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Medical Marijuana Global Market Observe Highest Growth of $72.9 Billion with an Excellent CAGR of 21.6% by 2028
Medical Marijuana Market
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According to The Business Research Company's, 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 cannab*is 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 Drivers and Trends:
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.
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 cann*abis products. The partnership aims to produce certain medical canna*bis products administered as oils and will be marketed by Teva Israel to patients in Israel. Furthermore, in January 2022, Trulieve Cann*abis Corp., a US-based canna*bis company expanded its partnership with Connected Canna*bis Co, a US-based premier canna*bis cultivator. The expanded partnership aims to maintain a portfolio of proprietary top-shelf strains.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Pfizer Inc., Curaleaf Holdings Inc., Trulieve Canna*bis Corp, Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc, Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp, Aurora Canna*bis 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 Cann*abis 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.
Medical Marijuana Market 2024 Key Insights:
• 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 Rising Prevalence Of Cancer Fuels Demand For Medical Marijuana Market As An Adjunctive Therapy
• Strategic Partnerships Drive Growth In The Medical Marijuana Market
• North America was the largest region in the medical marijuana market in 2023
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