New York, March 09, 2023 (GLOBE NEWSWIRE) -- The medical marijuana market globally was worth USD 13.8 billion in 2022, with the global market estimated to surge ahead at a CAGR of 8.3% to reach a valuation of USD 30 Bn by the end of 2032. Cannabis sativa is the plant from which medical marijuana, a well-known substance used by individuals to get high, is produced. A portion that can be smoked is the cannabis flower that is extracted from the female cannabis plant. The cannabis flower is full of natural chemicals and medicinal compounds. As a result, it is also recommended by medical professionals to treat the symptoms of some medical problems.
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Key Takeaway:
- By product type, 53.4% of the market share was accounted for by the oil and tincture segment in 2022.
- By application, the chronic pain segment dominated the market by holding a market share of 26% in 2022.
- By compound, the most lucrative market sector is likely to be CBD-dominant.
- In terms of End-User, the pharmaceutical sector has dominated the market, and it is anticipated that it will continue to do so throughout the forecast period.
- In 2022, North America held the largest revenue share (74%), dominating the market.
The market is expanding as people become more aware of the different therapeutic uses for goods including pain management, hunger augmentation, and intraocular pressure reduction. The two varieties of medical marijuana, Cannabis Sativa and Cannabis Indica, are native to the Western Hemisphere as well as Central and South Asia, respectively.
Factors affecting the growth of Medical Marijuana industry?
- Increasing marijuana use in the healthcare sector: A growing number of nations have made marijuana legal for medical purposes, and its use for recreational and industrial uses in the healthcare sector is also on the rise.
- Surge in FDA approvals: To increase the sale of medical marijuana, leading market players are concentrating their efforts on obtaining FDA permission for the introduction of their new products in the market.
- An increase in social clubs that support medical marijuana: The idea that medicinal marijuana should be accepted as a treatment for conditions like pain relief and other concerns originated among social gatherings, sometimes known as marijuana clubs.
- Legalized the usage of medical marijuana: The use of medical marijuana is now legal in many countries, which is the primary route for its production, reducing imports and generating cash in the form of taxes.
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Top Trends in Global Medical Marijuana Market
Cannabinoid-based medications are used to treat a variety of conditions, including HIV/AIDS-related weight loss and appetite loss, vomiting and nausea brought on by chemotherapy, and a few uncommon forms of neurological diseases. Growing clinical trial initiatives for this marijuana will be a major factor in the market's expansion. For instance, multiple studies supported by the National Center for Complementary and Integrative Health (NCCIH) are investigating the mechanisms of marijuana-related chemicals such terpenes and minor cannabinoids. These studies seek to bolster the evidence on marijuana's active ingredients and determine whether they may have applications in the treatment of pain. Other medical cannabis research projects are being carried out by NCCIH, including studies on the effects of edible cannabis and its components on inflammation, chronic low-back pain, and investigations into the link between cannabis smoking and type 2 diabetes.
Market Growth
Demand for medical marijuana was significantly increased by the legalisation of marijuana use for illnesses, either to treat them or to lessen their symptoms, in accordance with various state regulations. Many conditions, including Alzheimer's disease, severe nausea, and intense and continuous pain, can be treated with medical marijuana. Consequently, the market has been greatly aided by its wide range of medicinal uses.
Medicinal marijuana treats or manages asthma symptoms like coughing, breathing difficulties, and wheezing by acting as an instant bronchodilator, which relaxes the airways and facilitates breathing. Global demand for medical marijuana market is thus rising, which ultimately fuels the market's expansion. This is owing to the healthcare sector's expanding usage of medical marijuana.
Regional Analysis
One of the main causes of the rising demand for cannabis is the growing legalisation of marijuana in the United States. Also, 37 states and the District of Columbia in the US have approved cannabis for medical use. Cannabis usage for recreational purposes is allowed in ten additional states. The U.S. government recently allowed a new research marijuana grower, subject to the expansion of the capacity for researching the drug's therapeutic benefits. New product introductions in North America are also anticipated to drive the cannabis market's expansion.
Due to strong government initiatives and greater backing, the Asia-Pacific region is anticipated to experience the quickest CAGR in the next years. The cannabis market is undoubtedly being impacted by increased disposable incomes, expanding social acceptance and awareness of the product's advantages, and escalating legalisation of cannabis. The market is expanding because of the rising demand for cannabis oil in nations where medical marijuana is permitted as well as the rising number of people who suffer from chronic diseases like Parkinson's, Alzheimer's, cancer, and neurological disorders.
Competitive Landscape
The competitive landscape of the medical marijuana market has also been examined in this report. Some of the major players include Tilray Brands Inc., Aurora Cannabis Inc., Canopy Growth Corporation, MedReleaf Corp., GW Pharmaceuticals, Cannabis Sativa Inc., Medical Marijuana Inc., VIVO Cannabis Inc., Cronos Group, Other Key Players.
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Medical Marijuana Market: Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 13.8 Billion |
| Market Size (2032) | USD 30.0 Billion |
| CAGR (from 2023 to 2032) | 8.3% |
| North America Revenue Share | 74% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Marijuana use for medical purposes is now permitted in several nations. Its cultivation is primarily done in this way, which lowers imports and generates revenue from taxes. Some of the major factors anticipated to influence demand for medical marijuana market in the next years include the rising number of states that have legalised it and the growing acceptance of cannabis for both medical and recreational purposes. Increasing research and development activities is one of the key elements driving demand growth.
One of the main factors influencing the prevalence of Cannabis for therapeutic use is the rising percentage of nations that approve its usage in various areas of the world. The need for medical marijuana fluctuates along with changes in governmental regulations.
The average age of cannabis users in U.S. states that have legalised the drug is above 50. With a higher incidence of chronic illness after age 50 and cannabis' efficacy in treating such ailments, this demographic profile is predicted to enhance demand for cannabis in the area. The acceptance of cannabis as a medicine and product standardisation are likely to boost its appeal and demand. Also, the growing legalisation of marijuana for medical purposes is propelling market expansion. Critical variables driving up the use of cannabis include anxiety disorders, chronic illnesses, psychiatric disorders, acute diseases, acute pain diseases, and other clinical conditions.
Market Restraints
The FDA's ban on marketing cannabis to cure any sickness or condition is one of the major obstacles facing the medical marijuana industry. However, the organisation does approve medications made from cannabis. Three synthetic cannabis-related medications, Marinol (dronabinol), Syndros (dronabinol), and Sesamet, as well as Epidiolex (cannabidiol) (nabilone) are available only with a prescription from an approved healthcare provider.
As cannabis has the greatest number of health advantages, it also carries some hazards and negative effects when used excessively, for an extended period of time, or in a toxic amount. Panic attacks and anxiety are a few of the side effects, while mental health problems and arrhythmia are long-term ones. Cannabis poisoning can result from consuming too much of the drug.
Market Opportunities
When taking a capsule, the dosage must be correct in order to get the desired medical benefits. It is more dependable when produced by manufacturers who use advanced machinery and qualified inspectors with licences. Due to their therapeutic benefits, cannabis capsule demand has increased dramatically since medicinal cannabis became legal in the United States. As a result, investors are searching for properties to construct or buy that have the equipment, personnel, and permits required to produce cannabis capsules. Also, established manufacturers devote time and money to creating innovative techniques for creating high-quality capsules in manageable quantities.
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Report Segmentation of the Medical Marijuana Market
Product Type Insight
The global medical marijuana market is divided into three categories based on the analysis of product types: flower, oil and tinctures. The oil and tincture section, which made up the majority of these segments and had a market share of 53.4% in 2022, is the one that leads the cannabis industry. It consequently controlled the medical marijuana business. Clinical research has demonstrated the anti-inflammatory properties of cannabis non-psychoactive components like CBD, which may provide new treatments for chronic pain.
In addition to treating cancer, sleep difficulties, anxiety disorders, and other conditions, it has many positive qualities. Additionally, it is anticipated that the sector would develop even faster as Cannabis becomes more and more legalised globally. Also, since smoking cannabis flowers may create respiratory issues in children, children who use cannabis derivatives for treatment are given oils and tinctures instead of smoking the flowers.
In the future years, it is expected that the flower category would grow more slowly. However, the debut of the new product is anticipated to accelerate this segment's market growth.
Application Insight
The market is divided into Chronic Pain, Migraine, Cancer, Arthritis, Diabetes, AIDS, Parkinson's, Epilepsy, Muscle Spasms, Depression, and Anxiety based on the application type. With a market share of 26% in 2022, the chronic pain segment led the other segments in terms of market size. Studies from a range of findings have shown that medical cannabis is safe for treating individuals with neuropathic and chronic pain. One of the key signs pointing to an increase in cannabis use for pain management over the coming years is the rise in clinical trials using the drug to treat neuropathic and chronic pain.
Under New York State's new medical marijuana law, patients who are certified to use medical marijuana by a health care professional and have a patient ID card registered with the New York State Department of Health and Human Services are entitled to medical marijuana for pain management. It states that you are eligible to use marijuana for recreational purposes. However, ALS (Amyotrophic Lateral Sclerosis) is expected to be the fastest-growing segment. One of the driving factors behind the growth of this segment is the rising prevalence of ALS.
Compound Insight
The global medical marijuana market is divided into CBD-dominant, THC-dominant, and other compounds based on compound. The most profitable market sector is likely to be CBD-dominant. This is partly because CBD is mostly utilised for medical purposes and has low levels of toxicity and psychosis. THC, on the other hand, helps to decrease the negative effects of cancer and AIDS treatment. THC currently controls a large portion of the market.
End-User Insight
The market is divided into pharmaceutical industries and research and development centres based on the end-user. The pharmaceutical segment was the market's leading section in recent years, and it is anticipated that it will continue to be so during the forecast period. Because to the health advantages connected with cannabis use in specific medical diseases, pharmaceutical companies are investing more and using it more frequently, which is the primary reason for the rise of this market. The R&D facilities are anticipated to expand in the coming years as a result of increased funding for studies to find cures for various illnesses and learn about novel cannabis-related health advantages.
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Market Segmentation
By Product Type
- Flower
- Oil and Tinctures
By Application
- Chronic Pain
- Migraine
- Cancer
- Arthritis
- Diabetes
- AIDS
- Parkinson’s
- Epilepsy
- Muscle spasms
- Depression and Anxiety
By Compound
- CBD-Dominant
- THC-Dominant
- Other Compounds
By End-User
- Pharmaceutical Industries
- Research & Development Centers
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include,
- Tilray Inc.
- Aurora Cannabis
- Canopy Growth Corporation
- Aphria Inc.
- Maricann Group, Inc.
- Tikun Olam, Ltd.
- GW Pharmaceuticals plc.
- Cannabis Sativa Inc.
- Medical Marijuana, Inc.
- Emerald Health Therapeutics Inc.
- Pfizer Inc.
- Green Relief Inc.
- GBSciences Inc.
- Other Key Players
Recent Development of the Medical Marijuana Market
- Orange orbit and the grape, two new flavours for Canopy Growth's flavoured cannabis-infused fizzy drinks, were unveiled in May 2022. The company's product line was expanded as a result of this introduction.
- A 15-flavor CBD Health Gummies Sampler was introduced by Martha Steard, Canopy Growth Corporation, and Marquee Brands in March 2022. These goods give customers access to CBD's health advantages.
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