The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s medical marijuana market report forecasts the medical marijuana market size to grow to $57.80 Billion by 2027, with a CAGR (compound annual growth rate) of more than 20%.

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Medical Marijuana Market Size Forecast
The global medical marijuana market is expected to grow from $22.69 billion in 2022 to $27.40 billion in 2023 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global medical marijuana market size is expected to reach $57.80 billion in 2027 at a CAGR of 20.5%.

North America held the largest medical marijuana market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Medical Marijuana Market Driver ­– Increase In The Prevalence Of Cancer
According to research on cancer facts and data from the American Cancer Society, a US-based non-profit health organisation devoted to cancer eradication, there were 1.92 million new cases of cancer in the US in April 2022, compared to 1.89 cases in 2021. As a result, the rising prevalence of cancer will fuel the expansion of the medicinal marijuana market.

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Key Medical Marijuana Market Trend – Strategic Partnership
Major businesses in the medical marijuana industry are focusing on strategic alliances in order to expand their market and harness each other’s expertise. For example, in December 2021, Teva Pharmaceutical, an Israeli pharmaceutical corporation, joined with Tikun Olam-Cannbit, an Israeli business involved in medicinal cannabis product research. Teva Israel will offer various medical cannabis products delivered as oils to patients in Israel as part of the collaboration. Furthermore, in January 2022, Trulieve Cannabis Corp., a cannabis company headquartered in the United States, increased its collaboration with Connected Cannabis Co, a renowned cannabis cultivator based in the United States. The expanded collaboration intends to keep a portfolio of unique top-shelf strains.

Medical Marijuana Market Segment
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

Medical Marijuana Market Major Players and Strategies
Major players in the medical marijuana market are Canopy Growth Corporation, MedReleaf, Aphria Incorporation, Aurora Cannabis, Medical Marijuana Inc., Tilray Medical, Emerald Health, Green Relief, VIVO Cannabis Inc., Tikun Olam, GB Sciences Inc., Pfizer, MediPharm Labs, ABcann Medicinals, Cara Therapeutics, CanniMed Ltd., and The Cronos Group.

Jazz Pharmaceuticals, an Ireland-based biopharmaceutical business, paid an undisclosed sum for GW Pharmaceuticals plc in May 2021. Jazz Pharmaceuticals’ commercial portfolio and innovative pipeline have been expanded with drugs that are complimentary to its current business as a result of this acquisition. GW Pharmaceuticals is a UK-based firm that develops and commercialises prescription drugs based on cannabinoids.

The Medical Marijuana Global Market Report 2023 covers regional data on medical marijuana market size, medical marijuana market trends and drivers, opportunities, strategies, and medical marijuana market competitor analysis. The countries covered in the medical marijuana market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Medical marijuana refers to cannabis sativa plant derivatives. It is used to treat drug addiction or as a substitute for alcohol and other narcotics such as opiates and cocaine, as well as for pain management, nausea and vomiting control, and pain relief.

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