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Medical Marijuana Market size to exceed $156Bn by 2032

  • Published Date: February 16, 2023

Medical Marijuana Market size is anticipated to surpass USD 156 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The steady rise in the number of R&D initiatives and clinical trials focusing on the safety and efficacy of medical marijuana for the treatment of a broad spectrum of diseases will complement the industry outlook. Various governments are accelerating research and investments in the field of cannabis-based therapy to counter the growing disease burden. Similar initiatives pertaining to cannabidiol research will also spur industry development.

Surging need to treat chemotherapy-induced nausea to fuel demand for medical marijuana

Medical marijuana market revenue from the nausea application segment is poised to hit USD 7.9 billion by 2032. Nausea is a common side effect experienced by patients undergoing intensive treatments such as chemotherapy, and thus necessitates effective treatment. The increasing use of medical cannabis to self-medicate is expected to have a positive influence on the industry. The growing number of cancer patients has also accelerated the need for effective post-treatment management. The majority of cancer patients undergoing chemotherapy, radiation therapy, targeted therapy, and immunotherapy experience nausea or vomiting will also contribute to the industry landscape.

Browse key industry insights spread across 180 pages with 223 market data tables & 10 figures & charts from the report, “Medical Marijuana Market Size By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route Of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Growing popularity of topical products to treat skin conditions to promote medical marijuana market progression

Medical marijuana is gaining significant momentum in topicals, such as lotions and creams for the treatment of different skin conditions. Cannabis-based creams are rapidly replacing opioids for injury-related pain management as they offer limited side effects, and non-invasive self-administration. The rising focus on cannabis-based skincare to treat multiple dermatological conditions will complement the segment progress. Moreover, the growing incidences of anxiety and seizures are expected to fuel the demand for products, including CBD-infused oil.

Rise in partnerships between pharma companies to fuel sales of medical marijuana across dispensaries

Dispensaries offer patients access to regulated cannabis products while ensuring safety and adherence to government guidelines. The rising government efforts to set up dispensaries across rural areas with substantial unmet medical needs will boost sales of medical marijuana. Moreover, numerous pharmaceutical companies are foraying into the marijuana business to keep up with the growing preference for CBD products.

Growing incidences of Alzheimer’s to expand North America medical marijuana industry

North America is likely to offer multiple business prospects for the medical marijuana market players with increasing efforts toward the legalization and commercialization of medical cannabis in the U.S., and Canada. The growing awareness regarding the health benefits of cannabis and the presence of massive dispensary chains will complement the industry expansion. Moreover, the growing patient pool of illnesses, including Crohn’s and Alzheimer’s disease will foster progress for medical marijuana in coming years.

Expansion initiatives to boost medical marijuana market development

Canopy Growth Corporation, Jazz Pharmaceuticals, Aurora Cannabis, Inc., Medical Marijuana, Inc., Emerald Health Therapeutics Inc., Cannabis Sativa, Inc., The Cronos Group Inc., Lexaria Bioscience Corp, Tilray, Curaleaf, CHARLOTTE’S WEB, Green Roads, Gaia Herbs, Folium Biosciences are some of the leading companies in the global medical marijuana industry.

Authors: Sumant Ugalmugle, Rupali Swain