Medical Marijuana Market Projected to Hit USD 432.65 Billion At a 32% CAGR by 2032 | Report by Market Research Future

Medical marijuana market Research Report Information By Product Type (Solid and Gas & Dissolvable/Powders), By Application (Alzheimer’s Disease, Cancer, and Schizophrenia & Multiple Sclerosis), By Distribution Channel (Retail & Pharmacy Stores and Online Platforms), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032.

According to MRFR analysis, the global Medical Marijuana Market is expected to register a CAGR of 32 % from 2023 to 2032 and hold a value of over USD 432.65 billion by 2032.

As its therapeutic uses increase, medical marijuana, also referred to as medical cannabis, is becoming more and more well-known daily. It comes from the Cannabis sativa plant, used for generations to treat chronic illnesses and manage pain. For many years, medicinal cannabis has been the focus of in-depth study and debate. The FDA has approved various medications for commercial usage due to the recognized health benefits of various marijuana-based formulations (FDA).

Medical marijuana is mostly divided into two varieties, Cannabis Sativa and Cannabis indica, from Central and South Asian and Western hemispheres, respectively. One of the main variables influencing the rate at which cannabis is used for therapeutic purposes is the growing handful of countries that have legalized its use for medical purposes in various areas of the world.

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Segmentation

The medical marijuana market has been segmented into type, application and end-user.

Based on the type, the market has been segmented into solid and gas and powders

Based on the application, the market has been segmented into Alzheimer’s disease, cancer and schizophrenia and multiple sclerosis.

Based on the end-user, the market has been segmented into Retail and Pharmacy Stores and Online Platforms.

Key Players

Some of the top market players are

Canopy Growth Corporation (US)

Cannabis Sativa Inc (Nevada)

GW Pharmaceuticals Plc (US)

Emerald Health Therapeutics Inc

Aphria (Ontario)

CanniMed Ltd (Canada)

Pfizer Inc (US)

Medical Marijuana Inc (US)

GBSciences Inc (Nevada)

Regional Analysis

Due to cannabis’ expanding use in medicine, the Americas are predicted to dominate the worldwide marijuana industry during the projected period. It is anticipated that during the assessment period, the ongoing study on the health advantages of cannabis will have a substantial impact on the local sector. It is anticipated that the US will significantly contribute to expanding the market over the review period.

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Additionally, it is anticipated that the regional marijuana market will be stimulated during the evaluation period by the rising incidence of chronic illness among the aging geriatric population. Some key elements anticipated to fuel the growth of medical marijuana over the next few years include the rising number of states that have legalized it and the rising demand for cannabis for both medical and recreational purposes. Over the projection period, it is also anticipated that expanding research and innovation will fuel the demand for medicine.

The expanding R&D on cannabis is expected to boost the region’s market worth during the projection period. Regional commerce is anticipated to grow over the evaluation period due to the rising demand for medical marijuana to treat medical illnesses. Due to the existence of developing nations and the growing initiative to improve the healthcare infrastructure, the APAC region is predicted to have the quickest growth throughout the forecast period. As chronic sickness instances rise, the regional medicinal marijuana market is anticipated to grow over the coming years. Due to a lack of awareness and the existence of developing nations, MEA is predicted to only take a tiny market share in the medicinal marijuana sector throughout the projection period.

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