New York, USA – According to a report published by Research Dive, the global medical marijuana market is envisioned to generate a revenue of $33,211.7 million and rise at a CAGR of 27.4% during the forecast period from 2019 to 2026.
As per our analysts, the increasing research in the development of a wide range of efficient therapeutic interventions for diseases by using cannabis is expected to foster the growth of the medical marijuana market during the analysis period. Besides, the extensive growth in the legalization of cannabis for various therapeutic applications such as pain management in cancer appetite stimulants, decreasing nausea, and many more, is expected to bolster the growth of the market over the forecast period. Moreover, the growing sanctions for marijuana all around the world and research and development activities by pharmaceutical companies for softening testing are predicted to create huge growth opportunities for the medical marijuana market during the estimated timeframe. However, the inadequate information about cannabis in developing economies and the lack of safety information may impede the growth of the market throughout the forecast period.
Segments of the Medical Marijuana Market
The report has divided the market into segments based on application, route of administration, distribution channel, and region.
Application: Pain Management Sub-Segment to be Most Lucrative
The pain management sub-segment is projected to generate a revenue of $13,882.5 million over the analysis timeframe. The increasing global requirement for pain management for patients going through severe cancer pain throughout their treatment procedures is predicted to augment the growth of the market sub-segment during the forecast period.
Route of Administration: Inhalation Sub-Segment to be Most Profitable
The inhalation sub-segment is expected to garner a revenue of $23,082.2 million during the estimated timeframe. This is mainly due to the benefits of inhalation containing less noxious emissions and rapid effects. In addition, the increasing rate of asthma treatments cured by cannabis through an inhaler is predicted to fortify the growth of the medical marijuana market sub-segment throughout the analysis period.
Distribution Channel: Dispensaries Sub-Segment to be Most Productive
The dispensaries sub-segment is expected to garner a revenue of $24,443.8 million during the forecast timeframe. This is mainly because of the reduction of the penalties for cannabis users by the jurisdictions of several countries. Furthermore, the rising marijuana legalization policies and the permission for the supply of drugs making leading players focus on many control models, are the factors predicted to fuel the growth of the market over the estimated period.
Region: North America Region to Hold the Prominent Share of the Market
The North America region of the medical marijuana market is expected to generate a revenue of $10,627.8 and grow at a healthy CAGR of 25.6% during the forecast period. This is majorly due to the legalization of marijuana on the federal level in this region. Moreover, the increasing marijuana programs carried out in this region to aware people of its benefits for good health are predicted to drive the regional growth of the market throughout the analysis period.
Key Players of the Market
The major players of the medical marijuana market include
- Emerald Health Therapeutics
- Canopy Growth Corporation
- GW Pharmaceuticals
- Cannabis Sativa Inc.
- Green Relief Inc.
- Aphria, Inc.
- Insys Therapeutics, Inc.
- Aurora Cannabis, Inc.
- ABcann Medicinals, Inc.
These players are widely working on the development of new business strategies such as product development, partnerships, collaborations, mergers, and acquisitions to acquire a leading position in the global industry.
For instance, in October 2021, Aurora Cannabis Inc., a leading Canadian licensed cannabis producer, announced a manufacturing partnership with The Valens Company Inc., a well-established manufacturer of best-in-class cannabis products. With these partnerships, the companies planned to launch new Canna Cane Mints, which are two-piece hard peppermint candy containing 10mg THC per piece. With this approach, they strategically expanded the product portfolios for adult-use products.
Further, the report also summarizes other crucial aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
(This information is primarily sourced from Research Dive. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).