Medical Marijuana Market To Witness Constructive Growth In The Next Decade
Posted by Merin John on July 5th, 2021
The healthcare vertical, which has always been one of the evolving ecosystems, is amongst the most happening things as of now and the situation is bound to continue in the forecast period as well. One of those evolutions is “patient-centricity”. In other words, it would be the patients calling the shots now. This trend has been entailed by the Medical Marijuana Market.
The medical marijuana market is anticipated to record a year-over-year growth rate of 15.9% and reach a market value of US$ 39,891.2 Mn by 2026. Extract form segment is expected to have high revenue share, accounting for 63.9% share in 2018 of the overall medical marijuana market. In this report, the medical marijuana market is segmented based on product type, application type, distribution channel and region.
The extract form is the dominant segment in the market for medical marijuana as maximum number of products are made out of extract form and they are conveniently used by majority of the population. The product listed include oil concentration, tinctures, sprays, edibles, tablets, and capsules based on prescription. In contrast, the companies conduct research activities to introduce novel products in the market.
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In terms of revenue, the extract segment is expected to account for large revenue share of 63.9% in 2018, is expected to witness significant growth during the forecast period. The growth in the dried flower segment is expected to be primarily driven by traditional use and purpose of usage with options available to consume dry form medical marijuana without any interventions.
Pain management seems to be the preferred choice to use medical marijuana, as the segment includes pain associated with many diseases such as cancer, arthritis, AIDS, multiple sclerosis, and nerve damage, among others. The common practice associated with the routine checks involve the dynamic use of medical marijuana.
Others segment has a range of indications in which medical marijuana is used such as PTSD, anxiety, mental health conditions, and many more. However, the seizures segment which involves cases of multiple sclerosis, Parkinson’s disease, and convulsions is expected to witness high CAGR of 16.1% during the forecast period.
The retail pharmacy distribution segment is expected to hold maximum share in the overall medical marijuana market due to the large number of companies forming dispensaries of their own to sell the products on a major scale. Retail pharmacy is the first choice of distribution among manufacturers and consumers.
Retail pharmacy distribution segment is estimated to have a market share of 77.9% in 2018 and a steady growth the E-commerce is also expected in the medical marijuana market due to change in operational functions that offer a high growth rate during the forecast period.
Medical marijuana is well known for its notorious qualities that are being projected in different communities around the world. It is not in use by majority of the global population for medical cases. In the U.S., marijuana is classified as a schedule 1 controlled substance, which makes it illegal to consume or possess.
Limited use of medical marijuana has latched on to claims that it is useful to treat various ailments such as Crohn’s disease, multiple sclerosis results into muscle spasm, epilepsy, glaucoma, and nausea, among others. Though the medical marijuana is being synthesized to be used for medical purposes, the legalization of recreational marijuana would have some serious effects on overall marijuana pricing.
Recreational marijuana is not subjected to be in use for health reasons, but are often consumed for its soothing and psychotic nature. But with developments for medical marijuana usage for medical purpose are on a rise in both developing and developed countries, progress with medical marijuana consumption in severe health issues often makes it a noticeable choice for physicians to prescribe it to treat diseases. Besides, there must be solid evidence to make it rather official to be in use.
Conventional medicines are becoming expensive with time, whereas the adult population is increasing, which fails to adapt to this dynamic shift.
PMR’s report has segmented the global medical marijuana market on the basis of region into North America, Europe, Latin America, Asia Pacific Excluding China, China and Middle East & Africa. This report assesses trends driving each market segment and offers analysis and insights about the medical marijuana market in specific regions.
North America is expected to account major share in the global medical marijuana market and it is expected to grow at a CAGR of 16.2% being the most lucrative regional market for medical marijuana. Europe is expected to follow North America during the forecast period due to high prevalence of cases that require medical marijuana for the treatment.
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About the AuthorMerin John
Joined: December 11th, 2020
Articles Posted: 262
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