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

NEW YORK, Aug. 10, 2023 /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

Medical marijuana market – Company Analysis
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.

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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

Medical Marijuana Market - Segmentation Assessment

Segment Overview
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.

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Medical Marijuana Market – Market Dynamics

Key Drivers

The rising number of product launches is a key factor driving market growth. 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.

Major Trends

The increasing number of awareness campaigns is a major trend in the market. Several companies in the market are launching campaigns to educate consumers about the safe and responsible use of medical cannabis to increase sales. For example, in April 2022, New York City launched its first public health awareness campaign focused on medical cannabis. Governor Kathy Hochul has released a new public service announcement as part of the Cannabis Conversation Campaign. Hence, such trends are expected to boost market growth during the forecast period.

Significant Challenges

Side effects associated with the inappropriate use of medical marijuana are a significant challenge restricting market growth. The active compounds found in medical cannabis are known as cannabinoids, and THC is considered one of the most important and active cannabinoids. Medical cannabis users can experience a variety of side effects which include mood swings, lack of coordination, increased appetite, red eyes, dry mouth, nausea, coughing, sore throat, and decreased reaction time. Therefore, such side effects may adversely affect the introduction of medical cannabis. Hence, such factors are expected to impede the growth potential of the market during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this medical marijuana market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the medical marijuana market between 2023 and 2027
• Precise estimation of the size of the medical marijuana market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the medical marijuana market across North America, APAC, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of medical marijuana market companies

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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

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Company Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of Companies included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global medical marijuana market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global medical marijuana market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Oil and tinctures - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Oil and tinctures - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Oil and tinctures - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Oil and tinctures - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Oil and tinctures - Year-over-year growth 2022-2027 (%)

• 6.4 Flower - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Flower - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Flower - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Flower - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Flower - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 44: Chart on Product - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 46: Chart on Comparison by Product
• Exhibit 47: Data Table on Comparison by Product

• 7.3 Chronic pain - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Chronic pain - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Chronic pain - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Chronic pain - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Chronic pain - Year-over-year growth 2022-2027 (%)

• 7.4 Nausea - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Nausea - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Nausea - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Nausea - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Nausea - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Product 
• Exhibit 60: Market opportunity by Product ($ million)
• Exhibit 61: Data Table on Market opportunity by Product ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Canada - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 France - Market size and forecast 2022-2027 
• Exhibit 103: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Company Landscape

• 11.1 Overview

• 11.2 Company landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Company Analysis

• 12.1 Companies covered
• Exhibit 113: Companies covered

• 12.2 Market positioning of companies 
• Exhibit 114: Matrix on company position and classification

• 12.3 Aurora Cannabis Inc.
• Exhibit 115: Aurora Cannabis Inc. - Overview
• Exhibit 116: Aurora Cannabis Inc. - Business segments
• Exhibit 117: Aurora Cannabis Inc. - Key offerings
• Exhibit 118: Aurora Cannabis Inc. - Segment focus

• 12.4 Canopy Growth Corp.
• Exhibit 119: Canopy Growth Corp. - Overview
• Exhibit 120: Canopy Growth Corp. - Business segments
• Exhibit 121: Canopy Growth Corp. - Key news
• Exhibit 122: Canopy Growth Corp. - Key offerings
• Exhibit 123: Canopy Growth Corp. - Segment focus

• 12.5 Cresco Labs LLC
• Exhibit 124: Cresco Labs LLC - Overview
• Exhibit 125: Cresco Labs LLC - Product / Service
• Exhibit 126: Cresco Labs LLC - Key offerings

• 12.6 Cronos Group Inc.
• Exhibit 127: Cronos Group Inc. - Overview
• Exhibit 128: Cronos Group Inc. - Business segments
• Exhibit 129: Cronos Group Inc. - Key news
• Exhibit 130: Cronos Group Inc. - Key offerings
• Exhibit 131: Cronos Group Inc. - Segment focus

• 12.7 Etain LLC
• Exhibit 132: Etain LLC - Overview
• Exhibit 133: Etain LLC - Product / Service
• Exhibit 134: Etain LLC - Key offerings

• 12.8 HEXO Corp.
• Exhibit 135: HEXO Corp. - Overview
• Exhibit 136: HEXO Corp. - Key offerings

• 12.9 Jazz Pharmaceuticals Plc
• Exhibit 137: Jazz Pharmaceuticals Plc - Overview
• Exhibit 138: Jazz Pharmaceuticals Plc - Product / Service
• Exhibit 139: Jazz Pharmaceuticals Plc - Key news
• Exhibit 140: Jazz Pharmaceuticals Plc - Key offerings

• 12.10 Khiron Life Sciences Corp 
• Exhibit 141: Khiron Life Sciences Corp - Overview
• Exhibit 142: Khiron Life Sciences Corp - Business segments
• Exhibit 143: Khiron Life Sciences Corp - Key offerings
• Exhibit 144: Khiron Life Sciences Corp - Segment focus

• 12.11 Maricann Group Inc
• Exhibit 145: Maricann Group Inc - Overview
• Exhibit 146: Maricann Group Inc - Product / Service
• Exhibit 147: Maricann Group Inc - Key offerings

• 12.12 Medical Marijuana Inc. 
• Exhibit 148: Medical Marijuana Inc. - Overview
• Exhibit 149: Medical Marijuana Inc. - Product / Service
• Exhibit 150: Medical Marijuana Inc. - Key offerings

• 12.13 MediPharm Labs Inc.
• Exhibit 151: MediPharm Labs Inc. - Overview
• Exhibit 152: MediPharm Labs Inc. - Product / Service
• Exhibit 153: MediPharm Labs Inc. - Key offerings

• 12.14 Tikun Olam
• Exhibit 154: Tikun Olam - Overview
• Exhibit 155: Tikun Olam - Product / Service
• Exhibit 156: Tikun Olam - Key offerings

• 12.15 Tilray Brands Inc.
• Exhibit 157: Tilray Brands Inc. - Overview
• Exhibit 158: Tilray Brands Inc. - Business segments
• Exhibit 159: Tilray Brands Inc. - Key offerings
• Exhibit 160: Tilray Brands Inc. - Segment focus

• 12.16 Trevena Inc
• Exhibit 161: Trevena Inc - Overview
• Exhibit 162: Trevena Inc - Product / Service
• Exhibit 163: Trevena Inc - Key offerings

• 12.17 Verano Holdings LLC
• Exhibit 164: Verano Holdings LLC - Overview
• Exhibit 165: Verano Holdings LLC - Business segments
• Exhibit 166: Verano Holdings LLC - Key offerings
• Exhibit 167: Verano Holdings LLC - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 168: Inclusions checklist
• Exhibit 169: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 170: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 171: Research methodology
• Exhibit 172: Validation techniques employed for market sizing
• Exhibit 173: Information sources

• 13.5 List of abbreviations
• Exhibit 174: List of abbreviations

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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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