Originally published on Technavio:Medical Marijuana Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, Germany, UK, France - Size and Forecast 2023-2027

The projected growth of the medical marijuana market is USD 21.25 billion, with a Compound Annual Growth Rate (CAGR) of 21.86% from 2022 to 2027. Medical cannabis, sourced legally, is utilized for various medical conditions as prescribed by doctors, administered orally, through inhalation, or in marijuana-infused edibles.

Segment Analysis

The oil and tinctures segment is anticipated to witness substantial market share growth. Medical marijuana oil, a concentrated marijuana extract, is consumed orally, mixed with food, or inhaled using a vaporizer. The versatility of applications contributes to the segment's significant growth during the forecast period.

Significant Market Trends and Analysis

The market experiences growth propelled by increasing awareness campaigns. Vendors are actively engaging in educational initiatives to promote safe and responsible marijuana use, fostering sales. Collaborations and campaigns, such as those between Leaf411 and Healer.com, demonstrate the industry's commitment to responsible usage. Notably, New York launched its inaugural public health education campaign, incorporating public service advertisements, expected to drive medical cannabis adoption.

Key Growth Driver

A key growth driver is the surge in product launches. The legalization of medical marijuana has spurred demand for innovative products. Vendors, responding to this demand, are introducing diverse products to broaden their portfolios. For instance, Curaleaf's introduction of medical cannabis products in Germany and Dr. Reddy's collaboration with MediCane Health Inc. for a German market launch reflect the growing product landscape and contribute to market growth.

Major Challenges

Side effects associated with inappropriate marijuana use* pose challenges to market growth. The complexity of identifying the appropriate dosage due to variations in active ingredients like cannabinoids and THC levels can hinder the market. The need for precise dosage in medical marijuana complicates patient usage.

Regional Insights

Government initiatives to legalize medical marijuana, exemplified by Mexico's Supreme Court order to regulate marijuana use, are driving growth in North America. In the US, where marijuana is legal in numerous states, and in Canada, the expansion of dispensaries and continuous product launches support market momentum.

Major Market Companies

Companies adopt various strategies, including alliances, partnerships, mergers and acquisitions, expansions, and product launches, to strengthen their market presence.

Key Offerings:

1. Aurora Cannabis Inc.: Offers medical marijuana products, including medreleaf PAX live resin luminarium, sedamen, heliova, medreleaf rex 510 vape cartridge, and medreleaf sedamen 510 vape cartridge.

2. **Khiron Life Sciences Corp:** Offers marijuana products such as cannabidiol (CBD) ilemma and a table of two cannabis registries.

3. Tilray Brands Inc.:Offers marijuana products, including whole flower medical cannabis, ground flower medicinal cannabis, and full spectrum medical cannabis oral solution.

Detailed analyses of the competitive landscape, including information on 20 market vendors, are available in the market growth analysis report.

To Learn deeper into this report , View Sample PDF

The medical marijuana market undergoes dynamic shifts driven by regulatory changes and emerging research. Diverse product offerings are spurred by the legalization of marijuana for medical purposes, with vendors striving to enhance revenue and market share. Notably, the oil and tincture segment, popular for CBD integration, caters to diverse therapeutic needs. Legislative evolution, scientific breakthroughs, and patient-driven demand intertwine to shape the market trajectory.

The market research and growth report forecast market expansion by revenue globally, regionally, and at the country level. The analysis covers trends and growth opportunities from 2017 to 2027.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/