The global medical marijuana market size was valued at $11.70B in 2021 and is likely to reach value of $40.02B by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028, according to a report by The Insight Partners.
The global medical marijuana market growth is attributed to the increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana. Additionally, widespread distribution of medical marijuana is likely to emerge as a significant trend in the market during the forecast period. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana limit the market growth.
North America dominates the medical marijuana market. The US holds the largest share of the market in the region. Increasing incidence of chronic ailment among the growing geriatric population and expanding presence of key market players drive the medical marijuana market in the country.