Press release
Medical Marijuana Market is Expected to reach US$ 76.5 Bn with 14.8% CAGR Forecast to 2031
Medical Marijuana Market 2022-2032
The Medical Marijuana Market is likely to grow stupendously in the subsequent decade. With IoT in the picture, the complex medical equipment could be monitored, that too, all at a time and under one umbrella. As such, costly downtime could be avoided and predictive maintenance could be fostered. Plus, increased spending could be facilitated for disposable items like syringes, gloves, and masks.
According to a recent study by Persistence Market Research, the global medical marijuana market is expected to witness high growth at a CAGR of around 14.8% and reach a valuation of US$ 76.5 Bn by 2031.
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Medical marijuana is derived from the sativa plant. The three major active compounds of the plant are tetrahydrocannabinol, and cannabinol. Medical marijuana has various applications in the healthcare and therapeutic field, including treatment or managing pain, treating nausea, muscle spasms, managing anxiety, multiple sclerosis, low appetite, sleep problems, and many others.
Other factors driving demand for medical marijuana include ability to manage or treat insomnia and epilepsy. According to healthcare specialists, medical marijuana is an effective option to manage sleep-related problems because it restores a person's natural sleep cycle that changes due to today's modern lifestyle.
Key Players:
The report has profiled some of the important players prevalent in the global like - GW PHARMACEUTICALS PLC, Canopy Growth Corporation, MedReleaf Corporation, Aphria Incorporation, Aurora Inc., Insys Therapeutics, Inc., Medical Marijuana, Inc. and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Medical Marijuana Market.
Medical marijuana is also known for its strong anti-inflammatory properties. It can treat inflammation from arthritis as well as degenerative changes in the lumbar, cervical or thoracic spine. Many patients use marijuana to treat their pain caused due to inflammation.
Pharmaceutical companies are focused on getting approvals from different government authorities for the use of medical marijuana for treatment purposes.
In September 2019, GW Pharmaceuticals received approval from European the Commission for EPIDYOLEX® for the treatment of seizures in patients with two rare, severe forms of childhood-onset epilepsy.
In October 2021, Canopy Growth Corporation announced a plan to acquire Wana Entity, which is a leading edibles brand in North America.
In August 2020, MedReleaf Corp. and BioPharma Services Inc. announced their agreement to conduct clinical research for and -derived products.
Key Takeaways from Market Study
The extract form of marijuana is widely used in a wide range of applications in the therapeutic field as compared to dried flowers.
The pain management segment enjoys a high market share of 48.8%, indicating high demand for medical marijuana in pain management procedures.
77.6% market share in the distribution channel segment is held by retail pharmacies, because the market is closely regulated by government authorities.
The North America market is set to grow 5X by 2031.
"Increasing prevalence of chronic pain and epilepsy and legalization of medical marijuana in developing countries are major factors driving demand," says a Persistence Market Research analyst.
Leading medical marijuana manufacturers are constantly working toward expanding their product portfolios and market presence through key strategies such as product approvals and distribution and collaboration agreements.
GW Pharmaceuticals received approval from Australian Therapeutic Goods Administration (TGA) for EPIDYOLEX® for the treatment epilepsy (2020). The FDA approved EPIDIOLEX® oral solution to treat seizures associated with tuberous sclerosis complex.
Tilray signed a distribution agreement with great north distributors for adult-use sales across Canada.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Medical Marijuana Market Manufacturers
Medical Marijuana Market Distributors/Traders/Wholesalers
Medical Marijuana Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
If you have any special requirements, please let us know and we will offer you the report as you want.
Medical Marijuana Market - Report Highlights
A detailed overview of parent market of Medical Marijuana Market
Changing Medical Marijuana Market dynamics in the industry
In-depth segmentation of the Medical Marijuana Market
Historical, current, and projected Medical Marijuana Market size regarding volume and value
Recent industry trends and developments in Medical Marijuana Market
Competitive landscape of the Medical Marijuana Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Medical Marijuana Market performance
Must-have information for Medical Marijuana Market players to sustain and enhance their market footprint
Key Questions Answered in the Medical Marijuana Market Report
How is the Medical Marijuana Market expected to grow over the projected period?
What direction is the Medical Marijuana Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Medical Marijuana Market in future?
What are the key market drivers in the Medical Marijuana Market?
What are significant opportunities and improvement areas for Medical Marijuana Market manufacturers?
What are the key developments and trends taking over the Medical Marijuana Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Medical Marijuana Market?
If you have any special requirements, please let us know and we will offer you the report as you want and also We Provide you Table of Content.
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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