Medical Marijuana Market Size (2024 - 2029)

Medical Marijuana Market Analysis

The Medical Marijuana Market size is estimated at USD 21.13 billion in 2024, and is expected to reach USD 44.47 billion by 2029, growing at a CAGR of 16.05% during the forecast period (2024-2029).

The major factors driving the medical marijuana market include the increasing number of countries legalizing the use of medical marijuana, the trend of producing edible products with Cannabis, and favorable reimbursement environment and government support in selected countries.

The increasing legalization of the use of cannabis across the countries coupled with growing government initiatives are expected to fuel the growth of the studied market over the forecast period. For instance, according to a United Nations press release in June 2022, Cannabis legalization has accelerated daily use and related health impacts. It also stated that there is a rise in the manufacturing of cocaine and the expansion of synthetic drugs to new markets. Additionally, in June 2022, Luxembourg's government unveiled a draft law permitting adults to cultivate up to four cannabis plants at home for recreational use. Additionally, the law would sanction non-medical cannabis consumption within private residences. Also, in January 2022, the Delhi High Court stated that the use of Cannabis is not completely banned in India, and its medical and scientific use is allowed under the law.

Furthermore, the growing consumer shift towards the use of edible products prepared using cannabis is anticipated to fuel the market growth. For instance, in June 2023, a survey by New Frontier Data revealed a notable trend, about 69% of individuals aged 18 to 24, in the United States, prefer marijuana over alcohol in 2022. Notably, this shift isn't limited to the younger demographic; consumers up to age 44 are also increasingly embracing this change. Thus, the rising adoption of marijuana among the population raises its demand which in turn is anticipated to bolster the market growth over the forecast period.

Moreover, the adoption of key strategies such as partnerships and acquisitions has been improving the potential of marijuana in medical applications, which is expected to augment the market growth during the forecast period. For instance, in February 2022, tBombay Hemp Company, an agro-based enterprise, partnered with Poonthottam Ayurvedasram to unlock the ancient Ayurvedic potential of Cannabis through human reason. Together, they've launched 'AyurCann: Ayurvedic Cannabis Therapies,' marking Asia's pioneering Ayurvedic Cannabis Wellness Retreat.

Thus, owing to the factors above, the market studied is anticipated to grow over the analysis period. However, limited awareness of marijuana's dosage and medicinal properties, along with social stigma related to cannabis use, are likely to restrain market growth.

Medical Marijuana Industry Segmentation

As per the scope of the report, medical marijuana refers to the whole, unprocessed marijuana plant, or its basic extracts, used to treat several diseases and other related symptoms. Scientific studies show that chemical cannabinoids could help treat various diseases and symptoms, attracting several biopharmaceutical companies globally over the past two decades.

The medical marijuana market is segmented by formulation type, application, and geography. By formulation, the market is segmented into capsules, oils, and other formulation types. The application segment is bifurcated into chronic pain, arthritis, migraine, cancer, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report offers the value (in USD) for the above segments.