Medical Marijuana Market is driven by growing
legalization across regions

Medical marijuana has witnessed increased usage among patients suffering from
chronic diseases over the past decade. Medical marijuana is derived from
cannabis plants and contains chemicals called cannabinoids that interact with
the body's endocannabinoid system which regulates functions such as mood,
sleep, appetite, pain and immune system response. Common forms of medical
marijuana include dried leaves or flowers, edibles such as candies or baked
goods infused with cannabis extracts and concentrates such as hashish, hash or
cannabis oils. Medical marijuana is used to treat diseases such as cancer,
arthritis, multiple sclerosis, epilepsy, Alzheimer's disease, Huntington's
disease, and neurological disorders.

The medical
marijuana market is estimated to be valued at USD 22.34 Bn in 2024 and is
expected to reach USD 56.27 Bn by 2031, exhibiting a compound annual growth
rate (CAGR) of 14.1% from 2024 to 2031.

Key Takeaways



Tilray, Aphria, Inc., Vantage Hemp, Averix Bio, LLC, Curaleaf, Bright Green
Corporation, Cresco Labs, Trulieve, GW Pharmaceuticals, Plc., Canopy Growth
Corporation, and Aurora Cannabis Canopy Growth Corporation and Aurora Cannabis
captured a major chunk of the market share in 2021 owing to their widespread
geographical presence and diverse product portfolio.



The Medical
Marijuana Market Demand among patients dealing with chronic pain and
other serious medical conditions has fueled market growth. Higher effectiveness
of medical marijuana in treating various conditions than conventional
pharmaceutical drugs without severe side effects has increased its adoption
rate among medical professionals. Furthermore, rising awareness about the
medical benefits of cannabinoids is expected to continue driving the demand
over the forecast period.

Get More
Insights on- Medical
Marijuana Market