The global medical cannabis market is anticipated to acquire a market value of USD 52.35 billion while thriving at a CAGR of 18.14% during the forecast period, anticipated Market Research Future (MRFR). Medical cannabis is the most commonly prescribed treatment for cancer, arthritis, and others.
The increasing approval for medical cannabis products is anticipated to be a significant factor that can grow the market during the forecast period. The increasing R&D activities and the rising incidents of chronic ailments among expanding populace are anticipated to grow the market in the coming time. On the contrary, the growing usage of cannabis for recreational purposes can bring a negative impact to the human health, which is expected to affect the market significantly.
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Market Segmentation
The global medical cannabis market has been segmentedbased on product type, derivative, route of administration, application, and distribution channel.
The market, based on product type, has been segregated into solid, dissolvable/powders, oil, and ointment & creams.On the basis of derivative, the market is bifurcated into cannabidiol and tetrahydrocannabinol.Based on route of administration, the global medical cannabis market has been segmented into inhalation, oral, and topical.
Based on application it is divided into pain management, neurological health management, and mental health management. The inhalation segment dominated the market segment is expected to register the fastest growth in the application segment of the global medical cannabis market during the forecast period. The medical cannabis market, by distribution channel, is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
Regional Analysis
The Americas dominated the global medical cannabis market by accounting for the largest share in 2020. This large market share is due to medical cannabis legalization in 37 US states and the increasing adoption of products. The presence of major manufacturers, the rising adoption of medical cannabis products, and an increasing number of companies involved in R&D activities are driving the growth of the market in this region.Europe holds a strong share in the global medical cannabis market. It is the second-largest market due to an increasing number of European countries legalizing cannabis for medical purposes.
Additionally, prominent research and manufacturing activities in the region are anticipated to increase the market size in this region. The increasing prevalence of diseases such as multiple sclerosis, epilepsy, Alzheimer’s disease, Parkinson’s disease, post-traumatic stress disorder, depression, and anxiety are fueling the market growth in Europe. Asia-Pacific is expected to have a favorable growth rate during the forecast period, owing to the huge patient pool of cancer and government initiatives of healthcare reforms. It holds the third-largest position in the global medical cannabis market. The Middle East would depict the least growth due to major factors, such as underdeveloped regulations and lower adoption rates. The region is expected to witness a restricted growth due to stringent government policies.
Key Players
Some of the renowned players of the global medical cannabis market are Aphria, Inc. (Canada), Canopy Growth Corporation (Canada), Maricann Inc. (Canada), GW Pharmaceuticals PLC (UK), Tilray (Canada), Medical Marijuana, Inc. (US), Aurora Cannabis (Canada), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), United Cannabis (US), MediPharm Labs (Canada), and GBSciences Inc. (US).
Industry News
February 2021- An Israeli medical cannabis firm, Kanabo, gets ready to be the first to IPO in the UK after meeting all the Financial Conduct Authority (FCA) requirements. The move will enable them to offer “a game-changer” vaporizing device, VapePod, in a safe form. The device will be designed for a wide variety of conditions, including insomnia and pain management.
February 2021- GW Pharma has been taken over for USD 7.2 billion by an Ireland-based Company, called Jazz Pharmaceuticals. The acquisition has been the biggest takeover in the marijuana industry, which can make significant development in the marijuana industry. With the announcement, GW Pharmaceuticals shares, which rose over 10% in 2020, jumped 49% to a record high of USD 217.5.
February 2021- TeeraVida Holistic Centers, a medical marijuana firm based out of Jenkintown, has acquired West Virginia Kindness, medical cannabis retailers. WV Kindness will operate a 5,000 square-foot dispensary in Huntington.
February 2021- Alphagreen, Europe’s leading marketplace for alternative healthcare products, has announced the launch of NUOPTIMA, their new services arm, following a 1.1 million euros rare in seed funding.
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