Allied Market Research published a report, titled, “Medical Cannabis Market by Product Type (Buds/Marijuana Flower and Cannabis Extracts), Application (Chronic Pain, Mental Disorders, Cancer, and Others), and End User (Pharmaceutical and Research & Development Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global medical cannabis industry generated $6.82 billion in 2020, and is expected to reach $53.88 billion by 2030, witnessing a CAGR of 23.6% from 2021 to 2030.
What is Medical Cannabis?
Medical cannabis also known as medical marijuana (MMJ), is cannabis and cannabinoids that are prescribed by physicians for their patients for the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS and Alzheimer’s among others.
What are Medical Cannabis used for?
Medical cannabis used for the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS and Alzheimer’s among others.
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Covid-19 Situation –
- During the Covid-19 pandemic, there has been a significant decline in the demand for medical cannabis from key end-users, restricted manufacturing operations in most of the industries, and inadequate funding for research and academic institutes.
- In addition, there have been disrupted supply chains and challenges in terms of essential/post-sales services. Cannabis businesses that offered an e-commerce platform experienced a surge in growth.
- Many governments deemed medical cannabis as essential service. This, in turn, led to growth of the market during the pandemic.
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North America estimated to continue its dominance in terms of revenue by 2030
By region, North America has the highest market share in 2020, contributing more than four-fifths of the global medical cannabis market, and is expected to continue to dominate the ‘regarding income from 2030. This is due to legal support. Cannabis in the United States and Canada for health and recreation and the increasing use of medicinal cannabis for the treatment of many diseases related to lifestyle changes. However, LAMEA is expected to show the fastest CAGR of 36.3% during the forecast period, due to the government’s support for plantations and the increase in chronic diseases such as cancer and the use of cannabis for their treatment.
The chronic pain segment to maintain its lead position during the forecast period
Based on application, the chronic pain segment accounted for the highest share in 2020, accounting for nearly two-fifths of the global medical cannabis market, and is expected to will retain its position during the forecast period. This is due to the increase of cannabis in the pharmaceutical industry and the increase in the number of companies producing CBD for the health benefits of cannabis. However, the mental disorders segment is estimated to have the highest CAGR of 25.3% from 2021 to 2030. This is due to the increase in the use of cannabis among patients with mental disorders.
Major Key Market Players in the Industry –
- Aurora marijuana Inc.
- Canopy Growth Corporation
- Cronos Group Inc.
- Maricann Group, Inc.
- Medical Marijuana, Inc.
- OrganiGram Holding Inc.
- Terra Tech Corp.
- Tikun Olam Ltd.
- Tilray, Inc.
- VIVO Cannabis Inc.
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Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are –
Q1. What is the total market value of Medical Cannabis market report?
Q2. What would be forecast period in the market report?
Q3. What is the market value of Medical Cannabis market in 2021?
Q4. Which is base year calculated in the Medical Cannabis market report?
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Key findings of the study –
- By product type, cannabis products have the largest share of the global medicinal cannabis market in 2020.
- Based on the application, chronic pain is the dominant player in 2020 and is expected to remain dominant during the forecast period.
- From the end user perspective, medicine dominated the global cannabis market in 2020 and is expected to continue this trend during the forecast period.
- The region, North America is expected to experience the highest growth rate, registering a CAGR of 21.20% during the forecast period.
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