Medical marijuana market size to grow at a CAGR of 21.86% from 2022 to 2027, The rising number of product launches drives market growth, Technavio

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Feb 28, 2024, 05:48 ET

NEW YORK, Feb. 28, 2024 /PRNewswire/ -- The medical marijuana market is estimated to grow by USD 21,248.51 million from 2022 to 2027. The market grows at a CAGR of 21.86% during the forecast period according to Technavio. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report. Request a sample report

Company Analysis

Technavio has announced its latest market research report titled Global Medical Marijuana Market 2023-2027

Company Landscape - The global medical marijuana market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer medical marijuana in the market are Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., CV Sciences Inc., Etain LLC, HEXO Corp., Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp, Maricann Group Inc, Medical Marijuana Inc., MediPharm Labs Inc., Organigram Holdings Inc., Phoena Holdings Inc, Skye Bioscience Inc., Tikun Olam, Tilray Brands Inc., Trevena Inc, and Verano Holdings LLC and others.

Company Offerings -

Aurora Cannabis Inc. - The company offers medical marijuana products such as medreleaf PAX live resin luminarium, sedamen, heliova, medreleaf rex 510 vape cartridge and medreleaf sedamen 510 vape cartridge.
Khiron Life Sciences Corp - The company offers marijuana such as cannabidiol (CBD) ilemma, and a table of two cannabis registries.
Tilray Brands Inc. - The company offers marijuana such as whole flower medical cannabis, ground flower medicinal cannabis, and full spectrum medical cannabis oral solution.
For details on the company and its offerings – Request a sample report

Technavio has segmented the market based on type (oil & tinctures and flower), product (chronic pain, nausea, and others),

The market share growth in the oil and tinctures segment will be significant during the forecast period. Medical cannabis oil refers to a concentrated form of cannabis extract. They are usually made using solvents to extract cannabinoids and other beneficial compounds from the plant. On the other hand, tinctures are liquid extracts that are usually obtained by soaking the cannabis plant material in a solvent such as alcohol or glycerin. Additionally, tinctures are often given under the tongue to process faster absorption into the bloodstream. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview

By geography, the global medical marijuana market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global medical marijuana market.

North America is estimated to contribute 47% to the growth of the global market during the forecast period. US and Canada have legalized the use of medical marijuana in the region. In addition, the Mexican Supreme Court ordered the Ministry of Health to issue regulations on the medical use of cannabis within six months. The US is one of the major markets for medical marijuana in the region. Expansion of dispensaries and product launches are other factors contributing to the market. Hence, these factors are expected to drive market growth in the region during the forecast period. Download a Sample Report

The rising number of product launches

The increase in demand is due to the legalization of cannabis for medical purposes. New product launches help companies increase sales and market share. In May 2021, Curaleaf announced the launch of a new medical cannabis product in Germany. To cater to a wider range of patients, the company also launched high-THC oil products to meet urgent patient demand, expanding its product portfolio throughout the year. Hence, such factors are expected to drive the growth of the market during the forecast period.

The increasing number of awareness campaigns is a major trend in the market.
Side effects associated with the inappropriate use of medical marijuana are a significant challenge restricting market growth. Download a Sample Report

Analyst Review

The medical marijuana market has witnessed a significant surge in recent years, primarily driven by its therapeutic applications in pain management, appetite enhancement, and eye pressure reduction. While its usage originated in countries across the Western hemisphere, including the United States and Canada, it's increasingly gaining traction in Central & South Asian regions due to evolving government policies.

The demand for medical marijuana continues to rise, especially with the ongoing legalization efforts in various states and countries, allowing for legal cultivation, imports, and imposition of taxes. This shift has spurred growth in the healthcare sector, with more emphasis on both recreational and therapeutic applications. Furthermore, increased research and development activities focus on addressing chronic diseases such as inflammation and chronic pain.

Regulatory bodies like the FDA have approved medications like Epidiolex, Marinol, Syndros, and Cesamet, further legitimizing medical marijuana's role in healthcare. This has also opened avenues for import-export businesses and healthcare companies to capitalize on the market, leading to numerous acquisitions and mergers.

Within the market, the oil and tincture segment is particularly notable, with CBD products gaining popularity for their therapeutic benefits. Overall, the medical marijuana market shows promise for addressing various health concerns and continues to evolve with advancements in research, legislation, and consumer preferences. Download a Sample Report

Related Reports:

The marijuana market is estimated to grow at a CAGR of 24.86% between 2022 and 2027. The size of the market is forecasted to increase by USD 48,197.88 million. Furthermore, this report extensively covers market segmentation by product (medical marijuana and recreational marijuana), type (oil, tinctures, and flower), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The increasing legalization of marijuana is notably driving the marijuana market growth.

The US cannabis market is projected to increase by USD 46,904.91 million and the market size is estimated to grow at a CAGR of 24.03% between 2022 and 2027. Furthermore, this report extensively covers market segmentation by derivative type (CBD, THC, and balanced THC and CBD) and product (medical and recreational). The rising millennial population in key cannabis markets is driving the market growth.

Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio