Medical Marijuana Market Size, Share, and Trends 2024 to 2033

Medical Marijuana Market (By Type: Oils, Capsules, Others; By Application: Chronic Pain, Amyotrophic Lateral Sclerosis (ALS), Anxiety and Depression) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4447
  • Category : Healthcare

Medical Marijuana Market Size and Companies

The global medical marijuana market size was USD 16.68 billion in 2023, calculated at USD 20.32 billion in 2024 and is expected to reach around USD 120.15 billion by 2033. The market is expanding at a solid CAGR of 21.83% over the forecast period 2024 to 2033. The legalization of marijuana in different countries is driving the market growth.

Medical Marijuana Market Size 2024 to 2033

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Medical Marijuana Market Key Takeaways

  • The North America medical marijuana market size was evaluated at USD 12.84 billion in 2023 and is expected to attain around USD 93.12 billion by 2033, poised to grow at a CAGR of 21.91% between 2024 and 2033.
  • North America dominated the market with the largest share in 2023.
  • Asia Pacific is expected to register the fastest growth during the forecast period.
  • By type, the oils segment dominated the market in 2023.
  • By application, the chronic pain segment registered the largest shares in 2023.
  • By application, the amyotrophic lateral sclerosis (ALS) segment is expected to register the fastest growth during the forecast period.

U.S. Medical Marijuana Market Size and Growth 2024 to 2033

The U.S. medical marijuana market size surpassed USD 9.63 billion in 2023 and is projected to attain around USD 70.30 billion by 2033, poised to grow at a CAGR of 21.99% from 2024 to 2033.

U.S. Medical Marijuana Market Size 2024 to 2033

North America dominated the medical marijuana market in 2023, with the largest share revenue in 2023. The U.S., being the first country to legalize cannabis, is the main reason behind the dominance. Around 37 states in the U.S. have legalized marijuana for the production and use of medical purposes. They are also legalizing cannabis for recreational purposes. The advanced healthcare infrastructure in North America provides opportunities for many research and development activities in the region.

The ongoing growth is boosted by many key companies and healthcare organizations. The number of chronic diseases in the North has surged rapidly in the past few years which increases the demand for convenient and effective therapeutics. The legalization is expected to expand in further states and open opportunities for many producers, cultivators, healthcare professionals, and businesses.

Medical Marijuana Market Share, By Region, 2023 (%)

Europe held the second-largest share of the medical marijuana market in 2023. The increasing R&D activities to find convenient treatment options for various conditions is the reason behind the growth in the European region. The region has witnessed several awareness campaigns that conveyed e multiple benefits of marijuana products among the public. The legalization of marijuana products is increasing the demand for various industry professionals, which is potentially boosting the market growth. Key market companies in the North American region are focused on expanding their market in European countries, which could potentially speed up the growth of Europe.

The medical marijuana market in Asia Pacific is expected to register the fastest growth during the forecast period. The rise in disposable income rate and social acceptance among the people is considered the reason behind the rapid growth. Countries like China, Japan, and India have been contributing to the development of the market as the number of legalizations of medical marijuana products is increasing rapidly. The growing population suffering from chronic diseases is accelerating the market growth.

Market Overview

The medical marijuana market refers to the production, distribution, and sales of marijuana products designed for medical purposes. Medical marijuana, also known as medical cannabis, is the use of the marijuana plant to treat various kinds of illnesses and other conditions. Marijuana contains cannabinoids, which are recommended by doctors and healthcare professionals and help to cure symptoms like nausea, pain, spasms, appetite loss, and also special conditions like cancer and HIV/AIDS. The drug has not been widely used because of the restrictions and laws in many countries.

The marijuana is cultivated into oils, edibles, and creams, which are sold into the market through licensed companies. Many countries are legalizing marijuana for medical use, which is increasing the number of marijuana cultivators. The changing government policies are increasing the demand for medical marijuana products, which increases the demand of various stakeholders like processors, dispensaries, doctors, regulatory bodies, and patients.

Medical Marijuana Market Growth Factors

  • The increasing research and development activities are considered to drive the market growth. The research aim to prove the benefits of marijuana products in pain management.
  • The legalization of medical marijuana in various countries is boosting the demand for various manufacturers and cultivators in the industry.
  • Increasing awareness about the benefits of medical marijuana among people is increasing the demand for medical marijuana products.
  • Various technological advancements in the medical marijuana market, like the implementation of multiple cultivating techniques, are boosting the market growth.
  • The increasing number of benefits for medical conditions like chronic diseases is driving the medical marijuana market.

Medical Marijuana Market Scope

Report Coverage Details
Market Size in 2023 USD 16.68 Billion
Market Size in 2024 USD 20.32 Billion
Market Size by 2033 USD 120.15 Billion
Market Growth Rate From 2024 to 2033 CAGR of 21.83%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Type, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Medical Marijuana Market Dynamics

Drivers

Legalization of medical marijuana

The illegality of marijuana in many countries is influenced by various factors, which include many international laws and treaties signed by countries. However, since the de-scheduling in 2020, cannabis is considered a Schedule I drug, which means it can be used for medical purposes but is considered an addictive drug. Many researchers have stated the benefits of marijuana being used as a medicine, which has increased awareness among the people and led to more demand for marijuana products in the market. The legalization of marijuana will create more opportunities for businesses to step into this market and contribute to its growth.

Increasing technological advancements

The medical marijuana market has witnessed rapid growth over the past few years due to the increasing awareness and benefits of medical marijuana products. The legalization has also led to many technological advancements in products like capsules, oils, and gummies. Artificial intelligence (AI) has also contributed to the growth as the tool is capable of analyzing environmental factors, which can effectively help strategize the entire process. AI has helped many new companies to form their business and also led to their growth. It helps companies to analyze the data and work according to consumer preferences. Many ongoing R&D activities that aim at effective medical development are also contributing to market growth.

Restraint

Side effects of high-dose medicines

Medical marijuana has made significant developments in recent years, but it still lacks more improved medicines due to the limitations of marijuana in several regions. There is a lack of tested products, which can lead to side effects like dizziness, difficulties in decision-making, memory, etc.. A high dose of marijuana medicine can also lead to cardiovascular effects like increasing heart rate and blood pressure. These factors could potentially affect the growth of the medical marijuana market. To tackle this problem, there is a need for more R&D activities and an increasing focus on product approval.

Opportunities

Diversification of products

The medical marijuana market has been boosted in recent years due to the legalization of marijuana in several countries. There have been certain limitations regarding the medicines that have not been beneficial to all consumers. As a result of increasing demand in the market, many researchers are focused on improving the genetics of the marijuana drug while producing the medicine. This could lead to the production of low-dosage products that might suit the people and avoid the side effects. To fulfill patient preferences, the needs for various types of medicines would be diversified to gain the trust of people towards medical marijuana products. Customization would help the producers understand the customers' needs and help the market grow.

An upsurging number of clinical research

The clinical research will potentially help the medical marijuana market to boost its growth as they are highly based on scientific evidence. Many organizations are researching the mechanism of marijuana so it would help to analyze the drug and create a safe and effective medicine for patients. The reason behind this research is the quality and side effects of the drug. This aims to prove the potential of marijuana in pain management. Clinical research might help in controlling the quality of marijuana products and establish standardized protocols for cultivating, extracting, and manufacturing the products. This would ensure the safety and potency of the product and help the growth of the medical marijuana market.

Type Insights

The oil segment dominated the medical marijuana market with the largest shares in 2023. These oils can be formulated with cannabinoids like CBD and THC. This helps in precise dosing according to the patient's requirements. According to many researchers, CBD contains properties that can reduce inflammation, which could potentially play a key role in providing treatment to patients with chronic pain. Oils are considered easy to use, which also stands as a factor behind the popularity of oils as a treatment option for various conditions. Marijuana oils are versatile as they can be consumed in several ways; they can be added to food or mixed with creams and lotions. This allows the consumer to choose a convenient option based on their needs and medical preferences. Oils are considered to be a safer option as they reduce the risk of any respiratory condition or health damage.

The capsule segment is expected to register a significant growth in the upcoming years. The demand for capsule-based marijuana medicines is increasing due to the convenient and discreet dosage. The capsule-based drug contains precise doses of cannabinoids and terpenes, which play an effective role in pain management. The main reason behind the reliability of capsules is the reduced taste and odor. The capsules can be consumed with the help of water and are more convenient to use. It also helps the patient tolerate the taste and increase their compliance with treatments.

Application Insights

The chronic pain segment held the largest share of the medical marijuana market in 2023. It is one of the most common diseases which needs the use of medical marijuana. The global reports also stated that the increasing number of chronic pains is leading to the growth of the medical marijuana market. Properties like CBD and THCV offer pain relief benefits to patients suffering from chronic pain. The increasing number of researches to prove the effectiveness of marijuana in pain management will potentially boost the demand for more medical marijuana products in the upcoming years. Many healthcare professionals are proving the use of marijuana to cure pain.

The amyotrophic lateral sclerosis (ALS) segment is expected to be the fastest-growing segment during the forecast period. It is a neurodegenerative disorder that affects the cells in the spinal cord and brain. According to the data released by a medical company, the increasing prevalence of ALS is converting the cases to a greater number of deaths. Marijuana can be used to cure symptoms of ALS, which will help the patient during the treatments. Much research is being carried out to prove the effectiveness of marijuana as a medicine for many conditions.

Medical Marijuana Companies

Medical Marijuana Market Companies

  • Canopy Growth Corporation
  • Cannabis Sativa Inc
  • GW Pharmaceuticals Plc
  • CanniMed Ltd
  • Pfizer Inc
  • Medical Marijuana Inc
  • GBSciences Inc
  • MediPharm Labs
  • Emerald Health Therapeutics Inc
  • Aphria
  • Tilray
  • Aurora Cannabis
  • Maricann Group, Inc.
  • Tikun Olam, Ltd.
  • MedReleaf. Corp.
  • GW Pharmaceuticals plc.
  • Medical Marijuana, Inc.

Recent Developments:

  • In November 2023, Tilray acquired MedMen Enterprises to increase the marijuana medicine network all over North America.
  • In 2023, Curaleaf announced its medicine sales expansion in Germany. The company aims to provide high-quality marijuana medicines all over Europe.
  • In 2023, Metrc collaborated with the state of Missouri to boost the regulation of the adult-use cannabis market.
  • In 2023, Cannabis Corporation announced their new medical marijuana products designed especially for senior citizens. The newly introduced medicines are designed for easy use and contain low THC, making them easily accessible to adults.

Segments Covered in the Report

By Type

  • Oils
  • Capsules
  • Others

By Application

  • Chronic Pain
  • Amyotrophic Lateral Sclerosis (ALS)
  • Anxiety and Depression

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global medical marijuana market size is expected to increase USD 120.15 billion by 2033 from USD 16.68 billion in 2023.

The medical marijuana market is anticipated to grow at a CAGR of over 21.83% between 2024 to 2033.

The major players operating in the medical marijuana market are Canopy Growth Corporation, Cannabis Sativa Inc, GW Pharmaceuticals Plc, CanniMed Ltd, Pfizer Inc, Medical Marijuana Inc, GBSciences Inc, MediPharm Labs, Emerald Health Therapeutics Inc, Aphria, Tilray, Aurora Cannabis, Maricann Group, Inc., Tikun Olam, Ltd., MedReleaf. Corp., GW Pharmaceuticals plc., Medical Marijuana, Inc., and Others.

The driving factors of the medical marijuana market are the legalization of medical marijuana and increasing technological advancements.

North America region will lead the global medical marijuana market during the forecast period 2024 to 2033.

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