Press release
Medical Marijuana Market 2024 - Growth Across Regional Segments, Upcoming Business Strategies, Industry Revenue Forecast Until 2033
Medical Marijuana Market
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.
Market Overview -
Medical marijuana refers to the derivatives of the cannabi*s sativa plant. It is used to treat drug addiction issues or as a substitute for alcohol and other substances such as opiates and cocain*e, including situations such as pain management, nausea and vomiting control, and pain relief.
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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 Cannab*is Corp, Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc, Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp, Aurora Cannab*is 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 Canna*bis 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.
Strategic Partnerships Drive Growth In The Medical Marijuana Market
The strategic partnership is a key trend gaining popularity in the medical marijuana market. Major players in the medical marijuana sector are focused on strategic partnerships to expand their market and leverage each other's resources. For instance, in December 2021, Teva Pharmaceutical, an Israel-based pharmaceutical company partnered with Tikun Olam-Cannbit, an Israel-based company engaged in the research associated with medical cannab*is products. The partnership aims to produce certain medical cannabi*s products administered as oils and will be marketed by Teva Israel to patients in Israel. Furthermore, in January 2022, Trulieve Cannabi*s Corp., a US-based canna*bis company expanded its partnership with Connected Cannab*is Co, a US-based premier cann*abis cultivator. The expanded partnership aims to maintain a portfolio of proprietary top-shelf strains.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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