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COVID 19- Update: Medical Marijuana Market was Estimated to be US$ 16.86 Bn in 2018 and is Expected grow at a CAGR of 20.55% Over the Forecast Period; says Absolute Markets Insights

Medical Marijuana Market Owing To the Increasing Demand for Marijuana-Based Medicines among End-Users as a Result of Economic Prices

The use of cannabis as a medicine has been a widely debated topic among the global audience. Though the unrestricted use of marijuana can have detrimental impacts on the immune and respiratory system, proponents of marijuana-derived medicines believe that synthesis of cannabis strain in non-lethal proportions can cure ailments such as arthritis, chronic and acute pain and loss of appetite, amongst others. It has been proved that the cannabis plant is infused with approximately 700 different types of chemicals. In this, the number of cannabinoids is around 100. The plant is capable of surviving in most regions of the world but prefers a warmer climate. The use of marijuana as a medicine has been tried out in England and France, and later in the U.S., in the early 19th century AD. Europe is a highly progressive when it comes to the use of marijuana as a medicine. The Netherlands, Poland, Norway, Germany, Italy, Greece, etc., have regulations that promote the use of medical marijuana. The lucrative european markets are targeted by leading cannabis growers in Canada, after serving the country’s domestic demands of over 1 million Kg. Canadian medical cannabis giant Aurora Cannabis, for example, has partnered with Danish tomato growers Alfred Pedersen & Son to produce more than 120,000 Kg of cannabis locally in the Nordic state. Furthermore, with the ongoing COVID-19 difficulties, the global medical marijuana market saw a surge in marijuana demand as the end-users are stocking up supplies to promote social distancing. The sales of medical marijuana in the U.S. increased by approximately 130% in March, compared to Jan 2020. Online sales have gone up by around 130% as well.

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With countries around the globe mulling over the legalization of medicinal marijuana, the global medical marijuana market shows promising signs of considerable returns of investment in the future. Japan, for instance, approved the use of Epidiolex(medical CBD brand), for clinical trials. The highly controlled trials will not fall under the purview of the Cannabis Control Act. Thus, such factors are leading in the growth of the global marijuana market.

The detailed research study provides qualitative and quantitative analysis of medical marijuana market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

  • Based on the application, pain management accounted for the highest share in global medical marijuana market in 2018. The economic prices of marijuana medicines coupled with the reduced side effects is propelling this growth.
  • Based on distribution channels, pharmacies account for the highest share in the global medical marijuana market. The ease of distribution through licensed pharmacies is a major reason for this.
  • As far as geography is concerned, North America accounted for maximum share in the global medical marijuana market in 2018. This can be attributed to the liberal laws in Canada and several U.S. states and the presence of prominent marijuana producers with cutting edge technology in the region.
  • Some of the players operating in the medical marijuana market are Abattis Bioceuticals Corp., Agripharm Corp., Aurora Cannabis Enterprises Inc.,Cannabis Sativa, Inc., CannaGrow Holdings, Inc., Canopy Growth Corporation, Cara Therapeutics, Inc, Cresco Labs, LLC, Emerald Health Botanicals Inc. , Growblox Sciences, Inc., GW Pharmaceuticals plc, Insys Therapeutics, Inc.. , Lexaria Corp., Medical Marijuana Inc., Novartis International AG, Pfizer, Inc., Teva Pharmaceuticals USA, Inc.,Tweed Inc.,United Cannabis Corporation and Whistler Medical Marijuana Corp, amongst others.

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Medical Marijuana Market:

  • By Application
    • Pain Management
      • Neuropathic
      • Inflammatory
    • Neurological Health Management
      • Sclerosis
      • Epilepsy
      • Alzheimer’s Disease
      • Parkinson’s Disease
      • Huntington’s Disease
      • Other Diseases
    • Mental Health Management
      • Post Traumatic Stress Disorder (PTSD)
      • Depression
      • Anxiety
      • ADHD
      • Others
    • Others
  • By Distribution Channel
    • Pharmacies
    • Hospitals and Dispensaries
    • Online Retailers
  • By Type
    • Indica
    • Sativa
    • Hybrid
  • By Form
    • Capsule
    • Spray
    • Oil
    • Others
  • By Geography
  • North America
  • S
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • UK
  • Germany
  • Italy
  • Switzerland
  • Nordic Countries
    • Denmark
    • Finland
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Thailand
    • Malaysia
    • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Israel
  • Zimbabwe
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Uruguay
  • Rest of Latin America

 

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