Medical marijuana market is anticipated to grow at a significant CAGR during the forecast period. The pivotal factor which is primarily fueling the market growth includes the rising legalization of cannabis in various countries. Owing to this fact, the use of medical marijuana for various aliments is gaining momentum all over the globe. People experiencing chronic diseases, such as cancer, Parkinson’s, Alzheimer’s, and many neurological disorders, are recommended to have medical marijuana.
Further, the demand for cannabis oil is increasing rapidly, particularly in the countries where medical marijuana is legalized. Recent Novel Food Ruling in Europe will further strengthen the growth of CBD isolates in the future years. For instance, in November 2020, the European Court of Justice made the breakthrough declaration that cannabidiol is not considered to be a narcotic drug and EU member states may not prohibit the marketing of the same produced legally in another member state. Adding to this, the European Commission has resumed the investigation of applications for authorization of CBD products as a ‘Novel Food’.
Another major finding that adds to the market growth includes the tremendous benefits of cannabis oil for the treatment of disorders in children, such as epilepsy. For instance, in February 2021, GovernorPhil Murphy signed three bills for the legalization of recreational cannabis for adults of 21 years and older in New Jersey, the US. This is further expected to boost the market potential in the future years. Furthermore, some key players operating in the market include Canopy Growth Corp., Aurora Cannabis, Inc., and Aphria, Inc., among others.
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Market Coverage
- The market number available for – 2022-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Canopy Growth Corp., Aurora Cannabis, Inc., and Aphria, Inc., among others.
Medical Marijuana Market by Segmentation
By Derivative
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
By Application
- Cancer
- Epilepsy
- Migraine
- Arthritis
- Others
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Medical Marijuana Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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