Product Details and Scope of Medical Cannabis Market in US - Latest Research Til
Posted by rushi007 on October 31st, 2019
Medicinal cannabis, also known as medical marijuana, is used either for the treatment of diseases or to improve their symptoms. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain diseases or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures. Marijuana was the most widely used drug globally in 2014 with around 183 million users. Such factors have led to increasing initiatives among governments worldwide to conduct studies regarding legalization of the drug for medicinal use. The U.S National Institute on Drug Abuse is conducting research on cannabis (marijuana) to treat numerous diseases and conditions such as autoimmune diseases, pain, inflammation, seizures, mental disorders, and substance abuse disorders. Regulatory compliance is a key factor that influences cost, quality, and safety of cannabis (marijuana) as well as the capacity for the manufacturers in the medicinal cannabis market to be responsive, scalable, and innovative.
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According to the Medical Marijuana, Inc., the legal marijuana industry in the U.S. was valued at US$ 7.1 billion in 2016, with an increase of 25% Y-o-Y. In 2016, 28 states in the U.S. legalized marijuana for medicinal purposes. In November 2016, California, Nevada, Maine, and Massachusetts legalized recreational use of marijuana. Increasing legalization of cannabis (marijuana) in the U.S. has attracted attention of global investors in the medicinal cannabis market.
Increasing technological advancements in testing cannabis quality made easier for manufacturer to develop the new cannabis medicines to various disease indications, which is expected to drive growth of medicinal cannabis market. For instance, in November 2018, PerkinElmer, Inc. launched its QSight 400 Series Triple Quad Mass Spectrometer, which is a highly sensitive analytical instrument designed for rapid identification and quantitation of pesticides, mycotoxins, contaminants in complex food, cannabis, and environmental testing applications.
Similarly, in November 2016, Waters Corporation expanded its CORTECS Columns product line, with the launch of two novel chemistries— CORTECS T3 and CORTECS Shield RP18. These new CORTECS column chemistries have enabled scientists to obtain additional information per analysis and reduce cost of analyzing complex samples including synthetic cannabinoids, biomarkers, natural products, counterfeit cosmetics, veterinary drugs, drinking water, and vitamins.
Furthermore, in Middle East, Israel has approved the medical cannabis products. In Africa, Lesotho and Malawi (South Africa) governments have granted a license for medicinal marijuana in 2017. In June 2017, Verve Dynamics, a Cape Town, South Africa-based alternative medicines company received a license from the government of Lesotho to cultivate cannabidiol medicinal cannabis. Verve Dynamics intends to cultivate and produce medicinal cannabis products and sell these product in South Africa. However, lack of formulation of a comprehensive law pertaining to medical marijuana in some states inhibits patient access to the drug.
Increase in the legalization of medicinal cannabis in various economies is expected to augment the market growth
Increasing approvals for medicinal cannabis products and growing research and development activities in the medicinal cannabis market are expected to support growth of the market. For instance, in March 2017, Germany’s parliament passed a law allowing medicinal use of the cannabis plant by allowing healthcare professionals to prescribe medicinal cannabis products to patients suffering from health issues such as chronic pain, vomiting, and nausea. However, health issues resulting from excessive cannabis consumption such as tachycardia, risk of heart attack, particularly in individuals with existing heart disease or arrhythmias, are expected to restrain growth of the market.
Legalization of medicinal cannabis is expected to grow once conclusive evidence regarding its safety and efficacy is obtained through extensive research. For instance, in 2013, Czech Republic legalized medicinal marijuana for patients suffering from chronic pain, epilepsy, chemotherapy induced side effects, and other severe disease indications. Furthermore, the law allows patients with marijuana prescription to purchase medicinal marijuana from pharmacies. However, cultivation of marijuana in not allowed in the country, and thereby suppliers need to import medicinal cannabis. These factors are expected to contribute to the growth of the medicinal cannabis use in pharmaceutical and biotechnology industry.
Medicinal Cannabis Market - Regional Insights
On the basis of region, the global medicinal cannabis market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global medicinal cannabis market during the forecast period manufacturers U.S. medical cannabis market are focusing on expansion strategies to increase their product portfolio. For instance, in July 2016, Insys Therapeutics, Inc. received the U.S. Food and Drug Administration (FDA) approval for dronabinol oral solution, Syndros, an orally administered liquid formulation of the pharmaceutical, cannabinoid dronabinol. Syndros is indicated in treatment of anorexia associated with weight loss among patients suffering from AIDS and those suffering from cancer chemotherapy-induced nausea and vomiting.
Potential medicinal cannabis markets other than the U.S. include Canada, Israel, Australia, and Spain. Mexico is also in process of legalizing cannabis. For instance, in February 2016, Medical Marijuana, Inc. launched the HempMeds Mexico, a CBD hemp oil product, in Mexico. With the launch of HempMeds Mexico, the company intends to expand its cannabis business in Latin America by establishing labs, manufacturing facilities, and sales and distribution facilities in the region in the near future.
Moreover, companies operating in the North America market are adopting inorganic growth strategies, which is expected to drive growth of the market. For instance in, January 2018, Apria, Inc. entered into a distribution agreement with Cannabis Wheaton, to supply 60,000 kilograms of the cannabis products between January 2018 and February 2022. The agreement has allowed Apria to expand its brand through Cannabis Wheaton’s strong distribution network in Canada.
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Medicinal Cannabis Market - Competitive Landscape
Some of the key players operating in medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc.
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