The Global Medical
Marijuana Market is forecast to reach USD 148.35 Billion by 2026, according
to a new report by Reports and Data. Marijuana is used for treating
chronic pain that affects millions of people each year across the globe, thus
increasing the demand for the product as a treatment procedure for medical
conditions. Statistically, around 25 million people endure acute pain in the
US. Moreover, several countries around the globe have made medical marijuana
legal, i.e., it would allow people to use marijuana for health purposes;
therefore, boosting the market for the medical marijuana market.
Side effects of the products
include dizziness, fatigue, speech problem, constipation, and insomnia will
hamper the growth of the market. Additionally, lack of data safety and problem
in undertaking medical marijuana business is also estimated to hinder the
growth of the market.
North America dominates the
market of medical marijuana. The major contributors are the US and Canada. Many
states in the U.S. have permitted the application of medical marijuana.
Moreover, the growing number of research studies in the US, encouraging and
supporting marijuana's use for medical purposes will supplement the North
American medical marijuana market growth.
In 2017, Oxford University went
into a partnership with Kingsley Capital Partners, for the development of cannabis
treatment for inflammatory and cancer diseases. These partnerships are expected
to have a positive impact on the market of medical marijuana.
To identify the key trends in
the industry, click on the link below:
Further key findings from
the report suggest
- Countries are beginning to liberalize laws related to
medical marijuana; the market is forecasted to witness a surge in demand.
Statistically, the majority of the cannabis, are currently, sold through
illicit channels.
- Several countries have recognized the advantages of
this product and are in the process of legalizing it.
- With a rise in the volume of clinical trials and
scientific studies, the demand for cannabis for clinical use is forecasted
to grow over the forecast period. Medical marijuana held a market share of
53% in the year 2018.
- Countries in North America have also started
promoting derivatives such as oils, tinctures, and resins, along with
products like vaporizers, among millennial’s who are considered primary
consumers.
- The oil segment is forecasted to grow with the
highest CAGR of 27.1% in the forecast period. Hemp oil is in high demand
among healthcare sector for clinical purposes.
- Health concerns associated with smoking is another
factor that stops doctors from prescribing it. Hence, oil or edible forms
of marijuana are generally prescribed and are growing in demand.
- On the basis of application, the market is segmented
into Chronic Pain, Mental Disorders, Anorexia, Seizures, Muscle Spasm,
Cancer, and Others.
- Chronic pain dominated the market, with a share of
63% in the year 2018. Marijuana reduced pain and also improved the quality
of life among patients.
- On the basis of the route of administration,
inhalation segment is forecasted to have the highest market share of 54%
in the year 2026.
- Inhalation provides an advantage of controlled dosage
and effective absorption of cannabinoids into the body. This should
increase the demand for inhalation marijuana over the coming years.
- Key participants Canopy Growth Corporation, Aphria,
Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group,
Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics,
Inc., MedReleaf Corporation, and GW Pharmaceuticals PLC.
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For the purpose of this report,
Reports and Data have segmented the global Medical Marijuana Market on the
basis of Product Type, Route of Administration, Distribution Channel, Medical
Application, and Region:
Product Type Outlook (Revenue,
USD Billion; 2016-2026)
- Oil
- Buds
- Tinctures
Medical Application Outlook
(Revenue, USD Billion; 2016-2026)
- Chronic Pain
- Mental Disorders
- Anorexia
- Seizures
- Muscle Spasm
- Cancer
- Others
Route of Administration
Outlook (Revenue, USD Billion; 2016-2026)
- Inhalation
- Oral
- Intravenous
- Topical
Distribution Channel Outlook
(Revenue, USD Billion; 2016-2026)
- Dispensaries
- Online
Regional Outlook (Revenue, USD
Billion; 2016-2026)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- The Netherlands
- Croatia
- Switzerland
- Czech Republic
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Colombia
- Rest of Latin America
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