The global medical marijuana market size is poised to grow by USD 22.33 billion during 2020-2024, progressing at a CAGR of over 24% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Medical Marijuana Market 2020-2024 (Graphic: Business Wire)
The production and availability of medical marijuana products are increasing owing to the rising demand from dispensaries and patients. To meet the rising demand, vendors are focusing on increasing their production. Moreover, governments across the world are taking initiatives to legalize the use of marijuana for medical applications. For instance, the Government of the US announced plans to improve access to legal marijuana for medical research and expand the number of entities certified to grow marijuana plants. Thus, plans by governments to increase the production of medical marijuana will significantly influence sales of the same. As a result, the medical marijuana market growth is expected to be substantial over the forecast period.
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Report Highlights:
- The major medical marijuana market growth came from chronic pain segment. Medical marijuana is gaining popularity as an alternative to traditional pain-relieving medications. A few of the types of marijuana plants used for chronic pain relief are cannabis Indica, cannabis Sativa, and hybrids. The high prevalence of chronic pain among adults in the US has been contributing to the medical marijuana market by the chronic pain segment.
- North America was the largest market for medical marijuana in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. Governments are taking initiatives to legalize medical marijuana. Moreover, medical marijuana dispensaries are expanding their presence into new locations in the region. Furthermore, vendors are focusing on new product launches. These factors will contribute to the medical marijuana market growth in the region over the forecast period.
- The global medical marijuana market is fragmented. Aphria Inc., Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corp., Cronos Group Inc., GW Pharmaceuticals Plc, mCig Inc., Medical Marijuana Inc., United Cannabis Corp., and Vivo Cannabis Inc. are some of the major market participants. To help clients improve their market position, this medical marijuana market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global medical marijuana market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increase in Funding for Research and Production of Medical Marijuana will be a Key Market Trend
The legalization of medical marijuana has provided vendors with opportunities to find new medicinal uses of marijuana. Moreover, the growing demand for medical marijuana in Australia has encouraged government authorities to increase funding for research. For instance, the Department of Health in Australia announced funding for research on the use of marijuana to help cancer patients. Such funding will encourage vendors to expand their presence, and thereby accelerate the growth momentum of the market in focus during the forecast period.
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Medical Marijuana Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist medical marijuana market growth during the next five years
- Estimation of the medical marijuana market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the medical marijuana market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of medical marijuana market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Preface
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY APPLICATION
- Market segmentation by application
- Comparison by application
- Chronic pain Market size and forecast 2019-2024
- Nausea Market size and forecast 2019-2024
- Others Market size and forecast 2019-2024
- Market opportunity by application
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Increasing number of awareness campaigns
- Launch of medical marijuana education programs
- Increase in funding for research and production of medical marijuana
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Aphria Inc.
- Aurora Cannabis Inc.
- Cannabis Sativa, Inc.
- Canopy Growth Corp.
- Cronos Group Inc.
- GW Pharmaceuticals Plc
- mCig Inc.
- Medical Marijuana, Inc.
- United Cannabis Corp.
- Vivo Cannabis, Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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