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Medical Marijuana Market Analysis
- Report ID: GMI2836
- Published Date: Feb 2023
- Report Format: PDF
Medical Marijuana Market Analysis
Medical marijuana market valuation from pain management applications crossed USD 32 billion in 2022. The rising prevalence of chronic diseases has accelerated the need for post-treatment management of side effects such as cancer pain, neuropathic pain, and others. The increasing number of R&D activities exploring the potential benefits of marijuana in the treatment of nausea, vomiting, and pain induced by chemotherapy will accelerate the product demand. The rising episode of cancer is also expected to proliferate the application scope of medical marijuana. According to the Indian Council of Medical Research (ICMR) report, cancer prevalence in India is projected to rise from 26.7 million in 2021 to more than 29.5 million in 2025.
Medical marijuana market size from online distribution channels is anticipated to exhibit over 13.5% CAGR between 2023-2032. The growing patient preference for online channels can be attributed to the benefits of timely delivery, easy availability, and higher accessibility to a continuous supply of medications. Drug stores are lately witnessing lesser consumer preference as they mostly cater to the geriatric patient pool. The emergence of telemedicine and telehealth along with the rapid adoption of e-pharmacy and online drug stores will also amplify medical marijuana sales. Furthermore, the surging number of startups in the field of e-pharmacy and the rapid influx of investments in the digitization of the healthcare sector will augment market statistics.
By route of administration, the inhalation segment accounted for more than 72% share of the medical marijuana industry in 2022. Inhaled medical cannabis is rapidly gaining momentum considering its extensive research focusing on the efficiency of innovative inhalation methods to treat certain medical conditions. According to a research study published in the Rambam Maimonides Medical Journal in October 2022, inhaled THC-rich therapy is more effective as compared to CBD-based extract therapy for the treatment of chronic lower back pain. The growing preference for inhaled medical marijuana can also be attributed to the greater bioavailability of inhaled THC over other routes of administration.
Europe medical marijuana market is poised to reach over USD 95.5 billion by 2032 owing to significant efforts undertaken towards the legalization of medical cannabis. European countries, such as Germany are among the early members to legalize the use of medical marijuana due to the growing patient pool and extensive R&D activities. According to the National Health Service (NHS) data, England witnessed a 425% surge in dispensations of unlicensed medical cannabis products in 2021. The growing public and private efforts to boost medical marijuana applications will also complement the regional industry forecasts. U.S. medical marijuana industry is anticipated to exhibit 10% CAGR between 2022 to 2030.
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Medical Marijuana Market Scope
