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.
The availability of marijuana has
also increased considerably, and this trend is likely to continue in the near
future. For instance, in August 2019, a new medical marijuana dispensary was
established in Kalamazoo, Michigan (U.S.). Likewise, in August 2019, a new recreational
cannabis store was opened in Nantucket Island, Massachusetts (U.S.). The
medical marijuana market has also witnessed salient partnerships. For example,
WeedMD, a Canadian medical marijuana producer, went into partnership with
Technion-Israel Institute of Technology (TIT), which is the controller of
cannabis database project, in February 2018. This partnership will research the
terpenoid and cannabinoid profiles of 25 of WeedMD’s cannabis strains.
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.
- Dispensaries held a market share of 48% in the year
2018. These pharmacies sell various legal cannabis products in the form of
tablets, vaporizers, balms, elixirs, and tinctures.
To identify the key trends in
the industry, click on the link below:
- Patients usually prefer buying medical products from
authorized and legal sources to abide by the government’s rules, thus
maximizing the revenue by this segment.
- Europe is forecasted to have a market share of 28% in
the year 2026. Germany is the largest market for cannabis and thereby
fuels the growth of the market in this region.
- 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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