The medical cannabis market was valued at US$ 8,926.6 million in 2020, and it is projected to reach US$ 49,116.4 million by 2028; it is expected to grow at a CAGR of 23.9% from 2021 to 2028.
Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, for medicinal purposes, and as a recreational drug. Cannabis is a drug that is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available such as marijuana, hashish, and hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles, and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.
The medical cannabis market is segmented based on product type, application, end user, and geography. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the medical cannabis market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID-19 impact analysis across all the regions. It is estimated that the market is likely to have increasing growth rate during the forecast period, owing to the rising demand for cannabis-based products to treat pain, and nausea caused by the COVID-19 infection.
Download sample Report Copy @ https://www.theinsightpartners.com/sample/TIPRE00015806/
Top Market Players
Prominent players operating in the medical cannabis market include Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation; Medical Marijuana, Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Tilray; and Cronos Group.
Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets, and beverages and edibles. In 2020, the flowers segment accounted for the largest market share of the global medical cannabis market. The cannabis flowers are resinous whose buds can be processed into pharmaceutical-grade drugs by extracting active cannabinoids. Moreover, various products such as elixirs, tinctures, salves, poultices, creams, and other formulations can be made from the flowering tops for external and internal ailment. Also, the highest level of cannabinoids is found in flowers, thus, it is likely to have the largest market share. However, the beverages and edibles segment is likely to grow faster during the forecast period, owing to higher amounts of the active ingredient in cannabis – THC, in edibles like chocolate bars, gummy bears, and cookies.
The global medical cannabis market is driven by increasing number of approvals for medical cannabis products, rising acceptance for medicinal use of cannabis in developing countries, growing research on medicinal use of cannabis, and escalating government funding for spreading awareness and exploring medicinal benefits of cannabis. However, the illegal use of cannabis as a street drug and misconceptions regarding cannabis is a key factor restraining the market growth.
The medicinal potential of cannabis has attracted various researchers and companies to use cannabis in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly being used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as nabilone (Cesamet) and dronabinol (Marinol) that are prescribed for the treatment of nausea in patients receiving chemotherapy; these drugs are also prescribed to stimulate appetite in patients with wasting syndrome developed as one of the indications in AIDS. Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug that has been commercialized in Canada, and the UK, and a few European countries. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act.
Most Asian countries have legalized the use of cannabis in medical applications. In addition to accepting medical cannabis products from western countries and commercializing them in Asian markets, countries such as Australia, Singapore, Thailand, New Zealand, and South Korea have also legalized the cultivation of cannabis. For instance, in March 2021, the Ministry of Health and the Medicinal Cannabis Agency in New Zealand approved the commercialization of medical cannabis products of Tilray across the country. Furthermore, the company is also one of the leading providers of medical cannabis to Australia. Tilray’s products are manufactured at a certified facility in Canada with good manufacturing practices (GMP). Thus, the rise in approvals of medical cannabis and business expansion of companies are bolstering the medical cannabis market growth worldwide.
Major questions addressed through this global research report:
- What are the demanding sectors for driving this global Medical Cannabis market?
- Which are the major key players and competitors?
- What will be the market size of the global market?
- Which are the recent advancements in the global Medical Cannabis market?
- What are the restraints, threats, and challenges in front of the market?
- What are the global opportunities in front of the market?
- How digital footprint helps to expand the business structure and economic outcomes?
Table of Content (TOC):
Chapter 1 Introduction and Overview
Chapter 2 Industry Cost Structure and Economic Impact
Chapter 3 Rising Trends and New Technologies with Major key players
Chapter 4 Global Medical Cannabis Market Analysis, Trends, Growth Factor
Chapter 5 Medical Cannabis Market Application and Business with Potential Analysis
Chapter 6 Global Medical Cannabis Market Segment, Type, Application
Chapter 7 Global Medical Cannabis Market Analysis (by Application, Type, End User)
Chapter 8 Major Key Vendors Analysis of Medical Cannabis Market
Chapter 9 Development Trend of Analysis
Chapter 10 Conclusion
Purchase Full Copy of This Report @ https://www.theinsightpartners.com/buy/TIPRE00015806/
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defence.