Medical Marijuana Global Market Report 2024

The medical marijuana market size has grown exponentially in recent years. It will grow from $27.5 billion in 2023 to $33.3 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth during the historical period can be attributed to shifts in the regulatory landscape, a growing acceptance of cannabis for medical applications, the expanding recognition of medical conditions benefiting from cannabis use, the increased demand from patients for alternative therapies, and the changing attitudes of healthcare providers towards these treatments.

The medical marijuana market size is expected to see exponential growth in the next few years. It will grow to $72.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The anticipated growth in the forecast period is propelled by several factors: ongoing regulatory developments, advancements in scientific research and evidence, increased patient education and awareness, a broader range of medical marijuana product offerings, and the integration of medical marijuana into mainstream healthcare practices. Significant trends expected during this period encompass partnerships between medical marijuana entities and traditional healthcare providers, an emphasis on personalized treatment plans, efforts to standardize dosage and labeling, and increased investment and merger and acquisition (M&A) activity within the industry.

The increasing prevalence of cancer is expected to fuel the demand for the medical marijuana market in the future. Cancer is characterized by the abnormal growth and spread of cells in the body, and medical marijuana is known to provide relief for cancer patients experiencing symptoms such as neuropathy, nausea, pain, vomiting, appetite loss, and weight loss. As the number of cancer cases continues to rise, the demand for medical marijuana as a complementary treatment option is likely to increase. For example, a report on cancer facts and figures by the American Cancer Society in April 2022 indicated that there were 1.92 million new cases of cancer in the US, compared to 1.89 million cases in 2021. This upward trend in cancer diagnoses highlights the growing need for effective supportive care measures such as medical marijuana to alleviate symptoms and improve the quality of life for cancer patients. In summary, the rising prevalence of cancer is anticipated to be a significant driver for the growth of the medical marijuana market, as more patients seek alternative treatments to manage the symptoms associated with their condition.

The shifting societal attitudes toward cannabis use are expected to drive the growth of the medical marijuana market in the future. Societal attitudes toward cannabis use encompass the prevailing perceptions, beliefs, and opinions within a community or society regarding the acceptance, legality, and social norms surrounding the consumption and use of cannabis. The cannabis plant and its components are used to alleviate symptoms and treat certain medical conditions under the supervision of a healthcare professional. For example, a survey conducted by the Pew Research Center in October 2022 found that a significant 88% of U.S. adults expressed support for the legalization of marijuana. Specifically, 59% of respondents supported its legalization for both medical and recreational purposes, while 30% supported its legalization solely for medical use. This shift in public opinion indicates a growing acceptance of cannabis use for medical purposes, which is expected to drive the growth of the medical marijuana market. Therefore, the evolving societal attitudes toward cannabis use, as evidenced by increasing support for legalization, are driving the expansion of the medical marijuana market.

Strategic partnerships have become a prominent trend in the medical marijuana market, with major players in the sector increasingly focusing on such collaborations to expand their market presence and leverage combined resources. For example, in December 2021, Teva Pharmaceutical, an Israel-based pharmaceutical company, partnered with Tikun Olam-Cannbit, an Israel-based company engaged in medical cannabis product research. This partnership aims to produce specific medical cannabis products in oil form, which will be marketed by Teva Israel to patients in Israel. Similarly, in January 2022, Trulieve Cannabis Corp., a US-based cannabis company, expanded its partnership with Connected Cannabis Co., a US-based premier cannabis cultivator. This expanded partnership is geared towards maintaining a portfolio of proprietary top-shelf cannabis strains. These strategic partnerships are indicative of the growing trend of collaboration in the medical marijuana market, where companies are seeking to combine their expertise and resources to capitalize on the expanding opportunities in the industry.

Major companies in the medical marijuana market are focusing on significant investments in business expansion, particularly the establishment of medical marijuana dispensaries. These efforts aim to improve accessibility for patients and strengthen their presence in the evolving landscape of medical cannabis distribution. Medical marijuana dispensaries are authorized facilities or stores where individuals with valid medical marijuana prescriptions or cards can legally purchase medicinal cannabis products. For example, in July 2023, Botanical Sciences, a Georgia-based medical cannabis provider, opened a medical cannabis dispensary in Pooler, near Savannah, with plans for extensive expansion. The company intends to establish additional outlets in Columbus and Evans, and it aims to further expand its presence by opening dispensaries in Augusta, Chamblee, Marietta, and Stockbridge. In compliance with Georgia's regulations, MMJ operators have the opportunity to open up to six dispensaries each. This strategic focus on expanding dispensary networks reflects a broader trend in the medical marijuana market towards improving patient access and market reach.

In May 2021, Jazz Pharmaceuticals, an Ireland-based biopharmaceutical company, acquired GW Pharmaceuticals plc for an undisclosed sum. This strategic acquisition was aimed at diversifying Jazz Pharmaceuticals' commercial portfolio and innovative pipeline by incorporating medications that complement its existing business. GW Pharmaceuticals, headquartered in the UK, is focused on the development and commercialization of cannabinoid-based prescription medicines.

Major companies operating in the medical marijuana market report are Pfizer Inc., Curaleaf Holdings Inc., Trulieve Cannabis Corp., Green Thumb Industries GTI Inc., Cresco Labs Inc., Tilray Inc, Aphria Inc., Canopy Growth Corporation, Jushi Holdings Inc., TerrAscend Corp., Aurora Cannabis Inc., HEXO Corp., MedMen Enterprises Inc., Organigram Holdings Inc., Charlotte's Web Holdings Inc., Vireo Health International Inc., Medical Marijuana Inc., Cara Therapeutics Inc., VIVO Cannabis Inc., Valens GroWorks Corp., Green Relief Inc., Harborside Inc., MediPharm Labs Inc., Tikun Olam Cannbit Ltd., Emerald Health Therapeutics Inc., MedReleaf Corporation, GB Sciences Inc., CanniMed Therapeutics Inc., The Cronos Group Inc., Planet 13 Holdings Inc.

North America was the largest region in the medical marijuana market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global medical marijuana market during forecast period. The regions covered in the medical marijuana market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical marijuana market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the medical marijuana industry, the main types of products are dried flower and extracts. Dried flower medical marijuana consists of the smokable, trichome-rich portion of the cannabis plant and is used to treat various mental and physical illnesses or alleviate their symptoms. Medical marijuana is available in various forms such as flower, concentrate, edibles, and others, and is used for pain management, Tourette syndrome, Alzheimer's disease, migraines, depression and anxiety, multiple sclerosis, cancer, and other applications. These products are distributed through retail pharmacies, e-commerce platforms, and other distribution channels.

The medical marijuana market research report is one of a series of new reports that provides medical marijuana market statistics, including medical marijuana industry global market size, regional shares, competitors with a medical marijuana market share, detailed medical marijuana market segments, market trends and opportunities, and any further data you may need to thrive in the medical marijuana industry. This medical marijuana market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical marijuana market consists of sales of cartridges, concentrates, flower and extracts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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