Global Medical Marijuana Market Report 2023: Market to Surpass $53 Billion by 2030 - Increased Legalization Bodes well for the Sector

DUBLIN, May 8, 2023 /PRNewswire/ -- The "Global Medical Marijuana Market Size, Trends & Growth Opportunity, by Route of Administration, by Application by Region and Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

Global Medical Marijuana Market was valued at USD $9,882.21 Million in 2022 which is expected to reach USD$53,886.43 million by 2030 at a CAGR 23.61%.

Marijuana is a chemical plant which contains cannabis as a medical property. It is used as raw material by various pharmaceutical companies to manufacture drugs for different therapeutic applications. Marijuana extract is used to treat various diseases including Alzheimer's disease, Migraine, Arthritis, Chronic Pain, and Others.

Market Drivers

Increase in awareness regarding various medical applications such as appetite enhancement, pain management, and reducing eye pressure is the key driving factor which is expected to boost the global medical marijuana market growth.

Furthermore, increase in number of legalizing the use of medical marijuana in various parts across the globe will have the positive impact on market growth. Moreover, rise in mergers and acquisitions in the medical cannabis industry will fuel the market growth.

Market Restraints

However, Medical marijuana is not approved by USFDA (Food and Drug Administration) for the treatment of cancer which is major restraining factor which is expected to hamper the global medical marijuana market growth.

Market Segmentation

Global Medical Marijuana Market is segmented into route of administration such as Oral, Inhalation, and Topical. Further, market is segmented into application such as Alzheimer's disease, Migraine, Arthritis, Chronic Pain, and Others.

Also, Global Medical Marijuana Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

• GW Pharmaceuticals PLC
• The Peace Naturals Project
• Insys Therapeutics Inc.
• Cannabis Sativa Inc.
• Green Relief Inc.
• Medical Marijuana Inc.
• Aurora Cannabis Inc
• Aphria Incorporation
• MedReleaf Corporation
• Canopy Growth Corporation

Market Taxonomy

By Route of Administration

• Oral
• Inhalation
• Topical

By Application

• Alzheimer's disease
• Migraine
• Arthritis
• Chronic Pain
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/12i4xr

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SOURCE Research and Markets