MEDICAL MARIJUANA MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Global medical marijuana market is estimated to be valued at USD 22.34 Bn in 2024 and is expected to exhibit a CAGR of 14.1% during the forecast period (2024-2031). The medical marijuana market has witnessed significant growth in recent years owing to the increasing legalization of cannabis for medical purposes in numerous countries and states across the world. Cannabis and its compound cannabidiol (CBD) has proven anti-epileptic, analgesic, and anti-inflammatory properties and is being explored for its potential in the treatment of various conditions including chronic pain, neurological disorders, cancer, and mental illnesses. Countries have also recognized potential tax revenues from the legal cannabis industry. With its wide applicability and growing acceptance, the global medical marijuana market is expected to showcase substantial growth over the forthcoming years.
Market Dynamics:
The global medical marijuana market growth is primarily driven by increasing legalization of medical cannabis, growing adoption among geriatric population for pain management, rising clinical evidence validating its therapeutic efficacy, and potential cost savings offered by medical cannabis compared to conventional medications. However, strict government regulations and social stigma associated with the use of cannabis continue to restrain significant market growth. Key opportunities include increasing R&D activities exploring new therapeutic compounds from cannabis, rising adoption in developing countries, and growing popularity of cannabis-based wellness products.
Key Features of the Study:
- This report provides in-depth analysis of the global medical marijuana market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global medical marijuana market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Tilray, Aphria, Inc., Vantage Hemp, Averix Bio, LLC, Curaleaf, Bright Green Corporation, Cresco Labs, Trulieve, GW Pharmaceuticals, Plc., Canopy Growth Corporation, and Aurora Cannabis
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global medical marijuana market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical marijuana market
Market Segmentation
Market Segmentation
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