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Global Medical Marijuana Market Size to grow USD 27.7 Bn in 2028


Medical Marijuana Market

The Global Medical Marijuana Market Size was valued at USD 7.8 Bn in 2021. The market is projected to grow USD 27.7 Bn in 2028, at a CAGR of 22.4%.

Medical Marijuana Market

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The rising prevalence of cancer has resulted in an increase in the number of individuals undergoing chemotherapy, the majority of whom are feeling nausea. These are being researched as a way to eliminate them using THC-based drugs. THC-based drugs have also been shown to stimulate appetite in people suffering from AIDS-related wasting syndrome. Furthermore, various THC and CBD-based medicines for the treatment of neuropathic pain and muscular spasms have been licensed or are undergoing clinical studies. Multiple drugs have been commercially approved by the US Food and Drug Administration due to the proven medical advantages of specific marijuana-based formulations (FDA). Some of the primary reasons driving the global medical marijuana market are increased penetration of cannabis medical benefits is creating demand for plant-based medicines in pain management, and increasing legalization of cannabis for medical uses. Several countries have authorized medicinal marijuana in recent years. The market is likely to develop at a healthy rate over the forecast period, as the number of countries that have legalized medical marijuana continues to boost.


Nowadays, medical marijuana is considered to act as a substitute to its traditional counterparts, an increasing prevalence of diseases is propelling the market growth. Legalization of cannabis in various regions, as well as increased consumer awareness of the health benefits of cannabis and its expanding medical applications, such as the treatment of a wide range of diseases and symptoms, including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer's, post-traumatic stress disorder (PTSD), Parkinson's, and post-traumatic Furthermore, market expansion is fueled by novel product development and rising R&D activities.


There has been a positive impact on the medical marijuana market with the outbreak of COVID-19. This is majorly due to an increase in the number of people suffering from pain and epilepsy. During the COVID-19 epidemic, marijuana use and dependency amplified because lockdowns prohibited individuals from socializing leading to boredom and depression. According to a research published in JAMA Network Open in May 2021, almost 80% of COVID-19 hospitalized patients suffered from neurological issues such as headaches. As a result of the rise in neurological illnesses, medications that can assist treat them, such as medicinal marijuana, have seen increased sales.

Medical Marijuana Market

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The flowers segment dominated the global medical marijuana market share owing to the most preferred type of medical marijuana among the people. The chronic pain segment dominated the global medical marijuana market share owing to the increasing patient suffering from chronic pain among geriatric population. The dispensary segment dominated the global medical marijuana market share owing to the huge distribution network and more convenient to the people. North America region is expected to dominate the market share of global medical marijuana market owing to the rising legalization of medical cannabis across various states of the region.


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