Medical Marijuana Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Chronic Pain Sufferers and Boosting Demand for Therapies
Medical marijuana is anticipated to experience high demand as the number of health disorders in adults is increasing. The spread of chronic pain diseases is higher in adults and elderly people. The therapies that are conducted to relieve them from pain use this medicine since it can help in reducing pain. According to WHO, cancer was the second major disease that caused deaths globally in 2018 and has accounted for 9.6 million deaths. This puts emphasis on the increasing need for medical marijuana worldwide. - Opportunities
The market has a lot of opportunities to expand. Primarily, it is a medicine and is being accepted widely. Secondly, the benefits of this medicine are widely known. Lastly, the product is required for the treatment of major diseases such as cancer, arthritis, chronic pain, and many more. This makes the product crucial and is required everywhere around the globe.
Challenges
Marijuana is a drug that can leave a negative impact on the health of a person if mishandled. This creates a threat to the market growth. The drug is not legalized everywhere. Further, it is a recreational drug and it can leave symptoms including altering the mind, addiction, and others if it is not used as prescribed by the doctors. Another hindrance to the market can be the regulations imposed by the government on the usage of the medicine.
Medical Marijuana Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
21.6% |
|
Base Year Market Size (2024) |
USD 19.42 billion |
|
Forecast Year Market Size (2037) |
USD 246.82 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of medical marijuana is evaluated at USD 22.99 billion.
Medical Marijuana Market size was valued at USD 19.42 billion in 2024 and is set to exceed USD 246.82 billion by 2037, expanding at over 21.6% CAGR during the forecast period i.e., between 2025-2037.
North America industry is likely to dominate majority revenue share by 2037, as a result of legalization of the drug in several parts of the region and increased knowledge of the medicinal properties of the drug.
The major players in the market are Aphria Inc., Canopy Growth Corp., Tilray, GW Pharmaceuticals plc, Aurora Cannabis, Maricann Group Inc., Lexaria Corp., Tikun Olam Ltd., United Cannabis Corp., and others.
