Medical Marijuana Market Opportunities, Segmentation, and Forecast till 2028
According to our latest study on "Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Distribution Channel, and Geography," the market was valued at US$ 11,706.50 million in 2021 and is projected to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments. The market's growth is primarily attributed to increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana in America. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana are negatively impacting the market's growth.
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The COVID-19 pandemic positively impacted the cannabis industry, primarily due to an increase in the cases of pain and epilepsy. According to a paper published in JAMA Network Open in May 2021, approximately 80% of COVID-19 hospitalized patients experienced neurological problems such as headaches. Thus, drugs that can help treat these disorders, such as medical marijuana, experienced enhanced sales due to increased neurological disorders. Also, many US states with legal cannabis, where dispensaries were deemed "essential" businesses, saw sales increases. California, Colorado, Illinois, Maryland, Michigan, New Jersey, New Mexico, New York, Ohio, Oregon, and Washington are all cannabis businesses. US cities issuing similar stances included Chicago, Denver, and San Francisco. Stocks for cannabis companies saw increases following reports of the increased demand.
Based on product, the medical marijuana market is segmented into dried form and extract form. In 2021, the extract form segment held a larger market share. Moreover, the same segment is estimated to register a higher CAGR of 19.3% during the forecast period. The market growth for the segment is attributed to the various benefits of the extract form of medical marijuana, including potency, immediacy, and long-lasting effects. Concentrates are products obtained from cannabis plants that are processed to keep the most required and desired compounds of the plant by removing excess plant materials and other impurities. The concentrates of marijuana have higher proportions of terpenes and cannabinoids compared to naturally occurring cannabis flowers. Moreover, cannabis concentrates help increase the potency of the flower. Processes that are used to produce cannabis concentrates include dry processing, dry ice processing, water-based processing, pressure/heat processing, and the use of flammable or nonflammable solvents. Once produced, a concentrate may look like a liquid wax, a soft solid, or a hard solid. These products can then be consumed in a variety of ways depending on the form of the concentrate. Dabbing is one popular way to consume cannabis concentrates.
Cannabis concentrates are diverse and used in a wide range of products. Extracts are one of the types of concentrates created using solvents such as alcohol and carbon dioxide, which essentially wash the trichomes from the cannabis plant. Concentrates made without using solvents are produced through mechanical or physical means to remove and gather trichomes.
The factors that are driving and restraining factors that will affect the medical marijuana market in the coming years. Factors such as increasing approvals of medical marijuana products and rising acceptance of medicinal use of marijuana in America. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana is likely to have a negative impact on the growth of the market in the coming years.
Aphria, Inc.; Canopy Growth Corporation; CanaQuest Medical Corporation; GW Pharmaceuticals; Organigram Holdings Inc.; VIVO Cannabis Inc.; Panaxia Pharmaceutical Industries Ltd.; Phoena Holdings Inc.; Emerald Health Therapeutics Inc.; and MARICANN INC. are among the leading companies operating in the medical marijuana market.
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