What Fueled Medical Marijuana Market?
The medical marijuana market has seen considerable growth due to a variety of factors.
• The size of the medical marijuana market has experienced significant growth in the past few years. The market, which was valued at $32.96 billion in 2024, is predicted to reach $39.85 billion in 2025, representing a compound annual growth rate (CAGR) of 20.9%.
The expansion during the historic period is related to evolving regulations, increased acceptance of cannabis for medical use, a growing list of treatable conditions, patient desire for alternative treatments, and changing attitudes among healthcare providers.
What Is The Expected Growth In The Medical Marijuana Market Size?
The medical marijuana market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the medical marijuana market is predicted to experience a significant surge in the coming years. It is projected to expand to $89.02 billion by 2029 with a compound annual growth rate (CAGR) of 22.3%.
This projected growth during the forecast period can be linked to ongoing regulatory progress, scientific research and findings, patient enlightenment and understanding, the proliferation of medical marijuana product options, and its integration into conventional healthcare. Key trends for the forecast period comprise collaborations with mainstream healthcare providers, emphasis on personalized treatment plans, standardizing dosage and labelling, alongside investment and mergers & acquisitions activity.
What Are The Essential Drivers Behind The Growth Of The Medical Marijuana Market?
The rising incidence of cancer is anticipated to propel the medical marijuana market's demand. Cancer is a condition wherein some body cells proliferate uncontrollably and migrate to other parts of the body. Medical marijuana offers relief to cancer patients dealing with neuropathy, nausea, pain, vomiting, appetite issues, and weight loss. For instance, the World Health Organization, a Switzerland-based agency handling international public health, posited in February 2024 that more than 35 million new cancer cases are forecasted by 2050, a surge of 77% from the estimated 20 million cases in 2022. As such, the escalating frequency of cancer is set to fuel the expansion of the medical marijuana market.
What Are The Primary Segments In The Global Medical Marijuana Market?
The medical marijuana market covered in this report is segmented –
1) By Product: Dried Flower, Extract Form
2) By Type: Flower, Concentrate, Edibles, Other Types
3) By Application: Pain Management, Tourette Syndrome, Alzheimer's disease, Migraines, Depression And Anxiety, Multiple Sclerosis, Cancer, Other Applications
4) By Distribution Channel: Retail Pharmacy, E-Commerce, Other Distribution Channels
Subsegments:
1) By Dried Flower: Indica Strains, Sativa Strains, Hybrid Strains
2) By Extract Form: Oils, Tinctures, Concentrates, Edibles
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Which Key Trends Are Driving Changes In The Medical Marijuana Market?
The trend of strategic partnering is gathering momentum in the medicinal marijuana industry. This approach allows key players in the sector to widen their reach and harness the power of shared resources. In October 2024, Trulieve Cannabis Corp., an American retailer of cannabis, teamed up with Black Buddha Cannabis, a wellness brand provider in the US, to bring Black Buddha’s offerings to Trulieve dispensaries in Arizona and Pennsylvania. This strategic alliance targets the enrichment of Trulieve's product range with wellness-centered cannabis products from Black Buddha, particularly their BLYSS and DREAM collections, which underscore health benefits and selective terpene profiles. Subsequently, in January 2022, Trulieve Cannabis Corp., an American company specializing in cannabis, broadened its collaborative relationship with Connected Cannabis Co, a leading cultivator of cannabis in the US. This extended alliance aims to uphold a collection of exclusive top-tier strains.
Who Are the Key Players in the Medical Marijuana Market?
Major companies operating in the medical marijuana market include:
• 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.
What Is The Most Dominant Region In The Medical Marijuana Market?
North America was the largest region in the medical marijuana market in 2024. 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.
