Medical Marijuana Market

Global Medical Marijuana Market Outlook (2024 to 2034)

The medical marijuana market size value was US$ 14,155.6 million in 2019. The demand for medical marijuana is expected to surge at a CAGR of 16% from 2024 to 2034. In 2024, total sales of medical marijuana are estimated to be around US$ 30,088.1 million. The medical marijuana industry is expected to reach a net worth of around US$ 132,972.8 million by the end of 2034. As the demand for cannabis for medical use is increasing, the market is expected to grow over the forecast period.

Several governments have legalized the use of cannabis for medical purposes. Medicinal cannabis producers and suppliers are now able to reach markets that had previously been restricted, resulting in a considerable rise of the consumer base.

After 2019, the medical cannabis market witnessed a tremendous rise in demand due to the growing popularity of THC-infused medical products, particularly during the pandemic years of 2020 and 2021. Effective legal modifications in the last few years have also promoted the expansion of companies investing in cannabis cultivation for medical use by lowering the possibility of penalties for suppliers.

Medical Marijuana Market Trends and Analysis

A key factor for the rising adoption of cannabis is its acceptability by medical professionals. Market players are gaining a wider range of prospective customers as doctors are now more willing to prescribe medicinal marijuana. Medicinal marijuana prescriptions are now easier to obtain after the emergence of telemedicine and virtual medical marijuana consulting services.

The rising credibility of medical marijuana as a therapeutic option has led to the discovery and production of several types of medical cannabis strains and has fueled market growth. Likewise, the growing options of different types of CBD-infused healthcare products have increased the popularity of CBD oil obtained from marijuana plants and their residues. Further research and studies on marijuana for patient care are anticipated to propel the demand for its medical applications and strengthen the market trends.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 30,088.1 million
Forecasted Market Value (2034F)	US$ 132,972.8 million
Global Market Growth Rate (2024 to 2034)	16% CAGR
Extract Form Segment Growth Rate (2024 to 2034)	16.1% CAGR
Seizures Segment Growth Rate (2024 to 2034)	16.3% CAGR
Retail Pharmacies Segment Growth Rate (2024 to 2034)	16.3% CAGR
North America Market Share (2024)	16.1%
Latin America Market Share (2024)	15.5%
Key Companies Profiled	Tilray Aurora Cannabis Canopy Growth Corporation Aphria, Inc. Maricann Group, Inc. Tikun Olam, Ltd. MedReleaf. Corp. GW Pharmaceuticals plc. Cannabis Sativa, Inc. Medical Marijuana, Inc.

What are the Notable Factors Propelling Growth in the Medical Marijuana Market?

“Research for Better Understanding and Awareness about Marijuana Health Benefits”

Ongoing research and studies on the cannabis plant have provided healthcare professionals with important knowledge about its therapeutic uses. A better understanding of the cannabis properties allows them to create specialized products that address certain medical requirements. For instance, marijuana for anxiety relief and for neurological disorders are the two prominent products that have gained enough recognition in the last few years.

Patients' trust in medicinal marijuana has increased significantly after several educational and awareness programs organized by botanists and healthcare professionals regarding the ethical consumption of marijuana. Moreover, reducing stigma via cultural shifts has encouraged producers to gain higher sales and revenue.

Country-wise Insights

Country	CAGR (2024 to 2034)
United States	16.1% CAGR
Brazil	16.1% CAGR

Why is the United States Dominating the Medical Marijuana Market?

“Favorable Regulatory Frameworks in the United States Stimulate Market Growth”

The medical cannabis industry of North America is estimated to account for 34.5% of the global revenue, valued at US$ 10,325 million in 2024. By funding educational programs, many market players in the country have established their global legitimacy and brand loyalty as trustworthy suppliers of legal medical marijuana products.

Favorable regulations in the United States have eliminated the obstacles for producers, processors, and suppliers of medical cannabis products, allowing them to work more productively. By capitalizing on the export requirements and modern diversification techniques, companies in the country are now in a better position to penetrate the other regional markets and serve a wider range of patient demographics.

The consumption of medical marijuana in the United States is poised to increase at a CAGR of 16.1% and reach a value of US$ 28,212 million by 2034. On the other hand, the demand for medical marijuana in Canada is observed to be growing at a faster rate of 16.3% until 2034.

Which Countries are the Leading Producers of Medical Marijuana in Latin America?

“Brazil and Chile Hold Nearly One-fourth of the Latin America Market Share”

Latin America follows North America in the production and marketing of different medical cannabis strains and is poised to have a market of US$ 4,451 million worth in 2024. Increased investments by healthcare institutes and government organizations in Latin America are providing regional market participants with the necessary capital for research, development, and infrastructure for the medical cannabis industry.

Over the next ten years, the overall demand for medical marijuana in Latin America is expected to surge at a rate of 15.5% on average. By the end of the forecast period, sales of medical marijuana in Brazil, Chile, and the rest of Latin America combined are expected to garner a revenue of around US$ 18,799 million.

Brazil is expected to be the leading producer of medical marijuana in 2024, contributing almost 14.2% of the regional market revenue. Traditionally several strains are cultivated in Brazil to meet the unique requirements of various medical problems and export of processed marijuana. The medical marijuana industry in Brazil is anticipated to advance at a CAGR of 16.1% from 2024 to 2034 and conclude at a net worth of US$ 2,818 million by 2034.

Category-wise Insights

Which Product Type is Highly Preferred by Patients?

“Marijuana Extracts Driving Market Sales”

Attribute	Details
Market Share in 2024	65.2%

Based on the product type, the extract form is estimated to contribute to 65.2% of the total market sales in 2024. Technological advancements have enabled manufacturers to obtain extracts that are specifically based on individual patient requirements. So, the demand for medical marijuana in extract form is expected to rise at a CAGR of 16.1% from 2024 to 2034.

The other market segment of medical marijuana in dried flower form is mainly driven by its growing requirement in pharmaceutical industries and health care institutes to some extent. Though the general belief requires more scientific backing, the most prominent use of medical marijuana in flower form is due to the connection between cannabis and cancer treatment. The market share of this segment is likely to progress at a CAGR of 15.9% through 2034.

Which is the Prominent Sales Channel in the Medical Marijuana Market?

“Higher Sales of Medical Marijuana Products via Offline Retail Channels”

Attribute	Details
Market Share in 2024	77.6%

Sales of 77.6% of the total marijuana for chronic pain and other related ailments are expected to be through offline retail channels in 2024. A further closer look at the prevalent market trends suggests the sales of medical marijuana products through this segment are likely to increase at a CAGR of 16.3% until 2034.

Supply chain optimization is expected to increase productivity and guarantee a dependable and consistent market for medical cannabis industries operating currently. So, new entrants in this sector, as well as some established players, are continuously increasing their presence over online platforms and are driving the e-commerce distribution channel segment. Through the projection years, the sales of medical marijuana products through online channels are poised to increase at a CAGR of 15.1%.

Competitive Landscape

Key players in the medical marijuana market include Tilray, Aurora Cannabis, Canopy Growth Corporation, Aphria, Inc., Maricann Group, Inc., Tikun Olam, Ltd., MedReleaf. Corp., GW Pharmaceuticals plc., Cannabis Sativa, Inc., and Medical Marijuana, Inc.

The competition among medical marijuana producers and suppliers is particularly rising in countries of North America and Latin America where cannabis therapy is legal. Leading players have been able to set themselves apart from the competition through ongoing innovation and diversification of products prepared from cannabis as a medicine. Meanwhile, financial support from healthcare institutes and pharmaceutical industries is aiding emerging players in scaling up their operations and gaining a competitive advantage in the market.

Recent Developments by Medical Marijuana Industry Participants

• In February 2023, Metrc announced that it had expanded its agreement with the State of Missouri to facilitate the regulation of its adult-use cannabis industry.
• In April 2022, seven medical marijuana firms were given permission to sell their goods to all adults. It was the first instance of legalized marijuana sales in New York City.

Key Segments Covered by Medical Marijuana Industry Survey Report

• By Product Type:

  • Dried flower
  • Extract Form

• By Indication Type:

  • Pain Management
  • Seizure
  • Other Ailments

• By Distribution Channel:

  • Retail pharmacies
    • Retail Pharmacies
    • Drug Stores
    • Online Sales
    • Supermarket or Hypermarket
  • E-commerce Channels

• By Region:

  • North America Market
  • Europe Market
  • Latin America Market
  • East Asia Market
  • South Asia & Oceania Market
  • Middle East & Africa (MEA) Market