Market Size of Medical Marijuana Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.79 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Marijuana Market Analysis
The medical marijuana market is expected to register a CAGR of 17.79% during the forecast period.
The COVID-19 pandemic has had an immense impact on the market as there is a dilemma regarding the effect of Cannabis on patients with coronavirus. Researchers are claiming that Cannabis has an impact on COVID-19 patients. For instance, according to a press release in January 2022, studies conducted in the United States claim that Cannabis is the key to Covid prevention, as the plant contains compounds that can stop the virus from entering human cells. Additionally, according to an article published by Fortune Journal in February 2022, medical marijuana, a mixture of THC 20% and CBD 4%, administered at a daily dose of 15 mg/kg, proved an optimal protocol for attenuating post-COVID-19 physical and mental sequelae without evoking adverse effects. Such studies depict the increased therapeutic application of medical marijuana in therapies and treatments later post-pandemic. For instance, according to an article published by the government of Canada in March 2023, there were slight shifts towards a higher frequency of medical cannabis use after the onset of the COVID-19 pandemic. Daily medical cannabis use increased by 7% points, from 83.2% pre-pandemic to 90.3% after Wave 2. Thus, due to the surge in medical cannabis use, the demand is also expected to increase in the post pandemic phase, ultimately leading to market growth over the forecast period.
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. 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.
Furthermore, government initiatives are boosting the growth of Cannabis for medical use. For instance, 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.
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 study period. For instance, in February 2022, the Agro-based enterprise Bombay Hemp Company partnered with Poonthottam Ayurvedasram to meet the ancient ayurvedic potential of Cannabis with human reason. The collaborative venture is called 'AyurCann: Ayurvedic Cannabis Therapies' and is Asia's first Ayurvedic Cannabis Wellness Retreat.
Thus, owing to the factors above, the market studied is anticipated to grow over the analysis period. However, a lack of awareness about the dosage and medicinal properties of marijuana and social stigma related to cannabis use are expected to restrain the market's growth.
