The Global Medical Marijuana Market is forecast to reach USD 187.51 Billion by 2027, according to a new report by Reports and Data. Marijuana is used for treating chronic pain that affects millions of people each year across the globe, thus increasing the demand for the product as a treatment procedure for medical conditions. Statistically, around 25 million people endure acute pain in the U.S. Moreover, several countries around the globe have made medical marijuana legal, allowing people to use marijuana for health purposes; therefore, boosting the medical marijuana market.
Side effects of the products include dizziness, fatigue, speech problem, constipation, and insomnia will hamper the growth of the market. Additionally, lack of data safety and problem in undertaking medical marijuana business is also estimated to hinder the growth of the market.
North America dominates the market of medical marijuana. The major contributors are the U.S. and Canada. Many states in the U.S. have permitted the application of medical marijuana. Moreover, the growing number of research studies in the US, encouraging and supporting marijuana’s use for medicinal purposes, will supplement the North American medical marijuana market growth.
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In 2017, Oxford University went into a partnership with Kingsley Capital Partners for the development of cannabis treatment for inflammatory and cancer diseases. These partnerships are expected to have a positive impact on the market of medical marijuana.
The availability of marijuana has also increased considerably, and this trend is likely to continue in the near future. For instance, in August 2019, a new medical marijuana dispensary was established in Kalamazoo, Michigan (U.S.). Likewise, in August 2019, a new recreational cannabis store was opened in Nantucket Island, Massachusetts (U.S.). The medical marijuana market has also witnessed salient partnerships. For example, WeedMD, a Canadian medical marijuana producer, went into partnership with the Technion-Israel Institute of Technology (TIT), which is the controller of the cannabis database project in February 2018. This partnership will research the terpenoid and cannabinoid profiles of 25 of WeedMD’s cannabis strains.
Further key findings from the report suggest
- Countries are beginning to liberalize laws related to medical marijuana; the market is forecast to witness a surge in demand. Statistically, the majority of cannabis is currently sold through illicit channels.
- Several countries have recognized the advantages of this product and are in the process of legalizing it.
- With a rise in the volume of clinical trials and scientific studies, the demand for cannabis for clinical use is also expected to grow over the forecast period. Medical marijuana held a market share of 53% in the year 2019.
- Countries in North America have also started promoting derivatives such as oils, tinctures, and resins, along with products like vaporizers, among millennials who are considered primary consumers.
- The oil segment is projected to grow with the highest CAGR of 27.1% in the forecast period. Hemp oil is in high demand among the healthcare sector for clinical purposes.
- Health concerns associated with smoking is another factor that stops doctors from prescribing it. Hence, oil or edible forms of marijuana are generally prescribed and are growing in demand.
- On the basis of application, the market is segmented into Chronic Pain, Mental Disorders, Anorexia, Seizures, Muscle Spasm, Cancer, and Others.
- Chronic pain dominated the market, with a share of around 63% in the year 2019. Marijuana reduced pain and also improved the quality of life among patients.
- On the basis of the route of administration, the inhalation segment is forecast to have the highest market share of 54% by the year 2027.
- Inhalation provides an advantage of controlled dosage and effective absorption of cannabinoids into the body. This should increase the demand for inhalation marijuana over the coming years.
- Dispensaries held a market share of over 48% in the year 2019. These pharmacies sell various legal cannabis products in the form of tablets, vaporizers, balms, elixirs, and tinctures.
- Patients usually prefer buying medical products from authorized and legal sources to abide by the government’s rules, thus maximizing the revenue by this segment.
- Europe is forecasted to have a market share of 28% in the year 2027. Germany is the largest market for cannabis and thereby fuels the growth of the market in this region.
- Key participants Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics, Inc., MedReleaf Corporation, and GW Pharmaceuticals PLC.
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For the purpose of this report, Reports and Data has segmented the Global Medical Marijuana Market on the basis of Product Type, Route of Administration, Distribution Channel, Medical Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Medical Application Outlook (Revenue, USD Billion; 2017-2027)
- Chronic Pain
- Mental Disorders
- Muscle Spasm
Route of Administration Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/medical-marijuana-market
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