Medical Marijuana Oil Market Size, Growth Strategies, Competitive Landscape, Factor Analysis, 2022–2028

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The global medical marijuana market size is expected to reach USD 24.52 Billion in 2028 and register a revenue CAGR of 11.5% during the forecast period.

The global Medical Marijuana Oil market size is expected to reach USD 24.52 Billion in 2028 and register a revenue CAGR of 11.5% over the forecast period, according to the latest report by Reports and Data. Inclining number of countries legalizing Medical Marijuana Oil, increasing investments in research activities and commercialization of various Medical Marijuana Oil-based products and rising awareness regarding benefits of using marijuana are factors driving market revenue growth.

Marijuana is known to aid in treating chronic pain, and increasing number of people suffering from pain caused due to various reasons is creating robust product demand for pain management in chronic medical conditions. Additionally, various countries across the globe have legalized Medical Marijuana Oil, which enables people to use it for health purposes, thus boosting revenue growth of the global Medical Marijuana Oil market. Statistically, most of the cannabis is sold through illicit channels. However, several countries are researching and recognizing Medical Marijuana Oil as ideal option for wide range of uses due to various advantages offered. Certain countries have begun to liberalize laws regarding usage and consumption of Medical Marijuana Oil, which is driving revenue growth of the global market.

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Rising investments in scientific studies and clinical trials to widen scope of product application in various treatments is expected to lead to high demand for Medical Marijuana Oil during the forecast period. Moreover, easy availability of Medical Marijuana Oil and related products on eCommerce platforms in certain countries is also expected to drive market revenue growth. However, certain side effects of overusing Medical Marijuana Oil such as fatigue, dizziness, constipation, insomnia, and speech problems could hamper growth of the global market. Additionally, challenges in entering in to Medical Marijuana Oil business can hinder market revenue growth to some extent.

Some Key Highlights from the Report:

  • In October 2020, MediPharm Labs Corp. signed supply agreement with STADA to meet growing demand for Medical Marijuana Oil in Germany. STADA wanted to be the go-to partner for generics, which will be achieved by this partnership.
  • Oil segment revenue is expected to grow at a rapid rate during the forecast period. Hemp oil is in high demand for clinical purposes in healthcare sector. Health concerns associated with smoking are other factors that stop doctors from prescribing it. Hence, oil or edible forms of marijuana are generally prescribed and are in significant demand.
  • Chronic pain segment accounted for larger revenue share in 2020. Medical Marijuana Oil helps in controlling pain due to various medical issues. It acts as a relaxant and is commonly used among people suffering from Parkinson’s. Doctors also prescribe it to patients suffering from PTSD.
  • By route of administration, inhalation segment is expected to register significantly high revenue growth rate during the forecast period. Inhalation provides the advantage of controlled dosage and effective absorption of marijuana into the body.
  • Dispensaries segment accounted for significant revenue share in 2020. These pharmacies sell various legal cannabis products in the form of tablets, vaporizers, balms, elixirs, and tinctures. Patients usually prefer to buy medical products from authorized and legal sources to abide by the government’s rules, thus maximizing revenue growth by the segment.
  • Market in North America accounted for largest revenue share in 2020. As of 2018, 30 U.S. states have legalized use of Medical Marijuana Oil. Moreover, growing number of research studies in the U.S. is encouraging and supporting marijuana for medical purposes. Countries in North America are undertaking marketing strategies to promote derivatives such as oils, tinctures, and resins, along with products such as vaporizers.
  • Market in Europe is expected to register a significantly high revenue growth rate during the forecast period. Germany is among the largest consumer for marijuana, which is supporting revenue growth of the market in the region.

  Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product service portfolio. The Medical Marijuana Oil market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in RD, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.

Leading companies operating in the market are:

  • Canopy Growth Corporation,
  • Aphria, Inc.
  • Aurora Cannabis
  • Maricann Group, Inc.
  • Tilray
  • Cronos Group
  • Organigram Holdings, Inc.
  • Vivo Cannabis
  • Tikun Olam
  • Insys Therapeutics, Inc.

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

  Medical Marijuana Oil Market Segmentation:

Type Outlook:

  • Oil
  • Buds
  • Tinctures

Route of Administration Outlook:

  • Inhalation
  • Oral
  • Intravenous
  • Topical

Application Outlook:

  • Chronic Pain
  • Mental Disorders
  • Anorexia
  • Seizures
  • Muscle Spasm
  • Cancer
  • Others

Distribution Channel Outlook:

  • Dispensaries
  • Online

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)

Some essential purposes of the Medical Marijuana Oil market research report:

  • Vital Developments: Custom investigation provides critical improvements to the Medical Marijuana Oil market, including RD, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
  • Market Characteristics: The report contains Medical Marijuana Oil market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
  • Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Medical Marijuana Oil market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Medical Marijuana Oil market.
  • Convincingly, the Medical Marijuana Oil report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Medical Marijuana Oil market.

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