Medical marijuana is a derivative of the Cannabis sativa plant. It also goes by the name of medical cannabis. It is used by pharmaceutical companies for manufacturing various drugs with therapeutic applications. The global medical marijuana market report by Market Research Future (MRFR) consists of various developments regarding its cultivation and its future prospects for the period between 2017 to 2023 (forecast period).
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Medical Marijuana Market Scope
The global medical marijuana market size can reach USD 54,677.1 million by 2023 at a CAGR of 34% during the forecast period. Rising prevalence of chronic diseases such as Alzheimer’s, applications of marijuana, and legalization of cannabis for medical purposes can drive market growth. Consumption of hemp from cannabidiol (CBD) is likely to fuel market demand. Its use as a pain reliever and for treatment during chemotherapy will be prescribed by doctors due to legalization in some countries.
Approval of medicines containing trace amounts of CBD for treatment of medical conditions can spur the demand for medical marijuana. Huge investments in R&D for the uses of medical marijuana is an indicator of the legalization of the plant in other countries. The opioid crisis which has been a subject of debate in the U.S. can find relief with the alleviating properties of marijuana.
However, factors such as lengthy approval times, strict government policies, and inclination towards procurement of marijuana can be detrimental for the market growth.
Medical Marijuana Market Segmentation
The global medical marijuana market is segmented into product type, application, and distribution channel.
On the basis of product type, the market is segmented into solids, dissolvable/powders, oil, and ointments & creams. The dissolvable/powders segment is expected to lead the market and register a substantial CAGR to reach USD 22,648.8 million by the end of 2023. Due to the affordability and convenience in using drives the demand for this segment.
Major applications include Alzheimer’s disease, cancer, schizophrenia, and multiple sclerosis.
On the basis of distribution channel, the market is segmented into retail & pharmacy stores, online platforms, and others. Retail & pharmacy stores are likely to generate revenue for the market owing to the legalization of marijuana and need for pharmacists at these outlets. Educational training programs accorded to pharmacists to dispense the drug according to the disease is likely to bode well for the market. Online platforms are a safe route for buying marijuana owing to seamless payment systems and convenience of its user-friendly interface. Some states in the U.S. are offering online maps for citizens to make it easier to shop.
Medical Marijuana Market Regional Analysis
The global medical marijuana market, based on region, is divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas accounted for the largest market share in 2017, and the regional market is projected to register a CAGR of 34.0% during the forecast period. Huge prevalence of Alzheimer disease, cancer, and others is the primary driver of the market. Legalization of the cultivation of marijuana and its medical applications can positively impact the market. Recently, the state of Alabama passed a law legalizing the sale of medical marijuana products.
Europe is expected to be the second largest market share, with 5.5% from the global market, and the APAC is projected to be the fastest growing market. Germany and Portugal are prime contributors to the market. Licensed producers are partnering with distributors after gaining EU certification to provide medical cannabis for various uses. However, regulations pertaining to irradiated cannabis plants can hamper the regional growth.
APAC may display a modest growth rate due to the plant being illegal for cultivation. However, changing stances of some countries regarding its growth can be a gamechanger for the global medical marijuana market. Thailand and South Korea have taken the lead in the market, with the former opening a greenhouse for cultivation of the plant. Recently, India got its first medical cannabis clinic, with the store selling tablets and oils derived from the plant.
Medical Marijuana Market Competition Outlook
MediPharm Labs, Cannabis Sativa Inc, Tilray, Medical Marijuana Inc, GW Pharmaceuticals Plc, CanniMed Ltd, Emerald Health Therapeutics Inc., Canopy Growth Corporation, Aphria, Pfizer Inc., Cara Therapeutics, and GBSciences Inc. are prominent players of the global medical marijuana market. Acquisitions, collaborations, and new product launches are strategies implemented by players to generate revenue for the market.
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