Medical Marijuana Market Outlook
According to the MRFR reports, the medical marijuana market is projected to acquire a valuation of over USD 54,677 million at CAGR of 34% during the forecasted period, says Market Research Future (MRFR).
The medical marijuana market has witnessed massive growth in recent times. The market growth is primarily attributed to the rise in awareness regarding the benefits of medical marijuana. Furthermore, factors such as increasing the legalization of marijuana in several countries, expanding the cannabis industry to prevent cancer, and growing authorization of medical marijuana are also likely to positively impact the medical marijuana market’s growth over the assessment timeframe. However, the growth of the medical marijuana market is likely to be impeded by the strict rules and regulations regarding the application of marijuana.
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Medical Marijuana Market Segmentation
The global medical marijuana market has been divided into numerous segments based on product type, application, distribution channel, and region.
The medical marijuana market is split into Alzheimer’s disease, schizophrenia, cancer, and multiple sclerosis based on application.
By product type, the global market for medical marijuana is split into ointments & creams, oil, solids, and dissolvable/powders.
The medical marijuana market is divided into retail & pharmacy stores, online platforms, and others based on distribution channels.
Medical Marijuana Market Regional Analysis
The medical marijuana market is studied across five major regions: North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The North American region will likely lead the global medical marijuana market over the review timeframe. The regional market’s growth is being driven by the growing application of cannabis in the medical field. Furthermore, the current research on the benefits of cannabis is likely to catalyze the growth of the regional medical marijuana market over the review timeframe. Moreover, the rising prevalence of chronic ailment among the growing geriatric population is another crucial aspect boosting the regional market’s growth.
The European regional medical marijuana is projected to register substantial growth over the assessment timeframe. The regional market’s rise in performance is attributed to the rising R&D on cannabis and growing demand for medical marijuana to treat chronic diseases.
The Asia-Pacific’s market for medical marijuana is likely to record the highest growth rate over the assessment timeframe over the review timeframe. The regional market’s growth is being driven by the growing initiative to expand the healthcare infrastructure, the presence of developing countries, and increasing cases of chronic illness. On the other hand, stringent rules and regulations imposed by the governments across the region are likely to restrict the regional market’s growth.
The Middle East & African regional medical marijuana market is likely to record steady growth over the assessment era. This is because of the presence of underdeveloped countries and lack of awareness.
Medical Marijuana Market Competitive Analysis
The global medical marijuana market has an intensely competitive landscape with a wide number of new entrants increasing the extent of market concentration. The global players are adopting numerous new strategies such as corporate acquisition, product launch, and others. The list of leading players in the medical marijuana market includes MediPharm Labs (US), Medical Marijuana Inc (US), CanniMed Ltd (Canada), Emerald Health Therapeutics Inc. (Victoria, BC), Cannabis Sativa Inc (Nevada), GBSciences Inc. (Nevada), Pfizer Inc. (US), Aphria (Ontario), GW Pharmaceuticals Plc (US), Canopy Growth Corporation (US), and several others.
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Pfizer has announced an agreement with Arena Pharmaceuticals, the clinical-stage company, for a total equity value of around USD 6.7 billion. As per the agreement, Pfizer acquires 100% shares for over USD100 a share in an all-cash transaction.
Halo Collective Inc. has disclosed that the company has approval from the Los Angeles Department of Cannabis Regulation to start adult-use sales at its Budega-branded retail dispensary in the Arts District of North Hollywood.
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