Medical Marijuana Market Size to Hit US$ 132,972.8 Million by 2034: Fact.MR Report
Promising Regulatory Frameworks for Sales of Medical Marijuana Driving Market Growth
Rockville , Feb. 23, 2024 (GLOBE NEWSWIRE) — The medical marijuana market value is predicted to be around US$ 30,088.1 million in 2024. The worldwide demand for medical marijuana is poised to increase at a CAGR of 16% from 2024 to 2034. By the end of this forecast period, sales of medical marijuana are forecasted to reach a valuation of up to US$ 132,972.8 million.
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Patients’ growing understanding of the medicinal marijuana benefits is the key factor driving the market sales in current years. Market players are also taking advantage of this drift by focusing their marketing efforts on educating prospective customers, which is expected to grow their clientele.
| Report Attribute | Details |
| Value Projection (2034) | US$ 132,972.8 Million |
| Growth Rate (2024-2034) | 16% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Medical Marijuana Market Report
- The net worth of the medical marijuana industry in North America is expected to be around US$ 10,325 million in 2024.
- The United States is the leading market for medical marijuana products in North America, and it is expected to be valued at US$ 6,321 million in 2024.
- Latin America’s medical marijuana industry is expected to be worth US$ 4,451 million in 2024.
- Brazil is the leading producer of medical marijuana in Latin America, and it is poised to advance at a CAGR of 16.1% through 2034.
“Growing adoption of marijuana medicinal products is expected to offer businesses a competitive edge in the market. Apart from this, promising regulatory frameworks are expected to encourage investment, growth, and general corporate operations for cannabis-based medicines in the future,” says a Fact.MR analyst.
Key Market Players Profiled in This Report
- Tilray
- Aurora Cannabis
- Canopy Growth Corporation
- Aphria, Inc.
- Maricann Group, Inc.
- Tikun Olam, Ltd.
- MedReleaf. Corp.
- GW Pharmaceuticals plc.
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc.
Competitive Landscape for Medical Marijuana Market Players
Though the global market is fragmented, the competition is fierce in North America due to the presence of several legalized cannabis producers and suppliers. By collaborating with telehealth platforms, leading medical marijuana suppliers and market players have expanded their reach to a larger patient or consumer base. New market players that venture into global marketplaces might access new sources of income and reduce the risks brought on by legislative changes in a particular region.
Recent Developments by the Medical Marijuana Industry Participants
- In July 2021, Jushi Holdings Incorporation acquired OhiGrow LLC, which is an Ohio-licensed producer of medicinal marijuana. The firm intends to produce and supply biomass for the manufacturing of medicinal marijuana products in the United States market.
- In June 2021, Canopy Growth Corp. claimed that it had completed the acquisition of Supreme Cannabis Company. Canopy Growth Corporation was formerly known as Tweed Marijuana Incorporation, and the merger of the 7ACRES Craft Collective of Supreme is expected to improve Canopy’s position in the market and help expand its medicinal cannabis supply.
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Country-wise Insights
Why is the United States Dominating the Medical Marijuana Market?
“Favorable Regulatory Frameworks in the United States Stimulate Market Growth”
North America’s medical cannabis market is projected to generate US$ 10,325 million in revenue in 2024, or 34.5% of the global market. Many of the nation’s market participants have built their reputations as reliable providers of legal medical marijuana goods with a strong global footprint by sponsoring educational initiatives.
The United States’ favourable regulations have removed barriers for suppliers, manufacturers, and processors of medical cannabis products, enabling them to operate more efficiently. Businesses in the nation are now better positioned to enter other regional markets and cater to a broader spectrum of patient demographics by using the export requirements and contemporary diversification strategies.
By 2034, the market for medical marijuana in the US is expected to be worth US$ 28,212 million, growing at a 16.1% annual compound growth rate. In contrast, it is estimated that until 2034, the demand for medical marijuana in Canada will increase at a quicker pace of 16.3%.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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