Medical Marijuana Market is driven by growing legalization across regions
Medical marijuana has witnessed increased usage among patients suffering from chronic diseases over the past decade. Medical marijuana is derived from cannabis plants and contains chemicals called cannabinoids that interact with the body's endocannabinoid system which regulates functions such as mood, sleep, appetite, pain and immune system response. Common forms of medical marijuana include dried leaves or flowers, edibles such as candies or baked goods infused with cannabis extracts and concentrates such as hashish, hash or cannabis oils. Medical marijuana is used to treat diseases such as cancer, arthritis, multiple sclerosis, epilepsy, Alzheimer's disease, Huntington's disease, and neurological disorders.
The medical marijuana market is estimated to be valued at USD 22.34 Bn in 2024 and is expected to reach USD 56.27 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.1% from 2024 to 2031.
Key Takeaways
Tilray, Aphria, Inc., Vantage Hemp, Averix Bio, LLC, Curaleaf, Bright Green Corporation, Cresco Labs, Trulieve, GW Pharmaceuticals, Plc., Canopy Growth Corporation, and Aurora Cannabis Canopy Growth Corporation and Aurora Cannabis captured a major chunk of the market share in 2021 owing to their widespread geographical presence and diverse product portfolio.
The Medical Marijuana Market Demand among patients dealing with chronic pain and other serious medical conditions has fueled market growth. Higher effectiveness of medical marijuana in treating various conditions than conventional pharmaceutical drugs without severe side effects has increased its adoption rate among medical professionals. Furthermore, rising awareness about the medical benefits of cannabinoids is expected to continue driving the demand over the forecast period.
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