The global medical cannabis market size is expected to reach USD 24.52 Billion at a steady revenue CAGR of 11.5% in 2028, according to latest analysis by Emergen Research. Increase in medical cannabis products and the rise in research activities are driving the market revenue growth. Moreover, legalization of the product in several countries is also propelling growth of the market.
The latest market intelligence report, titled ‘Global medical cannabis m Market’, is intended to provide the target audience with the necessary information about the global medical cannabis m industry. The report comprises a detailed analysis of the vital elements of the medical cannabis m market, including key drivers, constraints, opportunities, limitations, threats, and micro- and macro-economic factors. The report carefully investigates the present market scenario and the fundamental growth prospects. The report entails an organized database of the medical cannabis m market dynamics that helps market analysts estimate the global market growth rate over the projected timeline
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Rise in geriatric population is also fueling market growth as older people are more susceptible to illness and experience a high level of pain. Research and development activities, clinical trials, and commercialization of the product will also foster market growth. Medical cannabis growth is deterred by certain side-effect incurred by the patients, such as fatigue, dizziness, constipation, and a problem in speech. Moreover, the problem of undertaking medical cannabis and a lack of data safety will hinder the growth for medical cannabis.
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.
Some Key Highlights in the Report
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.
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.
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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)
- Oil
- Buds
- Tinctures
Application Outlook (Revenue, USD Billion; 2018-2028)
- Chronic Pain
- Mental Disorders
- Anorexia
- Seizures
- Muscle Spasm
- Cancer
- Others
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
- Oral
- Intravenous
- Inhalation
- Topical
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Dispensaries
- Online
Key geographical areas:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Read More : https://www.emergenresearch.com/industry-report/medical-cannabis-market
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