Global Medical Marijuana Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Its increasing demand in treatments for cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease and rapidly increasing patient pool across the globe are expected to boost the growth of market over forecast period.
Global Medical Marijuana is valued at USD 6406.7 Million in 2019 and expected to reach USD 21543.8 Million by 2025 with the CAGR of 22.4% over the forecast period.
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Scope of Global Medical Marijuana Report–
Marijuana is also known as Cannabis, is a psychoactive drug extracted from the Cannabis plant used for medical or recreational purposes. The Marijuana contains over 500 different substances primary psychoactive component includes tetrahydrocannabinol (THC), and Cannabidiol (CBD). Medical Cannabis is available in various forms including dried plants such as pot, buds, ganja, weed, grass, and in solid concentration like hashish, rosin, dabs as well as in liquid form which is in the form of hash oil, vape cartridges can be used by smoking, vaporizing, and within food. Marijuana has many health benefits in the medical industry including it helps to release the chronic pain, improves lung capacity, helps to lose weight, regulate and prevent diabetes, fight cancer, helps treat depression, Alzheimer’s disease, deals with pain linked to arthritis, for therapeutic purposes such as refractory epilepsy and it can also help to control seizures. Recently on 26th February 2020, new research partnership agreement between the State University of Campinas (Unicamp), Entourage Phytolab and Pluridisciplinary Center for Biological and Agricultural Chemical Research (CPQBA) took on cannabis for the development and production of medicines with the project name “Genotype Selection of Cannabis sativa L”. The research will helps to identify and analyze pharmacological, agricultural and genetic characteristics of 240 cannabis varieties for therapeutic purposes, such as refractory epilepsy.
Global Medical Marijuana Market report is segmented on the basis of product type, applications, and by region & country level. Based on product type, global medical marijuana is classified as in solid form buds, liquid form oils, tinctures and vape cartridges. The product development team of “The Marquie Group” has been focused on developing a light, clean, pleasant-tasting CBD isolate tincture with brand name Whim. Based upon the application, the market is classified as chronic pain, mental disorders, cancer, and others.
The regions covered in this Medical Marijuana report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Medical Marijuana is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Medical Marijuana Report-
Global medical marijuana report covers prominent players like Aphria, Inc., mCig, Inc., Aurora Canopy Growth Corporation, Cannabis, Inc., Emerald Health Therapeutics Inc., Acreage Holdings, Aphria, Aurora Cannabis, Arcadia Biosciences, The Bulldog, Cannabis City, CanniMed, Pure Sunfarms and others.
Pure Sunfarms Now Licensed for 550K Sq. Ft. of Cannabis Production.
September 6th, 2018; Canadian government legalized the use of cannabis for adult-use which impacted to expand the business of Pure Sunfarms cultivating and production area to approximately 550,000 Square Feet in one of the single largest Cannabis growing facilities in the World. The Company thrives to made to achieve high-quality, low-cost cannabis production ahead of the Emerald Health Therapeutics Announces Amendment from Health Canada. Emerald Health Therapeutics and Village Farms International have been made joint venture to receive the cultivated cannabis from Pune Sunfarms. Canada passed the amendment with cultivation license for its Delta 3 greenhouse facility. This amendment permits Pure Sunfarms to expand its cannabis production area to 550,000 square feet – half of the 1.1 million square foot in Canada.
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Increased Demand in the Treatment of Cancer, Arthritis, and Neurological Conditions, such as Anxiety, Depression, Epilepsy, Parkinson’s and Alzheimer’s Disease and Rapidly Increasing Patient Pool across the Globe are Expected to Drive the Market Growth.
The rapidly increasing number of patients of cancer, chronic pain, and various neurological conditions such as anxiety, depression diseases are pertaining to high growth for medical marijuana laboratories. According to American Cancer Society researchers in 2019, at least 42% of newly diagnosed cancers in the US about 740,000 cases and according to worldwide cancer statistics, 17 million new cases of cancer occurred globally in 2018 and it is estimated to reach up to 27 Million globally. This increasing prevalence of the cancer will enhance the aid of treatment with the latest research based medicines named cannabis. According to the recent research on marijuana of American Cancer Society, study of patients with advanced cancer with pain refractory to opioids found that patients receiving low and medium doses of marijuana reported improved analgesia compared with placebo and experimentally helped to release the chronic pain of patients.
Marijuana is considered as Schedule I category controlled substances like cocaine, heroine drugs by the Drug Enforcement Administration which deters the study on marijuana and cannabinoids through its imposition of strict rule and regulations on the researchers working in Medical Marijuana market which is one of the major challenges faced by marijuana market. However, there are various adverse effects of smoking cannabis, which include the production of phlegm, chronic cough, and respiratory diseases. According to the World Health Organization (WHO), marijuana consumption has an been tremendously increased annually with prevalence rate of approximately 147 million individuals or nearly 2.5% of the global population for the both for recreational and medicinal purposes, and garnered increasing acceptance across the country which has created the great opportunity for the growth. The medical cannabis has many benefits in healthcare for the treatment of various diseases like cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease. The United Nations reported there were 183 million marijuana users around the world including the consumption of cannabis for the medical use and prevalence of chronic pain.
Global Medical Marijuana Regional Analysis–
North America is dominating the medical marijuana market due to legalization and appeal of marijuana products, such as vape pens and relaxed attitude among seniors with health benefits awareness regarding the use of cannabis. The United States is reported as the largest numbers of cannabis cultivation sites after the Declaration of UN Drug Committee that Cannabis is an effective and relatively safe drug. According to Americans for Safe Access organization, it is estimated that around 2.2 million patients use cannabis medicinally in the United States followed by United Kingdom. The medical marijuana has many health benefits around 30% of patients of multiple sclerosis uses cannabis in the United Kingdom. In 2015 in Europe, the annual prevalence cannabis use among 15-16 year olds was reported to be 13 % and 7%, respectively whereas age 60 on average group had used cannabis 8 or 9 times in the past 12 months. Lifetime prevalence of cannabis use among adolescents varies from country to country, ranging from 37% in Czechia and 31% in France to 7% in both Sweden and Norway in Europe.
The Asia Pacific is expected to emerge as the fastest-growing regional market due to rapidly increasing patient pool of chronic pain including anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease and growing need for clinical research for managing the increasing patient population. According to the Alzheimer’s disease international report, the prevalence of Alzheimer’s disease dementia in the Asia Pacific region will increase from 23 million in 2015 to almost 71 million by 2050. The second largest seizures of cannabis herb were reported in Africa, mostly in Nigeria, Egypt and Morocco accounting for over a 28% of the global total and Asia accounted for 5 % of the total quantity of cannabis herb intercepted worldwide in 2015.
Key Benefits for Global Medical Marijuana Report–
Global Medical Marijuana report covers in depth historical and forecast analysis.
Global Medical Marijuana research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Medical Marijuana report helps to identify opportunities in market place.
Global Medical Marijuana report covers extensive analysis of emerging trends and competitive landscape.
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Global Medical Marijuana Segmentation:–
By Product Type:
Solid form buds, leaves
Liquid form oils
Tinctures and vape cartridges
By Regional & Country Analysis:
The Middle East and Africa
Rest of Middle East and Africa
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