Global medical marijuana market projected to surpass $55 billion by 2024

Global medical marijuana market projected to surpass $55 billion by 2024

By Rachael Dunn

The extensive demand for marijuana in the treatment of chronic pain due to cancer, arthritis, HIV/AIDS, and cancer will foster the global medical marijuana market growth. The rising inclination toward marijuana as opposed to opioid narcotics will also influence the industry trends.  

The global medical marijuana market outlook is projected to surpass $55 billion by 2024, says a new Global Market Insights, Inc. report featuring key industry trends across the application, route of administration, distribution channel, and regional landscape.   

According to the report, medical marijuana market size from dispensaries is foreseen to exhibit a double-digit CAGR of 36.2% over 2018-2024. Powered by the increasing number of dispensaries set up in myriad regions and growth in the legal sale of medical marijuana have optimistically influenced and proliferated the segment growth.

In terms of the regional landscape, Canada medical marijuana industry is projected to witness 32% CAGR over 2018-2024. The country has completely legalized the sale, production, & consumption of medical marijuana and is thus witnessing robust product sales. Presence of prominent marijuana companies in the region is also expected to drive the regional share.

   

The key players profiled in the report are GW Pharmaceuticals, Aphria, Aurora Cannabis Inc., Canopy Growth Corporation, Medical Marijuana, Inc., Supreme Cannabis Company Inc., MedReleaf, CanniMed Therapeutics Inc., Lexaria Corporation, Tilray, United Cannabis Corporation, Emerald Health Therapeutics, Cannabis Sativa, Inc., Cronos Group, GBSciences, Inc., The Hydropothecary Corporation, Corbus Pharmaceuticals, Namaste Technologies, and Insys Therapeutics, Inc. The companies have been profiled in terms of their strategic outlook, product portfolio, and SWOT assessment.

The report considered:

  • Application landscape: Pain Management (Cancer Pain, Neuropathic Pain), Muscle Spasms, Nausea, Anorexia, Seizures, Others
  • Route of administration landscape: Inhalation, Oral, Topical
  • Distribution channel landscape: Dispensaries, Online
  • Regional landscape: Canada, U.S., UK, Germany, Czech Republic, France, Italy, The Netherlands, Chile, Peru, Argentina, Colombia, Israel, Australia

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.