The global medical marijuana market size is expected to reach USD 65.8 billion by 2030 and is expected to expand at a CAGR of 21.80% over the forecast period, according to a new report by Grand View Research, Inc. The major factors attributed to the industry growth are the rapid adoption of cannabis in therapeutic applications and a surge in the number of countries legalizing the usage of medical marijuana.
As per numerous studies, cannabis has shown positive results in the treatment of chronic diseases. Thus, with the growing penetration of chronic disease throughout the globe, the industry is expected to see a steep rise in demand. For instance, as per the data released by the WHO, the chronic disease burden was expected to reach 57% by 2020. The growing research and development activities in the industry are also expected to drive the growth in demand.
Additionally, various factors such as a rise in disposable income, increasing social acceptance of cannabis, and growth in awareness regarding the benefits of the product, along with improvements in intellectual property rights of cannabis are some of the major factors that are expected to fuel the growth of the industry.
Key players are coming together on strategic initiatives such as mergers & acquisitions, collaborations, partnerships, funding & investments, and innovative product developments & launches to expand their expertise & product portfolio. This also fuels the industry’s growth. For instance, in March 2021, Germany's largest pharmaceutical company, Stada entered the medical marijuana market by launching its two flower products, and further, the company has plans to offer five flower products along with three extracts with different compositions of CBD and THC.
One of the major factors that restrict industry growth is the strict regulation policy. To date, FDA has not allowed the marketing usage of cannabis for the treatment of any disease or condition. Although, the organization has approved one cannabis-derived drug product: Epidiolex (cannabidiol), and three synthetic cannabis-related drug products: Marinol (dronabinol), Syndros (dronabinol), and Cesamet (nabilone). These permitted drug products are only available with a prescription from a licensed healthcare provider.
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The market size is anticipated to be valued at USD 65.8 million by 2030, owing to the growing legalization of medical marijuana in various countries
In 2022, the oil and tinctures segment dominated the market owing to its growing medical usage for the treatment of chronic pains, cancer, neurological disorders, and others
Chronic pain segment dominated in 2022. The growing number of clinical trials with marijuana to treat neuropathic and chronic pain is one of the key indicators, which highlights the rising usage of cannabis in pain management over the coming few years
North America dominated in 2022 owing to the presence of major players, the increasing rate of cannabis legalization in the U.S., and the launch of new products
Grand View Research has segmented the global medical marijuana market by product type, application, and region:
Medical Marijuana Product Type Outlook (Revenue, USD Million, 2017 - 2030)
Oil & Tinctures
Medical Marijuana Application Outlook (Revenue, USD Million, 2017 - 2030)
Depression and Anxiety
Amyotrophic Lateral Sclerosis
Post-Traumatic Stress Disorder (PTSD)
Medical Marijuana Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the Medical Marijuana Market
Canopy Growth Corporation
Maricann Group, Inc.
Tikun Olam, Ltd.
GW Pharmaceuticals plc.
Cannabis Sativa, Inc.
Medical Marijuana, Inc.
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