Medical Cannabis Market – Revenue, Opportunity, Segment and Key Trends
Posted by Ruchita Roy on January 18th, 2021
According to MRFR analysis, the global medical cannabis market is expected to register a CAGR of ~15.4% during the forecast period of 2019 to 2025 and was valued at USD 13.6 million in 2018.
Marijuana is a plant containing a chemical compound known as cannabis that has curative properties. This plant is used as a raw material by various pharmaceutical companies to manufacture drugs for various therapeutic applications. The legal use of cannabis for medical and purposes is increasing, but it varies across countries, based on the distribution, possession, cultivation, and medical indications for its consumption.
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The growth of global medical cannabis market is driven by various factors such as an increase in consumption of cannabis, rising prevalence of chronic diseases and other medical conditions, increasing legalization of medical marijuana in multiple countries, rise in research & development of cannabinoid. However, increasing illegal use of marijuana is expected to curb the growth of the global medical cannabis market.
Several market players currently dominate the global medical cannabis market. The key players are involved in product launches and strategic collaborations to strengthen their market positions.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of medical cannabis and rising per capita healthcare expenditure. The medical cannabis market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European medical cannabis market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The medical cannabis market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing prevalence of cancer cases has boosted the growth of the medical cannabis market, the market in Asia-Pacific is expected to be the fastest-growing. The medical cannabis market in the Middle East & Africa has been divided into the Middle East and Africa.
The global medical cannabis market has been segmented based on product form, derivative, application, and end user.
The market, based on product form, has been divided into powders, solids, ointments and creams, oil, and others. The powders segment is likely to be the fastest during the review period as the powder is easily dissolved into any liquid; this significantly expands the possibilities for how patients take their medical marijuana products. Thus, the easy consumption of powder form of products will substantially drive the growth of the market.
The global medical cannabis market has been bifurcated, on the basis of derivative, into cannabidiol (CBD) and tetrahydrocannabinol (THC). The cannabidiol (CBD) segment is expected to hold the majority share of the market as it is mostly used to treat pain and various other medical conditions.
The global medical cannabis market has been segmented, based on application into arthritis, cancer, Alzheimer’s disease, schizophrenia, and others. Alzheimer’s disease is expected to hold the largest market share as around 5.7 million Americans of all ages were living with Alzheimer’s and dementia in 2018.
The distribution channel segment of the market includes retail pharmacy, online stores, and others. The retail pharmacy segment is expected to hold the largest share of the market as the majority of retail and pharmacy stores provide cannabis across the global
Some of the key players in the global medical cannabis market are Canopy Growth Corporation (Canada), Aphria, Inc. (Canada), Maricann Inc. (Canada), Tilray (Canada), GW Pharmaceuticals PLC (UK), Medical Marijuana, Inc. (US), Cannabis Sativa Inc. (US), Aurora Cannabis (Canada), CanniMed Ltd (Canada), MediPharm Labs (Canada), United Cannabis (US), and GBSciences Inc. (US).
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About the AuthorRuchita Roy
Joined: October 26th, 2020
Articles Posted: 494
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