Medical Marijuana Market to Grow by USD 39.8 Billion (2024-2028), Driven by Product Launches, How AI is Shaping the Market - Technavio Report

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global medical marijuana market  size is estimated to grow by USD 39.81 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 29.52%  during the forecast period.  Rising number of product launches is driving market growth, with a trend towards increasing number of awareness campaigns. However, side effects associated with inappropriate use of medical marijuana  poses a challenge. Key market players include 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.

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Key Market Trends Fueling Growth

Medical marijuana vendors are implementing educational campaigns to promote safe and responsible use, thereby expanding market reach. In April 2022, Leaf411 and Healer.com joined forces to offer online medical cannabis training for patients, healthcare providers, and dispensaries. House of Wise and Last Prisoner Project launched a campaign, "Justice for all," to process clemency petitions for individuals with federal cannabis-related convictions. New York initiated its first public health education campaign on medical marijuana in the same month. In April 2022, New York Governor Kathy Hochul introduced new public service advertisements as part of the Cannabis Conversations campaign. These awareness initiatives are expected to boost medical marijuana adoption and fuel market expansion during the forecast period. 

The Medical Marijuana market is experiencing significant growth in the Western hemisphere, driven by the increasing acceptance of Cannabis Sativa and Indica for medical purposes. The FDA has approved CBD-based medications like Epidiolex, Marinol, Syndros, and Cesamet for treating various ailments such as chronic pain, neurological disorders like ALS, Parkinson's, and Alzheimer's, and cancer. Canopy Growth and GW Pharmaceuticals are leading B2B enterprises in this space, focusing on research work and producing cannabinoid-based medications. The market is witnessing a momentum with mergers & acquisitions, funding values reaching new heights, and financial reports showing consumer spending on an S-Curve function. Production concerns are being addressed through thorough testing, ensuring quality and safety. Key symptoms like appetite loss and vomiting due to chemotherapy are also being targeted. The market is expected to follow an exponential curve function, with various countries legalizing medical marijuana for specific conditions. 

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Market Challenges

• Medical marijuana contains active ingredients called cannabinoids, with THC and CBD being the most prominent. The THC content in medical marijuana can vary, depending on growing, preparation, and storage methods. Additional chemicals in medical marijuana can also differ from plant to plant, making it challenging to determine the optimal dosage for patients. Consulting doctors before use is essential, considering medical conditions and past alcohol and drug use. Side effects of medical marijuana may include mood changes, lack of coordination, increased appetite, red eyes, dry mouth, nausea, cough, throat infection, slower reaction time, increased heart rate, depression, and memorization difficulties. These side effects could potentially hinder the market's growth during the forecast period.
• The Medical Marijuana market faces several challenges in its growth. One major challenge is the association of marijuana with psychoactive compounds, limiting its acceptance for medical use in certain communities. However, companies like Avicanna are innovating with therapeutic cannabinoids and terpenes to address conditions like inflammation, chronic low-back pain, vomiting and nausea in HIV/AIDS patients, sleep disorders, anxiety, and Alzheimer's disease. Product types include solid, gas, and dissolvable/powders. Clinical trials are crucial for drug discovery in chronic diseases like osteoarthritis. Distribution channels include retail & pharmacy stores, online platforms, dispensaries, and authorized dispensaries. Cultivation, processing, and manufacturing facilities in Ohio and other regions are essential for supplying biomass for medical marijuana products. Pharmacological organizations and high-end retail locations are also key players in this market. Challenges remain in social acceptance, cannabis oil production, and adherence to regulatory frameworks.

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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 is experiencing significant growth due to increasing legalization and recognition of its therapeutic benefits. Patients are turning to marijuana as an alternative treatment for various medical conditions, leading to a rise in demand. Businesses are responding by investing in cultivation, production, and distribution of medical marijuana products. This trend is expected to continue, making it an attractive industry for entrepreneurs and investors.

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Research Analysis

The medical marijuana market is experiencing significant momentum as more research uncovers the potential benefits of Cannabis Sativa and Cannabis Indica for various ailments. The Food and Drug Administration (FDA) has approved several cannabinoid-based medications, including Epidiolex for seizures, Marinol and Syndros for nausea and vomiting caused by chemotherapy, and Cesamet for chronic pain and chemotherapy-induced nausea and vomiting. B2B and B2C enterprises are investing heavily in the production of medical marijuana, with funding values reaching billions in financial reports. Thorough testing and thorough research are crucial to ensure the safety and efficacy of these medications. Medical marijuana is used for chronic pain, seizures, and other symptoms, and is legal in various countries for medical purposes. The marijuana plant contains over 100 cannabinoids, with THC and CBD being the most well-known. Production concerns include ensuring consistent levels of cannabinoids and minimizing contaminants.

Market Research Overview

The Medical Marijuana market in the Western hemisphere is experiencing significant growth due to the increasing recognition of Cannabis Sativa and Cannabis Indica for their therapeutic uses. The Food and Drug Administration (FDA) has approved certain cannabinoid-based medications like Epidiolex, Marinol, Syndros, and Cesamet for medical purposes. Research work on CBD and THC is ongoing for various ailments including chronic pain, ALS, Parkinson's, Alzheimer's, cancer, and neurological disorders. Companies like Canopy Growth, Avicanna, and therapeutics are leading the way with clinical trial initiatives for new cannabis-based medications. The market is witnessing in mergers & acquisitions, funding values, and financial reports. Consumer spending on medical cannabis is following an S-Curve function, with an exponential curve function expected as decriminalizing cannabis gains momentum. Various countries are legalizing medical marijuana for conditions like vomiting and nausea caused by chemotherapy, HIV/AIDS, sleep disorders, anxiety, and inflammation. Production concerns include thorough testing and ensuring safety and effectiveness. Edible cannabis products, functional food, and beverages like kale, turmeric, and kombucha are also gaining popularity. The reimbursement environment is evolving, with product types ranging from solid to gas & dissolvable/powders and varying psychoactive compounds. Terpenes and minor cannabinoids are also being explored for their therapeutic benefits. The market is expected to continue its momentum in the coming years, with a focus on pain management, hunger, ocular strain, and other symptoms of various diseases.

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

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SOURCE Technavio