Emergen Research latest document, titled ‘Global medical cannabis market – Forecast to 2028,’ is one of the most sought-after market reports involving an in-depth analysis of the global Medical Cannabis market. The report’s authors have offered necessary details on the latest Medical Cannabis market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Medical Cannabis industry entails useful insights into the estimated Medical Cannabis market size, revenue share, and sales & distribution networks.
The report offers insightful information about the market dynamics of the Medical Cannabis market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Medical Cannabis market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Medical Cannabis market.
Increasing adoption of medical cannabis for cancer patient pain management and by those experiencing muscle spasms are factors driving market revenue growth
Medical Cannabis Market Size – USD 10.20 Billion in 2020, Market Growth – at a CAGR of 11.5%, Market Trends – Legalization of marijuana in various countries
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Medical cannabis is deemed safer and has fewer side-effect as compared to other treatment options. It is used to treat nausea and combat negative side-effects, especially among patients undergoing chemotherapy, making the whole procedure more tolerable. The product is used with other opioid painkillers, which permits patients to reduce the dosage and frequency of opioids, relieving pain. Legalization of marijuana throughout the country could create up to 1 million jobs by 2025 in the U.S. Workers are needed to farm, process, distribute and sell marijuana and its related products. Medical cannabis has not only created jobs but have also generated significant amount of taxes. For instance, Colorado, in 2019, collected more than USD 302 million in taxes and fees on medical and recreational marijuana.
The current COVID-19 pandemic is expected to have an effect on the growth of the Medical Cannabis industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns. The COVID-19 pandemic has affected several sectors of the global market, and the Medical Cannabis sector is expected to feel the impact of the pandemic. The economic slowdown and dynamic changes in the demands will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Medical Cannabis industry.
In October 2020, MediPharm Labs Corp. signed an exclusive supply agreement with STADA to meet the growing demand for medical cannabis in Germany. STADA wanted to be the go-to partner for generics, which is achieved by the partnership.
Oil segment is expected to register significant growth rate during the forecast period due to high demand for hemp oil among healthcare workers for clinical purposes. Cannabidiol (CBD) oil can reduce depression and anxiety, alleviate cancer-related symptoms, and relieves pain. CBD oil can also treat acne owing to its ability to reduce sebum production and anti-inflammatory properties.
Inhalation is a preferred medium of administration, as it offers controlled dosage and effective absorption of cannabinoids into the body. Inhalation segment accounted for largest revenue share in 2020. Inhalation is most effective and rapid way to induce measurable serum levels of cannabinoids.
Chronic pain segment accounted for a significant revenue share in 2020. Medical cannabis is used to control pain of people suffering from multiple sclerosis and nerve pain. Patients claim that using medical cannabis allows them to resume their activity without feeling disengaged. Medical cannabis is used as a muscle relaxant, and it is common among people suffering from Parkinson’s. It also finds application in weight loss, nausea, and glaucoma. Doctors use it on patients suffering from PTSD, especially among veterans returning from combat zones.
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Dispensaries segment accounted for a significant revenue share in 2020. Patients who are prescribed medical cannabis prefer to buy it from a legal source to abide by the regulations, which will propel the growth of dispensaries segment.
North America accounted for the largest market share in 2020, as the product is commonly used in the U.S. to treat patients. Countries in the region are promoting derivatives such as resins, tinctures, oil, and vaporizers among the youth, who are the primary consumers. 36 states in the U.S. allows medical sales of marijuana and the country witnessed record sales in 2020 due to COVID-19.
Key players in the market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc.
Radical Highlights of the Medical Cannabis Market Report:
Comprehensive overview of the Medical Cannabis market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Medical Cannabis market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
Emergen Research has segmented the global Medical Cannabis market on the basis of product type, application, and route of administration, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
Key questions addressed in the report:
Who are the leading players dominating the global Medical Cannabis Market?
Which factors could potentially hamper the global market growth during the forecast period?
Which regional market offers the most attractive growth opportunities to the companies operating in this market?
How is the raw material availability affecting the demand for Medical Cannabis in this industry vertical?
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