Medical Marijuana Market is valued at USD 12.26 Billion in 2018 and expected to reach USD 60.09 Billion by 2025 with a CAGR of 25.5% over the forecast period.
Medical Marijuana Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2025. Increasing prevalence of chronic diseases and legalisation of medical marijuana among countries driving the growth of medical marijuana market.
Medical marijuana is the unprocessed marijuana plant or its basic extracts which is used to treat symptoms of illness and other conditions. The marijuana plant contains number of various chemicals called cannabinoids. Each one of these chemicals has a different effect on the body, among all chemicals cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC) are the main chemicals used in medicine. THC is responsible to feel high when it is administered by smoke marijuana or taken with foods. However, the U.S. Food and Drug Administration (FDA) has not recognized or approved the marijuana plant as medicine, nevertheless, some cannabinoid contain drugs are approved by the USFDA. For instance, the has FDA approved a CBD-based liquid medication called Epidiolex intended for the treatment of Dravet syndrome, severe childhood epilepsy and Lennox-Gastaut syndrome.
Marijuana is also known as Cannabis, is a psychoactive drug extracted from the Cannabis plant used for medical or recreational purposes. The Marijuana contains over 500 different substances primary psychoactive component includes tetrahydrocannabinol (THC), and Cannabidiol (CBD). Medical Cannabis is available in various forms including dried plants such as pot, buds, ganja, weed, grass, and in solid concentration like hashish, rosin, dabs as well as in liquid form which is in the form of hash oil, vape cartridges can be used by smoking, vaporizing, and within food. Marijuana has many health benefits in the medical industry including it helps to release the chronic pain, improves lung capacity, helps to lose weight, regulate and prevent diabetes, fight cancer, helps treat depression, Alzheimer’s disease, deals with pain linked to arthritis, for therapeutic purposes such as refractory epilepsy and it can also help to control seizures. Recently on 26th February 2020, new research partnership agreement between the State University of Campinas (Unicamp), Entourage Phytolab and Pluridisciplinary Center for Biological and Agricultural Chemical Research (CPQBA) took on cannabis for the development and production of medicines with the project name “Genotype Selection of Cannabis sativa L”. The research will helps to identify and analyze pharmacological, agricultural and genetic characteristics of 240 cannabis varieties for therapeutic purposes, such as refractory epilepsy.
Global Medical Marijuana Market report is segmented on the basis of product type, applications, and by region & country level. Based on product type, global medical marijuana is classified as in solid form buds, liquid form oils, tinctures and vape cartridges. The product development team of “The Marquie Group” has been focused on developing a light, clean, pleasant-tasting CBD isolate tincture with brand name Whim. Based upon the application, the market is classified as chronic pain, mental disorders, cancer, and others.
Medical marijuana market report is segmented based on product, application, distribution channel and by regional & country level. Based upon product, medical marijuana market is classified into solids, dissolvable/powders, oil and ointments & creams. Based upon application, medical marijuana market is classified into Alzheimer’s disease, cancer, schizophrenia and multiple sclerosis. Based upon distribution channel, medical marijuana market is classified into retail & pharmacy stores, online platforms and others.
The regions covered in this medical marijuana market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of medical marijuana is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Medical marijuana market report covers prominent players like.
Cresco Labs to Acquire 4 Medical Marijuana Dispensaries in Ohio
News: On May 27, 2020, Chicago-based Cresco Labs has agreed to purchase four Ohio based medical marijuana dispensaries from Verdant Creations, LLC, the vertically integrated cannabis firm, the deal is closed at USD 3.5 million. This announcement come after recent activities of state government amendment allow cannabis companies to own and operate a maximum of five dispensaries. This integration and retail enable company to leverage wholesale and brand building while providing front-line feedback directly from our consumer base.
Medical Marijuana Market Dynamics –
Increasing prevalence of cancer disease across the globe is expected to be one of the key factors for driving the demand for medical marijuana. For instance, as per the World Health Organization (WHO), cancer was responsible for about 8.8 million deaths in 2015 in the world and is the second leading cause of death in the world and. Moreover, number of side effects associated with opioid usage and increasing disease burden of chronic pain are expected to create significant demand for medical marijuana, which potent product for chronic pain management. In addition, Initiative taken by private companies and government organization to explore medical applications of cannabis. For instance, to combat the nationwide opioid addiction crisis, in September 2019, the U.S. government announced funding worth USD 3 million to explore the applications of marijuana for relieving pain. These are the factors driving the growth of medical marijuana market over the forecast period.
The rapidly increasing number of patients of cancer, chronic pain, and various neurological conditions such as anxiety, depression diseases are pertaining to high growth for medical marijuana laboratories. According to American Cancer Society researchers in 2019, at least 42% of newly diagnosed cancers in the US about 740,000 cases and according to worldwide cancer statistics, 17 million new cases of cancer occurred globally in 2018 and it is estimated to reach up to 27 Million globally. This increasing prevalence of the cancer will enhance the aid of treatment with the latest research based medicines named cannabis. According to the recent research on marijuana of American Cancer Society, study of patients with advanced cancer with pain refractory to opioids found that patients receiving low and medium doses of marijuana reported improved analgesia compared with placebo and experimentally helped to release the chronic pain of patients.
Marijuana is considered as Schedule I category controlled substances like cocaine, heroine drugs by the Drug Enforcement Administration which deters the study on marijuana and cannabinoids through its imposition of strict rule and regulations on the researchers working in Medical Marijuana market which is one of the major challenges faced by marijuana market. However, there are various adverse effects of smoking cannabis, which include the production of phlegm, chronic cough, and respiratory diseases. According to the World Health Organization (WHO), marijuana consumption has an been tremendously increased annually with prevalence rate of approximately 147 million individuals or nearly 2.5% of the global population for the both for recreational and medicinal purposes, and garnered increasing acceptance across the country which has created the great opportunity for the growth. The medical cannabis has many benefits in healthcare for the treatment of various diseases like cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease. The United Nations reported there were 183 million marijuana users around the world including the consumption of cannabis for the medical use and prevalence of chronic pain.
Global Medical Marijuana Regional Analysis–
North America is dominating the medical marijuana market owing to public awareness regarding to medical marijuana. Furthermore, increasing number of research and collaboration to explore novel therapeutic applications boost the medical marijuana market growth in North America. In addition, legalization of medical marijuana and awareness programs conducted by public and private associations will fuel the growth of market. For instance, medical marijuana is legalized in 13 states in the U.S. for medical use of cannabis.
Europe is anticipated to grow at a highest CAGR over forecast period due to legalization of medical marijuana among the countries. For instance, since 2017, legalization of medical use of marijuana in Germany creating a domino effect over other European countries for initiation marijuana-related research programs. This also encourage U. K for legalization of medicinal use of cannabis. This help to large number of populations to have access to legalized cannabis for medical purpose. Additionally, diverse demographics and large number of patient population are attracting various medical marijuana manufacturer to start production in Europe, hence expected the region to maintain its dominancy over the forecast period.
North America is dominating the medical marijuana market due to legalization and appeal of marijuana products, such as vape pens and relaxed attitude among seniors with health benefits awareness regarding the use of cannabis. The United States is reported as the largest numbers of cannabis cultivation sites after the Declaration of UN Drug Committee that Cannabis is an effective and relatively safe drug. According to Americans for Safe Access organization, it is estimated that around 2.2 million patients use cannabis medicinally in the United States followed by United Kingdom. The medical marijuana has many health benefits around 30% of patients of multiple sclerosis uses cannabis in the United Kingdom. In 2015 in Europe, the annual prevalence cannabis use among 15-16 year olds was reported to be 13 % and 7%, respectively whereas age 60 on average group had used cannabis 8 or 9 times in the past 12 months. Lifetime prevalence of cannabis use among adolescents varies from country to country, ranging from 37% in Czechia and 31% in France to 7% in both Sweden and Norway in Europe.
The Asia Pacific is expected to emerge as the fastest-growing regional market due to rapidly increasing patient pool of chronic pain including anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease and growing need for clinical research for managing the increasing patient population. According to the Alzheimer's disease international report, the prevalence of Alzheimer’s disease dementia in the Asia Pacific region will increase from 23 million in 2015 to almost 71 million by 2050. The second largest seizures of cannabis herb were reported in Africa, mostly in Nigeria, Egypt and Morocco accounting for over a 28% of the global total and Asia accounted for 5 % of the total quantity of cannabis herb intercepted worldwide in 2015.
Key Benefits for Global Medical Marijuana Report–
Global Medical Marijuana report covers in depth historical and forecast analysis.
Global Medical Marijuana research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Medical Marijuana report helps to identify opportunities in market place.
Global Medical Marijuana report covers extensive analysis of emerging trends and competitive landscape.
Global Medical Marijuana Segmentation:–
By Product Type:
Regional & Country Analysis
Middle East and Africa