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Medical Marijuana Market Worldwide Demand, Growth Potential & Opportunity Outlook 2028

The global medical marijuana market size was USD 6,338.1 million in 2018 and is projected to reach USD 26,920.4 million by 2026, exhibiting a CAGR of 20.4% during the forecast period.

The Medical Marijuana Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the The Medical Marijuana Market by region.

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The marijuana plant was used medically for centuries across the globe until the early 1900s, when it was legal. The medical benefits associated with the plant are anticipated to boost product demand, thus augmenting market growth. Cannabidiol (CBD) is a compound present in the cannabis plant that is not psychoactive. CBD is considered to have several medicainal benefits. For instance, epidiolex is a CBD oil extract that is currently undergoing clinical trials for epilepsy. Additionally, nabiximols is a specific plant extract that is approved in Europe for the treatment of spasticity, multiple sclerosis, overactive bladder, neuropathic pain, and other conditions. In a recent survey, it was discovered that the most common conditions people use medical cannabis are for pain management, anxiety, depression, muscle spasticity, and few others. Hence, increasing benefits associated with medical marijuana coupled with growing number of research trials to identify more medical applications will considerably stimulate market growth during 2019 – 2026.

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Pre-Post COVID-19 Impact on Global Medical Marijuana Market

COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Medical Marijuana Market, since end-user industries were still not operating at their full capacity.

Who are the Major Medical Marijuana Market Vendors?

  • Canopy Growth Corporation
  • Aurora Cannabis
  • Aphria Inc.
  • CannTrust Holdings
  • GW Pharmaceuticals
  • MedReleaf Corp
  • ABcann Medicinals, Inc.
  • Emerald Health Therapeutics
  • Green Relief Inc.
  • The Cronos Group
  • Medical Marijuana, Inc.
  • Others

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Secondary Research:

This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research:

Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.

 

Estimation of Market Size

The total size of the Medical Marijuana Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:

Extensive secondary research was used to identify the industry’s key players.

The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.

All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.

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North America United States, Canada and Mexico
Europe Germany, UK, France, Italy, Russia and Turkey etc.
Asia-Pacific China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc.
South America Brazil, Argentina, Columbia etc.
Middle East & Africa Saudi Arabia, UAE, Egypt, Nigeria and South Africa

FAQs:

  • How big is the Medical Marijuana Market?
  • What is Medical Marijuana Market?
  • Who is the market leader in Medical Marijuana Market?
  • Who are the major players in Medical Marijuana Market?
  • What is the future of Medical Marijuana Market?
  • What are the fastest growing industries?

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