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Medical Marijuana Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
The Business Research Company offers in-depth market insights through Medical Marijuana Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 cannabi*s 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 partnerships with traditional healthcare providers, focus on customized treatment plans, standardization of dosage and labeling, investment and M&A activity.
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Market Segmentation:
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, Multiple Sclerosis, Cancer, Other Applications
4) By Distribution Channel: Retail Pharmacy, E-Commerce, Other Distribution Channels
Major Driver - The Rising Prevalence Of Cancer Fuels Demand For Medical Marijuana Market As An Adjunctive Therapy
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.
Competitive Landscape:
Major companies operating in the medical marijuana market report are Pfizer Inc., Curaleaf Holdings Inc., Trulieve Cannabi*s Corp, Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc, Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp, Aurora Cannabi*s Inc., HEXO Corp, MedMen Enterprises Inc., Organigram Holdings Inc., Charlotte's Web Holdings Inc., Vireo Health International Inc., Medical Marijuana Inc., Cara Therapeutics Inc., VIVO Cannabi*s Inc., Valens GroWorks Corp, Green Relief Inc., Harborside Inc., MediPharm Labs 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.
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Top Trend - Dispensary Expansion Strategies For Enhanced Patient Access
Major companies operating in the medical marijuana market are directing their focus towards significant investments in business expansion, such as the establishment of medical marijuana dispensaries to enhance accessibility for patients and solidify their presence in the evolving landscape of medical cannabi*s distribution. Medical marijuana dispensaries refer to authorized facilities or stores where individuals with valid medical marijuana prescriptions or cards can legally purchase medicinal cannabi*s products. For instance, in July 2023, Botanical Sciences, a Georgia-based medical cannabi*s provider, inaugurated a medical cannabi*s dispensary in Pooler, near Savannah, with plans for extensive expansion. Additional outlets are set to be established in Columbus and Evans, while the company aims to further extend its presence by establishing dispensaries in Augusta, Chamblee, Marietta, and Stockbridge. Adhering to Georgia's regulations, MMJ operators have the opportunity to open up to six dispensaries each.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Marijuana Market Characteristics
3. Medical Marijuana Market Trends And Strategies
4. Medical Marijuana Market - Macro Economic Scenario
5. Medical Marijuana Market Size And Growth
…..
27. Medical Marijuana Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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