Medical Cannabis Market Overview
The worldwide medical cannabis market size is expected to cross USD 33,210.21 million by 2027 at a CAGR of 18.14%, says Market Research Future (MRFR). Medical cannabis, often known as medical marijuana, is a herbal medication generated from Cannabis plants that are used to deal with particular symptoms or diseases like chronic pain, cancer, or mental disorders. Tetrahydrocannabinol (THC) and cannabidiol (CBD) are the two main cannabinoids derived from this plant that have medical benefits (CBD).
During the projection period, the market’s expansion is likely to be hampered by the market’s complex regulatory structure and societal stigma associated with cannabis. Furthermore, the market’s expansion is hampered by a scarcity of skilled workers. On the contrary, cannabis legalization in Asia-Pacific is expected to provide profitable chances for the medical cannabis market to flourish over the projected period.
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Medical Cannabis Market Segmentation
The global medical cannabis market is split by product type, end-user, application, and geography to analyze the industry comprehensively. Buds/marijuana flowers and cannabis extracts are the two product types.
Due to factors such as rising demand for cannabis extracts like oils and tinctures, legalization of marijuana for the treatment of different chronic diseases, as well as new cannabis extract launch dates, the cannabis extract segment dominated the global medical cannabis market in 2020 and is anticipated to stay dominant all through the forecast period.
Chronic pain led the worldwide medical cannabis market by application through 2020, and so this trend is expected to continue over the forecast period. It’s due to a growth in medicinal cannabis as an effective therapy for chronic pain due to the ability to dull the senses and anti-inflammatory qualities.
Due to the increased use of cannabis in the pharmaceutical business and increased investments by pharma companies in CBD due to the health advantages of cannabis, pharmaceutical was the largest stakeholder in 2020 and is likely to stay so all through the forecast period.
Medical Cannabis Market Regional Outlook
Asia-Pacific, the Americas, the Middle East, Europe, and Africa have all been classified in the Medical Cannabis industry. Because of the growing prevalence of clinical cannabis and rising per capita medical care consumption, the Americas are expected to be the largest market. North America and Latin America have been added to the market in the Americas, with the North American market divided into the United States and Canada. Western Europe, as well as Eastern Europe, are divided in the European Medical Cannabis market research.
The earmarked budget for innovation is set to rise with companies realizing the impact of having a progressive product assortment. The market is estimated to derive momentum from improvement in operating systems within the market. As the market players understand the advantages of a lean operation framework, the market is estimated to transform considerably. The role of the government bodies in almost every country is estimated to be valuable to restore normalcy and create a growth outlook.
The development of novel production processes is likely to enhance market strength further. The stabilization of demand and supply forces is estimated to open up opportunities for expansion in the forecast period. The forging of novel international trade relations is estimated to bolster the market’s capabilities in the upcoming period. The fast-paced adoption of online services and selling platforms is estimated to reinforce market progress in the upcoming years. The consolidation of market competition is predicted to usher in a new development phase in the impending period.
Top key players in the global medical cannabis market are Emerald Health Therapeutics (Canada), Tilray, Inc. (Canada), Aurora Cannabis Inc. (Canada), Canopy Growth Corporation (Canada), Cannabis Sativa, Inc. (US), GW Pharmaceuticals plc. (UK), Cara Therapeutics (US), Medical Marijuana, Inc. (US), GB Sciences, Inc. (US), and Canndoc (Israel)
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Medical Cannabis Industry News
Growing research and activities and other advancements in the sector are driving up demand for medical cannabis. Increased population and prevalence of chronic diseases like brain disorders, malignancies, and other diseases can boost market revenue. Medical cannabis is used to treat various ailments, most notably nausea and discomfort linked with chemotherapy. More research and clinical studies were conducted due to the rise in cancer cases, and the findings revealed that cannabis is utilized to kill cancer cells. Medical cannabis could also help with migraines, arthritis, and other chronic pain management difficulties. The majority of investors, important companies, leading pharmaceuticals, and biotechnology firms throughout the world and their investigative approach are driving the medical cannabis market forward.
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