Medical Marijuana Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

The global medical marijuana market is experiencing robust growth, with worldwide revenue reaching US$ 34 billion in 2024. Market analysts anticipate an impressive CAGR of 16%, propelling the market to a valuation of US$ 95 billion by the end of 2031, according to a comprehensive market analysis report.

Factors Driving the Growth of the Medical Marijuana Market

The medical marijuana market is set to flourish, driven by several key factors:

Rise in the Number of Social Clubs Promoting Medical Marijuana: Social groups, commonly known as marijuana clubs, are playing a pivotal role in changing the perception of medical marijuana. These clubs aim to diminish negative stereotypes associated with medical marijuana, emphasizing its therapeutic benefits. The establishment of such clubs has led to increased acceptance and demand for medical marijuana, especially in countries where legalization is evolving.

Expanding Use of Marijuana in the Healthcare Industry: Growing legalization for medicinal and recreational use, coupled with increasing research and development activities, is driving the use of medical marijuana in the healthcare industry. Marijuana's potential in treating chronic diseases, which constitute a significant health burden, is contributing to rapid market growth.

Increasing FDA Approvals: Key players in the market are focusing on gaining FDA approval for their cannabis-derived products, enhancing their efficacy and acceptance in the medical field. The FDA's approval of medications containing cannabis-derived active components for treating rare genetic diseases has opened new avenues for growth.

Challenges Impacting Market Growth

Despite the promising growth prospects, the medical marijuana market faces certain challenges:

Societal Stigma Related to Marijuana: Negative societal perceptions and stigma surrounding medical marijuana can hinder its acceptance and growth. Public perception plays a crucial role in the success of the medical marijuana industry, and regulatory investigations and scientific studies are needed to change these perceptions.

Black Market Competition: The persistent presence of a black market for marijuana, offering unregulated products at lower prices, remains a challenge. The ease of access and affordability of black market marijuana products pose competition to the legal medical marijuana market and hinder its growth.

Country-wise Insights

U.S. Market: The United States is witnessing a surge in demand for medical marijuana, largely due to FDA approval for its use in treating epilepsy. The number of U.S. citizens participating in medical marijuana programs has quadrupled since 2016, exceeding 2.97 million in 2020.

German Market: Germany has embraced medical marijuana for treating various health issues. Specific laws and initiatives allow patients to use marijuana-based medications, making it a lucrative market for medical marijuana manufacturers.

Mexican Market: Mexico has recently regulated the use of medical cannabis, enabling research and pharmaceutical product production. This move is expected to boost the adoption of medical marijuana in the healthcare industry, driving market expansion.

Competitive Landscape

As the medical marijuana market gains traction globally, early adopters are expected to solidify their market dominance. Manufacturers are strategically positioning themselves through partnerships, acquisitions, and agreements to expand product lines and navigate regulatory complexities.

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.

Key Segments Covered in Medical Marijuana Industry Research

Product:

Dried flower
Extract Form

Indication:

Pain Management
Seizure
Others

Distribution Channel:

Retail pharmacies
E-commerce

Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

1. Executive Summary

1.1. Global Medical Marijuana Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Medical Marijuana Market Outlook, 2018 - 2031

3.1. Global Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Dried flower
  - 3.1.1.2. Extract Form
3.2. Global Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Pain Management
  - 3.2.1.2. Seizure
  - 3.2.1.3. Others
3.3. Global Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. Retail pharmacies
  - 3.3.1.2. E-commerce
3.4. Global Medical Marijuana Market Outlook, by Region, Value (US$ Bn), 2018 - 2031
- 3.4.1. Key Highlights
  - 3.4.1.1. North America
  - 3.4.1.2. Europe
  - 3.4.1.3. Asia Pacific
  - 3.4.1.4. Latin America
  - 3.4.1.5. Middle East & Africa

4. North America Medical Marijuana Market Outlook, 2018 - 2031

4.1. North America Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Dried flower
  - 4.1.1.2. Extract Form
4.2. North America Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Pain Management
  - 4.2.1.2. Seizure
  - 4.2.1.3. Others
4.3. North America Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. Retail pharmacies
  - 4.3.1.2. E-commerce
4.4. North America Medical Marijuana Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 4.4.1. Key Highlights
  - 4.4.1.1. U.S. Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 4.4.1.2. U.S. Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 4.4.1.3. U.S. Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 4.4.1.4. Canada Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 4.4.1.5. Canada Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 4.4.1.6. Canada Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Medical Marijuana Market Outlook, 2018 - 2031

5.1. Europe Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Dried flower
  - 5.1.1.2. Extract Form
5.2. Europe Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Pain Management
  - 5.2.1.2. Seizure
  - 5.2.1.3. Others
5.3. Europe Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Retail pharmacies
  - 5.3.1.2. E-commerce
5.4. Europe Medical Marijuana Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 5.4.1. Key Highlights
  - 5.4.1.1. Germany Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.2. Germany Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.3. Germany Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.4. U.K. Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.5. U.K. Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.6. U.K. Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.7. France Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.8. France Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.9. France Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.10. Italy Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.11. Italy Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.12. Italy Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.13. Turkey Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.14. Turkey Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.15. Turkey Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.16. Russia Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.17. Russia Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.18. Russia Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 5.4.1.19. Rest of Europe Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 5.4.1.20. Rest of Europe Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.4.1.21. Rest of Europe Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Medical Marijuana Market Outlook, 2018 - 2031

6.1. Asia Pacific Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Dried flower
  - 6.1.1.2. Extract Form
6.2. Asia Pacific Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Pain Management
  - 6.2.1.2. Seizure
  - 6.2.1.3. Others
6.3. Asia Pacific Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Retail pharmacies
  - 6.3.1.2. E-commerce
6.4. Asia Pacific Medical Marijuana Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 6.4.1. Key Highlights
  - 6.4.1.1. China Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.2. China Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.3. China Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 6.4.1.4. Japan Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.5. Japan Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.6. Japan Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 6.4.1.7. South Korea Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.8. South Korea Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.9. South Korea Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 6.4.1.10. India Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.11. India Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.12. India Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 6.4.1.13. Southeast Asia Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.14. Southeast Asia Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.15. Southeast Asia Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 6.4.1.16. Rest of Asia Pacific Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 6.4.1.17. Rest of Asia Pacific Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.4.1.18. Rest of Asia Pacific Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Medical Marijuana Market Outlook, 2018 - 2031

7.1. Latin America Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Dried flower
  - 7.1.1.2. Extract Form
7.2. Latin America Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Pain Management
  - 7.2.1.2. Seizure
  - 7.2.1.3. Others
7.3. Latin America Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Retail pharmacies
  - 7.3.1.2. E-commerce
7.4. Latin America Medical Marijuana Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 7.4.1. Key Highlights
  - 7.4.1.1. Brazil Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 7.4.1.2. Brazil Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.4.1.3. Brazil Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 7.4.1.4. Mexico Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 7.4.1.5. Mexico Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.4.1.6. Mexico Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 7.4.1.7. Argentina Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 7.4.1.8. Argentina Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.4.1.9. Argentina Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 7.4.1.10. Rest of Latin America Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 7.4.1.11. Rest of Latin America Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.4.1.12. Rest of Latin America Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Medical Marijuana Market Outlook, 2018 - 2031

8.1. Middle East & Africa Medical Marijuana Market Outlook, by Product, Value (US$ Bn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Dried flower
  - 8.1.1.2. Extract Form
8.2. Middle East & Africa Medical Marijuana Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Pain Management
  - 8.2.1.2. Seizure
  - 8.2.1.3. Others
8.3. Middle East & Africa Medical Marijuana Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Retail pharmacies
  - 8.3.1.2. E-commerce
8.4. Middle East & Africa Medical Marijuana Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 8.4.1. Key Highlights
  - 8.4.1.1. GCC Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 8.4.1.2. GCC Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.4.1.3. GCC Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 8.4.1.4. South Africa Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 8.4.1.5. South Africa Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.4.1.6. South Africa Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 8.4.1.7. Egypt Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 8.4.1.8. Egypt Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.4.1.9. Egypt Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 8.4.1.10. Nigeria Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 8.4.1.11. Nigeria Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.4.1.12. Nigeria Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
  - 8.4.1.13. Rest of Middle East & Africa Medical Marijuana Market by Product, Value (US$ Bn), 2018 - 2031
  - 8.4.1.14. Rest of Middle East & Africa Medical Marijuana Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.4.1.15. Rest of Middle East & Africa Medical Marijuana Market by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Product vs Indication Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. Tilray
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Aurora Cannabis
  - 9.4.2.1. Company Overview
  - 9.4.2.2. Product Portfolio
  - 9.4.2.3. Financial Overview
  - 9.4.2.4. Business Strategies and Development
- 9.4.3. Canopy Growth Corporation
  - 9.4.3.1. Company Overview
  - 9.4.3.2. Product Portfolio
  - 9.4.3.3. Financial Overview
  - 9.4.3.4. Business Strategies and Development
- 9.4.4. Aphria, Inc.
  - 9.4.4.1. Company Overview
  - 9.4.4.2. Product Portfolio
  - 9.4.4.3. Financial Overview
  - 9.4.4.4. Business Strategies and Development
- 9.4.5. Maricann Group, Inc.
  - 9.4.5.1. Company Overview
  - 9.4.5.2. Product Portfolio
  - 9.4.5.3. Financial Overview
  - 9.4.5.4. Business Strategies and Development
- 9.4.6. Tikun Olam, Ltd.
  - 9.4.6.1. Company Overview
  - 9.4.6.2. Product Portfolio
  - 9.4.6.3. Financial Overview
  - 9.4.6.4. Business Strategies and Development
- 9.4.7. MedReleaf. Corp.
  - 9.4.7.1. Company Overview
  - 9.4.7.2. Product Portfolio
  - 9.4.7.3. Financial Overview
  - 9.4.7.4. Business Strategies and Development
- 9.4.8. GW Pharmaceuticals plc.
  - 9.4.8.1. Company Overview
  - 9.4.8.2. Product Portfolio
  - 9.4.8.3. Financial Overview
  - 9.4.8.4. Business Strategies and Development
- 9.4.9. Cannabis Sativa, Inc.
  - 9.4.9.1. Company Overview
  - 9.4.9.2. Product Portfolio
  - 9.4.9.3. Financial Overview
  - 9.4.9.4. Business Strategies and Development
- 9.4.10. Medical Marijuana, Inc.
  - 9.4.10.1. Company Overview
  - 9.4.10.2. Product Portfolio
  - 9.4.10.3. Financial Overview
  - 9.4.10.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations