Medical Marijuana Market size is set to grow by USD 21248.51 mn from 2023-2027, rising number of product launches to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ -- The global medical marijuana market size is estimated to grow by USD 21248.51 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 21.86% during the forecast period.

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Market Driver

The medical marijuana market is witnessing significant growth as vendors launch educational campaigns to promote safe and responsible use. Key players, such as Leaf411 and Healer.com, collaborate to offer online training for patients, healthcare providers, and dispensaries. House of Wise and Last Prisoner Project team up for a campaign, aiming to process clemency petitions for individuals with federal cannabis-related convictions. The market encompasses Cannabis Sativa and Indica, FDA-approved medications like Epidiolex, Marinol, and Syndros, and THC-rich strains. Companies like Canopy Growth focus on chronic pain, nausea, seizures, and neurological disorders. Research and development in cannabinoid-based medications address ailments like ALS, Parkinson's, Alzheimer's, and cancer. Market trends include mergers & acquisitions, B2B and B2C enterprises, and substantial funding values. Consumer spending follows an S-Curve function, while production concerns necessitate thorough testing.

Market Challenges

• Medical marijuana, containing cannabinoids like THC and CBD, is used to treat various conditions such as inflammation, chronic low-back pain, sleep disorders, anxiety, and Alzheimer's disease. The market for medical marijuana includes products like cannabis oil, sold through retail and pharmacy stores, online platforms, dispensaries, and authorized dispensaries. Avicanna and other pharmacological organizations are involved in the discovery of new therapeutics, while cultivation, processing, and manufacturing facilities ensure product quality. Key components like terpenes and minor cannabinoids contribute to the therapeutic effects, making dosage identification crucial. Patients should consult doctors before use, considering medical conditions and substance use history. The market also includes high-end retail locations and premium brands, with distribution channels expanding to biomass and medical marijuana products in Ohio.

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Segment Overview

This medical marijuana market report extensively covers market segmentation by

1. Type
• 1.1 Oil and tinctures
• 1.2 Flower
2. Product
• 2.1 Chronic pain
• 2.2 Nausea
• 2.3 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Oil and tinctures- The Medical Marijuana Market in the Western hemisphere has witnessed significant growth in recent years, fueled by research work and advancements in cannabinoid-based medications. Cannabis Sativa and Cannabis Indica, two primary strains of the marijuana plant, have shown promise in treating various ailments and symptoms, including chronic pain, ALS, Parkinson's, Alzheimer's, and cancer. The Food and Drug Administration (FDA) has approved several cannabis-derived medications, such as Epidiolex, Marinol, Syndros, Cesamet, and Sativex, for medical purposes. These medications contain specific cannabinoids, including CBD and THC, which have demonstrated effectiveness in addressing conditions like nausea, seizures, and appetite loss associated with chemotherapy. Major players in the industry, such as Canopy Growth, GW Pharmaceuticals, and various B2B and B2C enterprises, have seen substantial mergers & acquisitions and funding values, as reported in financial reports. The market's momentum is expected to continue, following an S-Curve function or even an exponential curve function, as more countries legalize medical cannabis and production concerns are addressed through thorough testing. Cannabis-derived medications have shown potential in treating neurological disorders, with ongoing research exploring their benefits for conditions like multiple sclerosis, epilepsy, and Huntington's disease. The GCS data from clinical trials and real-world applications further validate the efficacy of these treatments. In summary, the Medical Marijuana Market is experiencing substantial growth, driven by the development of cannabinoid-based medications, regulatory approvals, and increasing consumer spending. The market's potential is vast, with applications in treating chronic pain, neurological disorders, and various ailments and symptoms.

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Research Analysis

The Medical Marijuana Market encompasses a range of cannabinoid-based medications derived from the Cannabis Sativa and Cannabis Indica plants. These plants contain various compounds, including CBD and THC, which are used to treat ailments such as chronic pain, nausea, and seizures. The Food and Drug Administration (FDA) has approved certain cannabis-derived medications, including Epidiolex, Marinol, Syndros, and Cesamet, for medical purposes. B2B and B2C enterprises play a significant role in the production and distribution of these medications. Thorough testing and research work are crucial to ensure the quality and safety of these products. The market for medical marijuana is gaining momentum in various countries, with funding values and financial reports indicating continued growth. Sativex is another cannabis-derived medication used to treat symptoms related to multiple sclerosis and cancer. Production concerns and the need for thorough testing further highlight the importance of regulatory oversight in this industry.

Market Research Overview

In the burgeoning Medical Marijuana market, various cannabis strains are utilized for therapeutic purposes. These include Canabis Indica and Sativa, which differ in their effects on the body and mind. The FDA has approved certain cannabinoids, such as Epidiolex and Marinol, for specific medical conditions. Marinol is a synthetic version of THC, while Epidiolex contains CBD. Marijuana can help manage chronic pain, seizures, and nausea, among other conditions. However, it is crucial to note that the use of Medical Marijuana requires a prescription and proper regulation to ensure safety and effectiveness. The Alzheimer's Association and other organizations support the use of Medical Marijuana for certain neurological conditions. The Consumption of cannabis can be through various methods, including smoking, vaping, or edibles. The use of Medical Marijuana is a complex issue that requires careful consideration of its benefits and risks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Oil And Tinctures
• Flower
• Product
• Chronic Pain
• Nausea
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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