The global medical marijuana market size is anticipated to expand at a CAGR of 34.0% to reach USD 54,677.1 million by the end of 2023. Marijuana is a plant, which contents the chemical compound – cannabis – that has some pain releasing medical property. Thus, the plant witnesses huge demand from various pharmaceutical companies for manufacturing the drugs to treat various diseases.
The rising prevalence of chronic diseases coupled with increasing technologies for safeguarding patients from potential harms and addiction of marihuana globally is boosting demand. Additionally, initiatives of government and private organizations for improving knowledge and awareness about marijuana is leading to boost the market growth in coming future. However, possibilities of getting addicted to it is likely to reduce the growth rate during the growth period. Nonetheless, increase in investment in the overall healthcare industry is benefiting market growth as well as opening doors for growth in coming future.
Competitive Analysis:
Some of the major companies in the global medical marijuana market include Cannabis Sativa Inc (Nevada), Canopy Growth Corporation (US), GW Pharmaceuticals Plc (US), Tilray (Nanaimo, BC), Emerald Health Therapeutics Inc. (Victoria, BC), Aphria (Ontario), Cara Therapeutics (US), CanniMed Ltd (Canada), Pfizer Inc. (US), GBSciences Inc. (Nevada), Medical Marijuana Inc (US), and MediPharm Labs (US).
Segmentation:
The medical Marijuana Market Size is segmented on product type, distribution channel, application, and region.
On the basis of product type, the market is segmented into solids, oil, dissolvable/powders, and ointments & creams. Among these, the dissolvable/powders segment dominated the global medical marijuana market and is estimated to remain at the leading position in the overall market by registering substantial CAGR to reach valuation of USD 22,648.8 million by the end of 2023. This growth is attributable to the affordability and convenience while using is driving growth of this segment.
The global medical marijuana market by application is segmented into cancer, Alzheimer’s disease, multiple sclerosis, and schizophrenia.
On the basis of distribution channel, the medical marijuana industry is segmented into online platforms, retail & pharmacy stores, and others.
Regional Analysis:
Regionally, the medical marijuana market is segmented into the Americas, Asia Pacific, Europe, and Middle East & Africa. Of these, the Americas region held largest share in 2017 and is anticipated expand at a CAGR of 34% during the forecast period. This growth is prominently attributable to the increasing adoption of the marijuana for the treatment of several deadly diseases as the demand for effective drugs coupled with increasing prevalence of the diseases such as Alzheimer disease and cancer.
However, the Asia Pacific is projected to be the fastest growing market owing to increasing prevalence of diseases as well as availability of marijuana.
Industry News:
Recently in December 2019, Legal sales of recreational as well as medical marijuana start in Michigan, United States. However, the dispensaries that can sell the product are few and far between. Some of the stores such as Arbors Wellness, Greenstone Provisions, Green Peak and Exclusive Provisioning Center in Ann Arbor have opened their doors to a new customer base.
In November 2019, Connecticut Pharmaceutical Solutions (aka CTPharma), announced “groundbreaking” Food and Drug Administration (FDA)-approval for clinical studies to study stress and pain relief in human patients with the help of marijuana.
Additionally, in recent time, Thailand delivered 4,500 bottles of cannabis oil to the hospitalized patients in August 2019. This was the first official use of marijuana for the medical purposes after legalizing such use in the country.
In 2019, newly born European Medicinal Cannabis Association (EUMCA) suggested that Germany’s regulatory approach to medical cannabis should be replicated across Europe. The recently established lobby group is taking its first steps in the Brussels bubble, advocating for an EU-wide regulatory framework on medical marijuana.
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