Global Medical Marijuana Market To Generate A Revenue Of $51.36B By 2028

21-Jun-2022 | Zion Market Research

The global medical marijuana market was worth around USD 11.25 billion in 2021 and is estimated to grow to about USD 51.36 billion by 2028, with a compound annual growth rate (CAGR) of approximately 18.4 percent over the forecast period.

Medical marijuana is a form of cannabis or cannabinoids that are approved for medical purposes and are prescribed by physicians after complete medical check-ups. However, there has not been break-through research conducted on medical marijuana owing to stringent government regulations regarding the cultivation and production of marijuana in different parts of the world which has resulted in minimum clinical research of these products only for the purpose of safe use.

As per initial reports, medical marijuana assists in reducing nausea amongst patients undergoing chemotherapy. It also reduces muscle spasms or chronic pain. Oral medical marijuana has proven to be of little effect in relieving sleep disorders & pain and has also shown adverse effects like nausea, cognitive impairment, and drowsiness.

Medical marijuana can be consumed as lozenges, tinctures, dermal patches, capsules, oral or dermal sprays, and smoking-dried buds.

The global medical marijuana market has a presence in the treatment of diseases like HIV, CMV, relieving neuropathic pain, multiple sclerosis, neurological conditions like Dravet syndrome, and mental disorders like depression, ADHD, and others.

Covid-19 had a mixed impact on the global market since most of the brick-and-mortar shops were closed and many businesses moved to sell medical marijuana via social media websites & e-commerce platforms. There was also a debate about using medical marijuana for treating Covid-19. For example, in 2020, Alberta declared medical cannabis an essential service and the market witnessed growth in the region.

Global Medical Marijuana Market

The growing awareness of marijuana for medical purposes and not just as a recreational drug has helped in generating business leaders’ interest in the field. There is a steady growth in the investment and R&D in the global medical marijuana market, by government agencies as well as private companies. This is expected to create huge funding and thus propel the global market growth. In the cities like Washington, California, New York, and Colorado, of the USA, medical cannabis has become relatively easy to access after the approval of adult use of cannabis. Along with this, with multiple national initiatives from countries like Canada, the USA, the UK, Argentina, Germany, and others, the use of marijuana for medical reasons is legalized. Many marijuana-based medicines are now getting FDA approvals to be used in the healthcare sector. All of these reasons are expected to contribute to the global market growth during the forecast period.

However, side effects allied with the consumption of marijuana can limit the global market growth, whereas increasing awareness regarding the medical importance of marijuana is likely to offer better growth opportunities for the global market expansion. The limited number of suppliers and distributors across the globe may pose a challenge in the global market.

The global medical marijuana market is categorized into type, application, end-use, and region. Based on type, the market is bifurcated into flowers, edibles, concentrates, and others. The application segment of the market is divided into chronic pain, cancer, mental disorders, and others. The end-user segment is segregated into research & development and pharmaceutical.

North America is expected to generate the highest global medical marijuana market revenue owing to the legalization and decriminalization of marijuana use. This is anticipated to be assisted by the rising interest of business owners in the field of medical marijuana thus propelling extensive R&D and heavy investments. Around 76.2% of the global market share was held by North America alone in 2021 and is projected to continue the same trend in the coming years owing to the development of large-scale LIMS in research facilities and regular approvals from the FDA for the use of medical marijuana. Europe is also anticipated to grow at a high CAGR due to rising medical cases where medical marijuana may be of significant help.

Major players operating in the global medical marijuana market include Cara Therapeutics Inc., Growblox Sciences, Inc., CannaGrow Holdings, Inc., International Consolidated Companies, Inc., Cannabis Sativa, Inc., United Cannabis Corporation, GreenGro Technologies, Inc., GW Pharmaceuticals plc, and Lexaria Corp.

Recent Developments:

  • April 2020, the Medicinal Cannabis Agency of New Zealand, which is part of the Ministry of Health, has created a new Medical Cannabis Scheme to promote patient access to high-quality medical cannabis products. The Ministry of Health created the program to allow home, commercial production, manufacturing, and distribution of medicinal cannabis while also establishing quality and licensing standards.

Browse the full Medical Marijuana Market By Type (Flowers, Concentrates, Edibles And Others), By Application (Chronic Pain, Mental Disorders, Cancer, And Others), By End User (Pharmaceutical And Research & Development Centers), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/medical-marijuana-market

Global medical marijuana market is segmented as follows:

By Type

  • Flowers
  • Edibles
  • Concentrates
  • Others

By Application

  • Chronic Pain
  • Cancer
  • Mental Disorders
  • Others

By End User

  • Research & Development
  • Pharmaceutical

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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