The medical marijuana market will experience rapid growth due to increasing research and development expenditure in the industry during the forecast period. North America region emerged as the most significant global medical marijuana market, with a 47% market revenue share in 2022.
Newark, Aug. 15, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 15 billion in 2022 global medical marijuana market will reach USD 92.87 billion in 2032. According to the CDC, around 20% of the adult US population suffers from chronic pain. Additionally, 7% of the same population suffers from high-impact chronic pain. Similar numbers are witnessed globally. Chronic pain is also the cause of depression. Incessant pain is also a driving factor of global suicides. The government authorities and other relevant stakeholders must address the growing incidence of chronic pain disorders. Medical marijuana is a highly effective chronic pain management medication with minimal side effects. Therefore, the increasing prevalence of chronic pain disorders or conditions will drive the global medical marijuana market’s growth.
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Key Insight of the Global Medical Marijuana Market
North America is expected to dominate the market during the forecast period.
The increasing number of US states that have legalized marijuana for medical purposes. For instance, marijuana is entirely allowed for medical use in 23 US states. The considerable public awareness of marijuana and its effects also supports the expansion of the business. The North American market receives a sizable quantity of cannabis from Mexico. The growing lobby of activists supporting the legalization of marijuana for medical purposes is also projected to be advantageous for the business. It is increasingly used to treat PTSD, anxiety, chronic pain, and other physical and medical conditions among combat veterans.
In 2022, the oils and concentrates segment dominated the market with the largest market share of 57% and revenue of 8.55 billion.
The product type segment is divided into flowers, oils and concentrates and others. In 2022, the oils and concentrates segment dominated the market with the largest market share of 57% and revenue of 8.55 billion.
In 2022, the chronic pain segment dominated the market with the largest market share of 39% and revenue of 5.85 billion.
The application segment is divided into cancer, chronic pain, mental disorders and others. In 2022, the chronic pain segment dominated the market with the largest market share of 39% and revenue of 5.85 billion.
In 2022, the dispensaries segment dominated the market with the largest market share of 53% and revenue of 7.95 billion.
The distribution channel segment is divided into dispensaries, online and others. In 2022, the dispensaries segment dominated the market with the largest market share of 53% and revenue of 7.95 billion.
Advancement in Market
August 2023 – Medical Marijuana, Inc. declared that eXfuse, LLC, a network marketing firm headquartered in Japan, had executed an Asset Purchase Agreement with Kannaway, the company’s network marketing business. The company’s Kannaway division’s sales team in Japan will grow due to the acquisition. The premium product “Focus” from eXfuse, which contains nootropics and supports cognitive function, has been highly welcomed in the Japanese market and complements the company’s existing CBD, natural health, and beauty products. Per the asset purchase agreement, Kannaway paid USD 5 million to buy nearly all of KZ1’s operating assets and will combine the sales teams from both companies.
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Driver: legalizing marijuana for medical purposes.
Marijuana is known to have several health advantages. It has anti-inflammatory properties that help with the treatment of persistent pain. It also aids in the treatment of insomnia and eating disorders. It is well-known that it works well to relieve nausea and vomiting. The evidence backing up these claims is growing. As a result, there is an increasing call for the legalization of marijuana for medical purposes everywhere in the world, especially in North America and Europe. The increased understanding of marijuana’s therapeutic applications has also helped the legalization cause. The illicit marijuana market costs governments millions annually, and cross-border smuggling and trafficking wastefully use regulatory and law enforcement resources. When marijuana is legalized, the market is streamlined and brought into the mainstream of commerce, ending the threat of black marketing and generating tax revenue from marijuana sales. Additionally, it is believed to improve monitoring and control of marijuana usage, reducing exploitative behaviours.
Restraints: marijuana’s negative consequences.
Marijuana in prescribed amounts is extremely successful in treating and improving the quality of life for patients with specific medical illnesses. However, there is a danger that the customer will use excessive amounts. Healthy people can take advantage of marijuana’s legalization for medical use by using it for recreational purposes. Because the hazards outweigh the benefits significantly, regular cannabis use by a healthy person is harmful over the long term. For this reason, marijuana usage is discouraged. There are groups that are opposed to legalizing marijuana, which will restrain the market’s expansion.
Opportunities: The growing research and development to take advantage of marijuana’s therapeutic properties.
A greater understanding of marijuana and its therapeutic benefits has assisted millions of people who battle chronic illnesses. The government and other private actors have increased their research and development spending to look into the further potential applications of marijuana in treating various ailments and disorders. Market participants will have profitable possibilities in the years to come due to the increased capital investment in research and development to take advantage of marijuana’s therapeutic effects.
Challenges: The lack of awareness.
The lack of awareness about medical marijuana and its therapeutic properties will challenge the market’s growth. Furthermore, there is a social stigma associated with the use and consumption of marijuana, which discourages its legalization and sale. The misunderstood marijuana and confusing it with other psychedelics that cause harm also challenges the market’s growth.
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Some of the major players operating in the global medical marijuana market are:
• Aphria, Inc.
• Aurora Cannabis
• Cannabis Sativa, Inc.
• Canopy Growth Corporation
• GW Pharmaceuticals plc.
• Maricann Group, Inc.
• Medical Marijuana, Inc.
• MedReleaf. Corp.
• Tikun Olam, Ltd.
Key Segments cover in the market:
By Product Type
• Oils and Concentrates
• Chronic Pain
• Mental Disorders
By Distribution Channel
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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