Medical Cannabis Market Size to Hit USD 33,210.21 Million by 2027 at 18.14% CAGR
New York – Medical Cannabis Market Trends and Insights By Product Type (Solid, Dissolvable/Powders, Oil & Ointment, Creams), Derivative (Cannabidiol, Tetrahydrocannabinol), Route of Administration (Inhalation, Oral, Topical), Application (Pain Management, Neurological Health Management, Mental Health Management), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa), Competitive Market Growth, Size, Share and Forecast to 2027.
For the treatment of symptoms and diseases like cancer, chronic pain, and mental disorders, doctors may recommend medical cannabis, often known as medical marijuana. Cannabidiol (CBD) and tetrahydrocannabinol (THC) are the two main cannabinoids produced from this plant that have medical benefits (CBD).
|Market Size in 2027||USD 33,210.21 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Derivative, Route of Administration, Application and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising predominance of ongoing infections and other ailments|
|Legalization of medical cannabis in various regions|
Medical Cannabis Market Competitive Outlook:
The major players of the Medical Cannabis market are mentioned below:
- Canopy Growth Corporation (Canada)
- GW Pharmaceuticals PLC (UK)
- Aurora Cannabis (Canada)
- Aphria, Inc. (Canada)
- Maricann Inc. (Canada)
- Tilray (Canada)
- Cannabis Sativa Inc. (US)
- GBSciences Inc. (US)
- United Cannabis (US)
- Medical Marijuana, Inc. (US)
- CanniMed Ltd (Canada)
- MediPharm Labs (Canada)
Medical Cannabis Market Dynamics:
Growth in the medical cannabis market is being fueled by a number of variables, including increased cannabis consumption, a greater prevalence of chronic diseases, and other considerations. Research and development of cannabinoids has risen in importance as the legalization of medical cannabis continues to spread across the world. However, rising illegal Maryjane use is anticipated to slow the global market’s expected growth. The expansion of the Medical Cannabis Market might be attributed to the wide variety of medical applications for cannabis.
The drug industry is expected to benefit from the growing legalization of the hemp plant in several countries for therapeutic purposes. Also, this could help the global medical cannabis market expand more rapidly than expected over the forecast time frame. The natural plant’s potential to provide relief from chronic pain, vomiting, and sleep difficulties may increase demand for medical marijuana and benefit the industry in the near future. Market projections indicate that in the near future, demand for cannabis’s natural leaves, which can power the market, will increase sharply due to the plant’s growing popularity as a disease preventative. Because of this, the demand for medical cannabis is rising rapidly, which is great news for the expansion of the medical cannabis market.
The growing acceptance of cannabis as an ingredient in pharmaceuticals is likely to propel the business forward. It’s possible that the Medical Cannabis market will face difficulties as a result of the complicated administrative structure for cannabis use. Increasing cannabis abuse is a major factor slowing the expansion of the medical cannabis business. You should be aware that over 28% of people around the world regularly use illicit drugs, the most common of which is cannabis. Furthermore, cocaine, cannabis, rapture, and amphetamine were the most widely used illicit drugs among those aged 18 and up.
The cannabis industry’s executive inventory network has been disrupted by the COVID-19 outbreak. There has been a worldwide lockdown, and as a result, dispensaries’ cannabis supplies have been depleted. Cannabis for Medical Use The covid-19 epidemic is stifling market expansion. Moreover, the lucrative Medical Cannabis industry has been impacted by the recent COVID-19 outbreak. Import and shipping companies have been affected by the disruption in supply chains brought on by lockdowns in small countries. But as the prevalence of diseases that respond well to Medical Cannabis grows, so too will the number of individuals who choose to pursue it as a treatment option. Despite the pandemic, the industry is anticipated to expand during the forecast time frame.
Medical Cannabis Market Segmentation:
The cannabis indica strain has the largest supply on the market. Sleeplessness, muscle tension, chronic pain, migraines, and many more ailments can all be treated with medical cannabis.
The Use of Derivatives
Due to its lack of psychoactive effects and low toxicity, cannabidiol finds extensive usage in the medical field. THC is also effective at mitigating the side effects of treatment for HIV/AIDS and cancer.
Over the forecast time frame, the pain management subsector is likely to be the market’s primary driver.
Due to the growth of the e-commerce sector, the online pharmacy market is experiencing a considerable CAGR.
By Route of Administration
Oral arrangements and cases address the greatest portion, representing the biggest piece of the pie.
Medical Cannabis Market Regional Analysis
Research and development activities for drug discovery using medical cannabis, rising incidence of chronic diseases like cancer and osteoarthritis, and rising awareness about the benefits associated with medical cannabis all point to Asia-Pacific as the region with the fastest growth rate over the forecast period. It’s safe to say that the expansion of the legal cannabis industry has been influenced by a number of macroeconomic factors, including rising disposable income, rising societal acceptance, and expanding knowledge of the product’s benefits.
The increasing prevalence of debilitating conditions including Parkinson’s disease, Alzheimer’s disease, cancer, and neurological diseases, as well as the rising popularity of cannabis oil in countries that have authorized medical marijuana, all contribute to the industry’s rapid expansion. Increases in cannabis legalization, advances in cannabis intellectual property rights, and advances in the plant’s genetics and the methods by which they can be modified all contribute to the region’s thriving cannabis business. For instance, in January of 2018, the government of Australia legalized the export of medical cannabis and cannabis-derived goods from the country.
(This information is primarily sourced from Market Research Future. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
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