Medical Marijuana Market By Application (Chronic Pain Arthritis, Migraine, Cancer, and Other Applications) and By Region, Trends, Analysis and Forecast till 2030

The Medical Marijuana Market accounted for USD 9.01 Billion in 2020 and is estimated to be USD 33.64 Billion by 2030 and is anticipated to register a CAGR of 13.7%.

Medical marijuana is similar to medical cannabis or cannabinoids that are given by a doctor to their patients. Medical marijuana is present in two types including dried form and extracts from which are produced from dry leaves of the marijuana plant. Additionally, medical marijuana is a distinct type of medicine which is used to treat various diseases such as cancer, arthritis, chronic pain, neurology, seizures, migraine, and others. The past evidence shows that cannabis might reduce nausea and vomiting during chemotherapy and also decreases the chronic pain and muscle spasms. Certain drugs had some of the side effects on the human body, cannabis effects include dizziness, feeling tired, vomiting, and also hallucinations. The use of medical marijuana has not been tested due to production and stringent laws of government, results in limited clinicals research to define the safety and efficacy of using cannabis in treatment of disease. Overall, it can be stated that there is less research done on the usage of cannabis, it is not clear that whether advantage outweigh disadvantages.

Rising demand in developing nations

Growing demand for medical marijuana in developed and developing countries owing to the increasing use of medical marijuana to treat many disorders including cancer, nerve damage, epilepsy, arthritis, Parkinson’s disease, multiple sclerosis, and others. This is a key factor expected to drive the growth of the global medical marijuana market over the forecast period. Additionally, legalizing medical marijuana in several countries and growing the use of cannabis for medical and recreational purposes resulting in rising demand for medical marijuana globally. These are major factors anticipated to boost the growth of the global market throughout the forecast period. Further, increasing production of edible products with cannabis and rising penetration of medical marijuana products worldwide are propelling the growth of the target market. Increasing geriatric population globally and rising number of medical marijuana clubs in many countries projected to proliferate the growth of the target market.

However, the low penetration of medical marijuana products in semi-urban and urban areas hampers the growth of the target market. Also, strict FDA and other regulations in some countries along with the high cost associated with medical marijuana is a challenging factor that may affect the growth of the global market. Nevertheless, increasing production of premium medical cannabis products by manufacturers and growing medical marijuana-related awareness programs conducted by private and public organizations across the globe are creating growth opportunities for the target market.

The global medical marijuana market is segmented based on application, and region.

Based on the application, the target market is bifurcated into chronic pain, arthritis, migraine, cancer, and other applications.

Regional Insights:

The global medical marijuana market accounted for US$ 9.01 billion in 2020 and is estimated to be US$ 33.64 billion by 2030 and is anticipated to register a CAGR of 13.7%. On region the global medical marijuana market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market North America is projected to dominate in the global market in terms of revenue during the forecast period followed by a market in Europe. Increasing use of medical marijuana in several applications and the presence of major medical marijuana manufacturers in countries in these regions are boosting the growth of the global market. Asia Pacific market is estimated to witness momentous growth in the global market, due to increasing adoption of medical marijuana among the ageing population for chronic diseases. Moreover, the increasing popularity of different medical marijuana products such as lotions, creams, gels, ointments, and others is projected to propel the growth of the Asia Pacific medical marijuana market. The market in Middle East & Africa is likely to record average growth in terms of revenue followed by the market in Latin America over the forecast period.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global medical marijuana market report based on application, and region.

Global Medical Marijuana Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

The key players operating the global medical marijuana market include Canopy Growth, Lexaria Corp., United Cannabis Corporation, Aurora Cannabis, Cannabis Sativa Inc., Cara Therapeutics Inc., GW Pharmaceuticals PLC, LivWell Enlightened Health LLC, Aphria, Inc., and Medical Marijuana Inc. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the products to gain a competitive edge in the target market. For instance, in October 2018, Canopy Growth Corporation has agreed, to acquire the Colorado-based hemp research leader. The transaction will accelerate and complement multiple core verticals operating under Canopy Growth’s group of companies.