Medical Marijuana Market Size, Share Global Analysis Report, 2021 - 2026

Industry Insights

[219+ Pages Report] According to Facts and Factors, the global medical marijuana market was estimated to be worth USD 9,188 Million in 2020, and is expected to be worth USD 27,988 Million by the end of 2026, with a CAGR of about 20% between 2021 and 2026.

Market Overview   

Medical marijuana, widely known as MMJ or medical cannabis, is a type of marijuana plant and its components that are being used to treat a variety of illnesses and diseases, including persistent pain and nausea. It's administered for a variety of health conditions, including pain management and epilepsy, amongst many others. Several efforts are underway in Central Asia and the Middle East to regulate the use of medical marijuana in various areas. Medical cannabis, usually known as medical marijuana, is a medicinal medication derived from Cannabis plants that are used to treat a specific symptom or ailment. Although the term cannabis refers to the plant genus, it is also used to refer to the crude narcotic extracted from the plants' leaves and flowers, which is known as marijuana. Several pharmaceutical medications based on cannabis have been made accessible for medical use in a purified and standardized form.

Industry Growth Factors

The growing knowledge of medical marijuana's benefits among patients and healthcare experts has prompted regulatory bodies to consider and validate medical marijuana. Through various national programs, over 30 countries have approved its medical usage. It has also been approved for medicinal usage in several states around the United States. Regardless of medical or recreational usage, the substance remains illegal at the federal level and is classified as Schedule I in the United States under the Controlled Substances Act of 1970. A dynamic legislative landscape is projected during the forecast period since various research and development activities exploring the medical application of marijuana have been noticed across countries. Increased use of marijuana for a wide range of medical diseases and symptoms, rising demand for medical marijuana authorization in several nations, and an increase in R&D and clinical trial activity.

For decades, medical marijuana has been the subject of extensive research and discussion. Multiple drugs have been commercially approved by the US Food and Drug Administration due to the proven medical advantages of specific marijuana-based formulations (FDA). The rising prevalence of cancer has increased the number of individuals undergoing chemotherapy, the majority of whom are feeling nausea. These are being researched as a way to eliminate them using THC-based drugs. THC-based drugs have also been shown to stimulate appetite in people suffering from AIDS-related wasting syndrome. Furthermore, various THC and CBD-based medicines for the treatment of neuropathic pain and muscle spasms have been licensed or are undergoing clinical studies. An increased frequency of ailments is fueling market expansion, as medicinal marijuana is known to work as an alternative medication to its traditional competitors.

Segmentation Analysis

The medical marijuana market is segmented based on application, route of administration, and distribution channel:

As per application (pain management {neuropathic pain, cancer pain}, muscle spasms, nausea, anorexia, seizures), by route of administration (inhalation, oral, topical), by distribution channel (dispensaries, online), the use of medical marijuana is critical for a variety of reasons. Medical marijuana is provided to patients with chronic illnesses including Parkinson's, cancer, Alzheimer's, and a variety of neurological disorders. The adoption of new and advanced technologies, which has made them more multifunctional, has provided the industry with many lucrative growth opportunities in the coming years.

Regional Analysis

In 2020, the medicinal marijuana market in North America was worth more than USD 8,100 million. The legalization of medicinal marijuana has triggered a domino effect throughout states, with a rapid increase in the approval and commercialization of MMJ in the United States. Canada is also known to be a lucrative industry, with an exponential growth rate driven by a large population choosing medicinal cannabis as a therapeutic option. The increased prevalence of diseases like Alzheimer's and Crohn's disease has boosted medicinal marijuana sales in the area. Furthermore, multiple dispensary chains are thought to be involved in the distribution of medical marijuana between states to ensure continuous availability, resulting in an adequate supply of medical marijuana and driving up demand. Over the projected term, a similar pattern is expected, with the North American industry expected to increase at a high rate.

Covid-19 Analysis

The COVID-19 epidemic has resulted in an increase in medicinal cannabis use in numerous states across the United States. Due to the installation of a lockdown mode in many countries as a result of the COVID-19 epidemic, the medical marijuana business is likely to slow significantly throughout the forecast timeline. During the COVID-19 era, the healthcare profession experienced a dramatic increase. However, due to the increased emphasis on creating vaccines, the expansion of the medicinal marijuana business is expected to be constrained. During the COVID-19 epidemic, there was a huge increase in the number of medical marijuana patients and prescriptions in the United States and Europe. However, with the legalization of recreational or adult-use cannabis in major U.S. states like California, Colorado, and Washington, among others, the sector has seen a decline due to recreational cannabis's widespread availability. This could slow the market's growth during the forecast period. As a result, growing acceptance, cultivation, and manufacturing of cannabis in developing countries are assisting in the advancement of the medical marijuana market.

Report Scope

Competitive Players

Some of the essential players operating in the medical marijuana market are :

• Tilray
• Elixinol Global Limited
• Medical Marijuana Inc.
• Extractas
• Peace Naturals Project Inc.
• BOL Pharma
• PharmaHemp
• Kiehl’s
• Vermont Hemp Health
• Discover Health LLC
• ENDOCA
• Pacific roots
• CANOPY GROWTH CORPORATION
• Aurora Cannabis
• GW Pharmaceuticals plc.
• Harmony
• Pure Ratios
• MARY’s nutritionals
• Bioactive Solutions Inc.
• Upstate Elevator Supply Co.
• FOLIUM BIOSCIENCES
• EcoGen Biosciences
• Althea Company Pty Ltd
• Apothecanna
• Zenabis Global Ltd
• Cresco Labs
• IDT Australia
• MEDIFARM
• Greenwich Biosciences Inc.
• MediPharm Labs Inc.
• THC Global Group Limited
• Seed Cellar
• CANNABIS SEEDS USA
• HUMBOLDT SEED COMPANY
• Crop King Seeds
• BARNEY'S FARM
• Aphria Inc.

Medical Marijuana Market: Regional Segment Analysis

• North America

• U.S.
• Canada

• Europe

• Germany
• Italy
• France
• Spain
• UK
• The Netherland
• Denmark
• Ireland

• Latin America

• Argentina
• Brazil
• Chile
• Colombia
• Mexico

• Rest of the World

• Australia
• Israel