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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
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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.
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
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.
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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.
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.
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.
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.
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.
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.
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.
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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, 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.
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 market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market players, 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 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.
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.
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. |
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
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