea
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America 
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Industry  Scope
Report Coverage	Details
Page number	164
Base year	2022
Historic period	2017 - 2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 21.86%
Market growth 2023-2027	USD 21.25 billion
Market structure	USD Fragmented
YoY growth 2022-2023(%)	19.59
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 47%
Key countries	US, Canada, Germany, UK, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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.

View PDF Sample

What are the Key Data Covered in this Market Forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market trends and changes in consumer behaviour
• Growth of the market report across North America, APAC, Europe, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

Get in touch