Size Report: Medical Marijuana Market Worth $40Bn by 2028 with 19.2% CAGR Driven by Pain Management Segment During 2022-2028 | The Insight Partners

Pune, India, June 22, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Medical Marijuana Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Distribution Channel,” the market size is projected to reach $40.02 billion by 2028; which was valued at $11.7 billion in 2021 and; it is estimated to register a CAGR of 19.2% from 2022 to 2028. The demand for medical marijuana is influenced by increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana in America.

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Global Medical Marijuana Market Strategic Insights:

Browse key market insights spread across 181 pages with 84 list of tables & 78 list of figures from the report, “Medical Marijuana Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis by Product (Dried Form and Extract Form), Application (Pain Management, Tourette’s, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Sclerosis, Cancer, and Others), Distribution Channel (Retail Pharmacy, E-Commerce, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/medical-marijuana-market

Global Medical Marijuana Market Analysis: Competitive Landscape and Key Developments
Aphria, Inc., Canopy Growth Corporation, CanaQuest Medical Corporation, GW Pharmaceuticals, Organigram Holdings Inc., VIVO Cannabis Inc., Panaxia Pharmaceutical Industries Ltd., Phoena Holdings Inc., Emerald Health Therapeutics Inc., and MARICANN INC are among the key companies operating in the medical marijuana market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In December 2021, Organigram Holdings Inc. acquired Laurentian Organic Inc. (“Laurentian”), in a cash and share transaction for aggregate consideration of $36 million. The Laurentian acquisition (the “Laurentian Acquisition”) further strengthens Organigram’s position in the Canadian market through the expansion of the Company’s portfolio into premium products, including hash and craft cannabis, in addition to providing an important presence in the province of Quebec through scalable cultivation and operational footprint.

In June 2021, Panaxia and the German pharmaceutical company AxioNovo GmbH, signed an agreement. The agreement, a part of Panaxia’s collaboration with Neuraxpharm, is for the marketing, sale, and distribution of a new series of medical cannabis products, with a unique formulation, designed and being used in Israel for oncology patients. These formulations were distributed in Germany as pharmaceutical intermediates for magistral preparations.

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Increase in Job Opportunities in Marijuana Industry is Expected to Provide Lucrative Opportunities to the Global Medical Marijuana Market:
Job growth is one of the most powerful indicators of America’s economic health. There are two major types of start-ups in the marijuana industry—existing and pursuing licensing (EPLs) and new and pursuing licensing (NPLs). EPLs are businesses with an existing license to operate in the medical marijuana industry prior to the date of approval of marijuana for recreational activities. EPLs are currently going through the legal process of selling recreational marijuana. NPLs are businesses without an existing license to operate in the medical marijuana industry before the date of approval of recreational marijuana. These companies are also going through the legalization process to sell recreational marijuana. There is an increase in the number of start-ups in the field of medical marijuana in the Americas due to the rapid legalization of marijuana in various states of the US.

According to the special report published by Leafly, in the US, in 2018, the cannabis industry posted job gains of 44%, whereas, in 2017, the job gain rate was 21%. There is an increase in the number of job opportunities in the cannabis industry due to a rise in the number of start-ups in the medical marijuana industry in the Americas. The majority of cannabis consumers in California are yet to undergo a transition from the illicit market to the legal market. Michigan, a state with twice the population of Colorado, is expected to open its first adult-use stores in early 2020. Labor statistics are collected using the North American Industry Classification System (NAICS). Canada, the US, and Mexico use the NAICS system, which is a collection of nearly 20,000 codes delineating specific job categories. If a job or industry does not have its own NAICS code number, that job does not exist within the statistical universe of labor economists. According to the report by Leafly, many medical marijuana companies have not yet registered with NAICS. Therefore, after the registration of such companies, more job opportunities will be created in North America.

Impact of COVID-19 Pandemic on Global Medical Marijuana Market Growth:
The supply chain disruptions and the massive demand for efficient treatments for the therapy of COVID-19 have put the healthcare research industry in a crucial situation globally. Moreover, the medical marijuana market growth declined by a rate of 32% from 2019 to 2020. Due to lockdown and shut down, no movements were taking place in most industries, as well as the import-export business was impacted and changes in guidelines for the supply of the product negatively impacted the market growth. In North Macedonia, construction of Pharmacon’s 178,000-square-foot cannabis (marijuana) grow house, slowed due to social distancing guidelines. Additionally, in Barcelona, Cannabis Social Clubs—private, non-profit organizations, where the substance is collectively grown and distributed to registered members, was shut down following the government’s declaration of a state of alarm across the country.

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Global Medical Marijuana Market: Segmental Overview
Based on product, the market is bifurcated into dried form and extract form. The extract segment held the largest share in 2021 and is anticipated to register the highest CAGR in the medical marijuana market during the forecast period. Based on application, the medical marijuana market is divided into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest medical marijuana market share in 2021 and is anticipated to register the highest CAGR during the forecast period. Based on distribution channel, the medical marijuana market is categorized into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest medical marijuana market share in 2021. However, the E-commerce segment is anticipated to register the highest CAGR during 2022-2028.

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