Medical Marijuana Industry Overview
The global medical marijuana market size is expected to reach USD 65.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.6% from 2022 to 2030. It has been identified that, in 2016, Washington D.C. along with 28 states legalized marijuana for medical uses. In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years.
Medical Marijuana Market Segmentation
Grand View Research has segmented the global medical marijuana market by product type, application, and region:
Based on the Product Type Insights, the market is segmented into Flower, Oil & Tinctures.
- The oil and tinctures segment dominated the market and accounted for the largest revenue share of 51.8% in 2021. The segment is anticipated to witness the fastest growth rate over the forecast period.
- Marijuana oils are preferred as they are a blend of cannabis extracts and inert carrier oils. The oils are easier to find. The tinctures are generally alcohol-based and therefore have a longer shelf life. The bitterness of tinctures is often masked with the help of additives such as sweeteners and other flavoring agents.
Based on the Application Insights, the market is segmented into Cancer, Chronic Pain, Depression and Anxiety, Arthritis, Diabetes, Glaucoma, Migraines, Epilepsy, Multiple Sclerosis, AIDS, Amyotrophic Lateral Sclerosis, Alzheimer’s Disease, Post-Traumatic Stress Disorder (PTSD), Parkinson's Disease, Tourettes, Others.
- The chronic pain segment dominated the market and accounted for the largest revenue share of around 26.0% in 2021. Reports from various researchers state that medical cannabis is safe for treating patients with chronic pain and neuropathic pain.
- The growing number of clinical trials with marijuana to treat neuropathic and chronic pain is one of the key indicators, which showcases the rising usage of cannabis in pain management over the coming few years.
- Medical marijuana has seen rapid adoption for chronic pain management and the trend would continue in coming years as well. Cannabinoids have over-shadowed the use of opioids for chronic pain management due to their ability to relive pain more effectively than opioids.
- It is used for chronic pain control; it eases the pain of nerves and multiple sclerosis. It is also used as a muscle relaxant to lessen tremors in Parkinson’s disease, interstitial cystitis, endometriosis, fibromyalgia, and other chronic pain.
- It is used to manage nausea and weight loss and is used for the treatment of glaucoma, and helps patients suffering from pain and wasting syndrome related to HIV, Crohn’s disease, and bowel syndrome.
- However, cancer will be the fastest-growing application segment with a CAGR of 25.0% during the forecast period. By federal law, the usage of cannabis without a research setting is considered to be illegal. However, the rapidly growing number of states, districts, and territories enacting laws to legalize the drug is also driving its demand in cancer treatment.
- Various clinical trials have indicated that marijuana has displayed cancer cell destroying capabilities. However, the drug is not approved by the U.S. FDA for the treatment of cancer, which is a key restraining factor for the growth of this application segment.
Medical Marijuana Regional Outlook
- North America
Key Companies Profile & Market Share Insights
The Canadian government’s announcement to limit the number of licenses for growers and distributors of medical marijuana will positively reinforce the growth of the large players such as Aurora Cannabis, Canopy Growth, and Aphria Inc.
Some prominent players in the global medical marijuana market include
- Cara Therapeutics Inc.
- Cannabis Sativa, Inc.
- CannaGrow Holdings, Inc.
- United Cannabis Corporation
- Growblox Sciences, Inc.
- GreenGro Technologies, Inc.
- GW Pharmaceuticals plc
- International Consolidated Companies, Inc.
- Lexaria Corp.
Order a free sample PDF of the Medical Marijuana Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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