Medical Marijuana Market Overview
Medical marijuana market 2020 is all set to achieve a fantastic growth rate of 34.0% from 2015 to 2023 (appraisal period), reveals MRFR (Market Research Future). The market value by 2023 is expected to be USD 54,677.1, adds the extensive MRFR study. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Top Drivers and Deterrents
Since the COVID-19 outbreak, the pandemic has shown no sign of stopping and a vaccine development is expected to take a long time. The efforts by government to try out drugs available in the market have prompted bulk purchases to curb the COVID-19 impact. The lockdown imposed for controlling the spread of the novel coronavirus has also dealt a significant blow on the global economy and the market, with manufacturing units closing down and workforce reduced to small numbers. However, a few studies have shown that medicinal marijuana has the potential to treat the symptoms of SARS-CoV-2, have anti-inflammatory characteristics, and can bring down anxiety and pain. A few other studies also reveal that cannabis extracts can decrease blood coagulation in animals; which is leading to a higher demand for medical marijuana worldwide.
Another approach that is being explored is in Israel, which focuses on developing a cell therapy treatment that makes use of medical marijuana/CBD-loaded exosomes for the treatment of SARS-CoV-2 patients. The technology could help target both the novel coronavirus and the central nervous system. The rapid mount in extensive research and development activities to understand the application scope of medical marijuana not only for treating COVID-19 but also for various other ailments can be favorable for the market growth in the years to come. The escalation in countries that are legalizing the use of medical marijuana can also bolster its therapeutic application scope in the ensuing years.
The surge in acquisitions and mergers between reputed firms in the medical marijuana industry is also a key growth attribute. To illustrate, in October 2020, 4Cable TV International Inc. announced its plan to acquire a Medical Marijuana and Hemp Company. The firm is on the verge to take over two CBD vendors in the market and will be making the final decision in the following weeks.
Medical Marijuana Market Segmental Review
Medical marijuana market can be considered for product type, application, as well as distribution channel.
With respect to the product type, the market caters to dissolvable/powders, solids, ointments & creams and oil. In the lead can be the dissolvable/powders segment and touch USD 22,648.8 million by 2023-end, says MRFR. The segmental growth is the result of the products’ convenience and affordability.
Medical marijuana’s applications are cancer, schizophrenia, multiple sclerosis and Alzheimer’s disease.
The key distribution channels in the global market are online platforms, retail & pharmacy stores, and more.
Medical Marijuana Market Regional Outlook
The medical marijuana industry can be regionally categorized as the Americas, APAC or Asia Pacific, MEA or Middle East and Africa and Europe.
Since 2017, the Americas has been the ruling market and is also touted to expand at a significant rate of 34.0% over the evaluation period. The medical marijuana is extensively used in the region, given the high prevalence of cancer, the Alzheimer disease, and more. Also, the cannabis legalization for recreational purpose in states such as Maine, California, Massachusetts, Nevada and Arizona has helped bolster the market size in the region.
Europe, with a share of 5.5% in the global market is the second highest gainer, on account of the mounting number of states that are legalizing the use of medical marijuana along with the soaring preference for cannabis in recreational and medical applications. Extensive research and development activities in the region have also prompted significant market expansion within the region.
APAC is one of the fastest climbing markets in the global race, with a major boost given by Thailand’s recent acceptance of medical marijuana in February 2020 and a rising number of Southeast Asian nations jumping on the bandwagon. The APAC market is therefore said to be brimming with lucrative opportunities for global investors that are interested in expanding their base in the region. A growing number of countries in the region are softening their stance on the drug, with most of the major hospitals starting to adopt it for medical purposes. Japan has also approved studies and clinical trials for Epidiolex, which is a CBD oral solution that helps in the treatment of epileptic patients. These favorable developments in the regional market are expected to translate into considerable revenue generation in the following years.
Medical Marijuana Market Affluent Companies
Some of the most affluent vendors in the global market are Cannabis Sativa Inc (Nevada), GBSciences Inc. (Nevada), Medical Marijuana Inc (US), Canopy Growth Corporation (US), CanniMed Ltd (Canada), GW Pharmaceuticals Plc (US), Pfizer Inc. (US), Tilray (Nanaimo, BC), MediPharm Labs (US), Emerald Health Therapeutics Inc. (Victoria, BC), Cara Therapeutics (US), Aphria (Ontario), and more.
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Table of Contents
1 Report Prologue
2 Market Introduction
2.1 Scope Of Study
2.2 Research Objective
2.3 List Of Assumptions
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Growing Research And Development Activities And Financial Support By Various Private And
Government Organizations For Cannabinoid Research
4.2.2 Rising Prevalence Of Chronic Diseases And Other Medical Conditions
4.2.3 Increasing Authorization Of Marijuana For Medical Applications
4.3 Restraints
4.4 Challenges
4.4.1 Change In Government Regulations For The Use Of Cannabis For Medical Applications 23
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Porter’s Five Forces Model
6 Global Medical Marijuana Market, by Product Type
6.1 Introduction
6.2 Solids
6.3 Dissolvables/Powders
6.4 Oil
6.5 Ointments & Creams
7 Global Medical Marijuana Market, by Application
7.1 Introduction
7.2 Alzheimer’s Disease
7.3 Cancer
7.4 Schizophrenia
7.5 Multiple Sclerosis
8 Global Medical Marijuana Market, by Distribution Channel
Continued…
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