Medicinal cannabis also referred to as medical marijuana is used to treat disease or to improve their symptoms. The two cannabinoids – delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) find applications in the treatment of various health conditions and diseases including blood pressure, pain management, appetite, memory, concentration, sensory stimulus, seizures, and muscular problems. Various countries around the globe are involved in legalization of export of medicinal cannabis products, which is expected to fuel growth of the medicinal cannabis market. For instance, in January 2018, the government of Australia allowed cannabis producers in the country to export medicinal cannabis and cannabis products in the global market.
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The global medicinal cannabis market is estimated at US$ 5,448.4 million in 2019 and is expected to witness a CAGR of 24.4% over the forecast period (2019 – 2027).
Increase in legalization of medicinal cannabis across various countries is expected to drive growth of the global medical cannabis market during the forecast period. A number of countries are approving the use of medical cannabis for research and development applications. 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. Furthermore, in 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.
Health concerns regarding excessive consumption of cannabis such as risk of heart attack and tachycardia are expected to hamper the global medical cannabis market growth over the forecast period.
Among regions, North America is expected to hold a dominant position in the global medical cannabis market over the forecast period. This is owing to key healthcare companies focus on expansion strategies to improve 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.
𝗖𝗵𝗿𝗶𝘀𝘁𝗺𝗮𝘀 𝗦𝗮𝗹𝗲 𝗜𝘀 𝗟𝗶𝘃𝗲!
𝗕𝘂𝘆 𝗡𝗼𝘄 𝗧𝗼 𝗔𝘃𝗮𝗶𝗹 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 𝗙𝗿𝗼𝗺 𝟮𝟱-𝟯𝟬% 𝘁𝗶𝗹𝗹 𝟯𝟭-𝗗𝗲𝗰-𝟮𝟬𝟮𝟭
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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.
Furthermore, key companies in North America are involved in inorganic strategies, in order to gain a competitive edge in 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.
Key companies involved in the global medial cannabis market are 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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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Medicinal Cannabis Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Medicinal Cannabis Industry Impact
Chapter 2 Global Medicinal Cannabis Competition by Types, Applications, and Top Regions and Countries
2.1 Global Medicinal Cannabis (Volume and Value) by Type
2.3 Global Medicinal Cannabis (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Medicinal Cannabis Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Medicinal Cannabis Market Analysis
Chapter 6 East Asia Medicinal Cannabis Market Analysis
Chapter 7 Europe Medicinal Cannabis Market Analysis
Chapter 8 South Asia Medicinal Cannabis Market Analysis
Chapter 9 Southeast Asia Medicinal Cannabis Market Analysis
Chapter 10 Middle East Medicinal Cannabis Market Analysis
Chapter 11 Africa Medicinal Cannabis Market Analysis
Chapter 12 Oceania Medicinal Cannabis Market Analysis
Chapter 13 South America Medicinal Cannabis Market Analysis
Chapter 14 Company Profiles and Key Figures in Medicinal Cannabis Business
Chapter 15 Global Medicinal Cannabis Market Forecast (2021-2027)
Chapter 16 Conclusions
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