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Medical Marijuana Market Size, Trends, Growth, Outlook 2024-2033
Medical Marijuana Market
The Business Research Company presents an extensive market research report on the Medical Marijuana Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The medical marijuana market size has grown exponentially in recent years. It will grow from $27.5 billion in 2023 to $33.3 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to changing regulatory landscape, growing acceptance of for medical purposes, expanding list of medical conditions, patient demand for alternative therapies, evolving healthcare provider attitudes.
The medical marijuana market size is expected to see exponential growth in the next few years. It will grow to $72.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to continued regulatory developments, scientific research and evidence, patient education and awareness, expansion of medical marijuana product offerings, integration into mainstream healthcare. Major trends in the forecast period include with traditional healthcare providers, focus on customized treatment plans, standardization of dosage and labeling, investment and M&A activity.
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Key Market Players:
Major companies operating in the medical marijuana market report are Pfizer Inc., Curaleaf Holdings Inc., Trulieve, Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc, Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp, Aurora HEXO Corp, MedMen Enterprises Inc., Organigram Holdings Inc., Charlotte's Web Holdings Inc., Vireo Health International Inc., Medical Marijuana Inc., Cara Therapeutics Inc., Valens GroWorks Corp, Green Relief Inc., Harborside Inc., Tikun Olam Cannbit Ltd., Emerald Health Therapeutics Inc., MedReleaf Corporation, GB Sciences Inc., CanniMed Therapeutics Inc., The Cronos Group Inc., Planet 13 Holdings Inc.
Market Drivers:
The increasing prevalence of cancer is expected to drive the demand for the medical marijuana market going forward. Cancer refers to the condition when a few of the body's cells grow out of control and spread to other bodily regions. Medical marijuana helps treat cancer patients with neuropathy, nausea, pain, vomiting, appetite, and weight loss. For instance, in April 2022, according to a report on cancer facts and figures by the American Cancer Society, a US-based nonprofit health organization devoted to the eradication of cancer, there were 1.92 million new cases of cancer in the US, compared to 1.89 million cases in 2021. Therefore, the increasing prevalence of cancer will drive the growth of the medical marijuana market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/medical-marijuana-global-market-report
The medical marijuana market covered in this report is segmented -
1) By Product: Dried Flower, Extract Form
2) By Type: Flower, Concentrate, Edibles, Other Types
3) By Application: Pain Management, Tourette Syndrome, Alzheimer's disease, Migraines, Depression And Anxiety, Sclerosis, Cancer, Other Applications
4) By Distribution Channel: Retail Pharmacy, E-Commerce, Other Distribution Channels
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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