According to the latest report by IMARC Group, titled “Medical Cannabis Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global medical cannabis market reached a value of US$ 7.8 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 15.3% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Cannabis is derived from the plants of Cannabis Sativa and Cannabis Indica. Cannabis used for medical purposes contains a lower amount of Tetrahydrocannabinol (THC) and a higher amount of Cannabidiol (CBD) as compared to recreational cannabis. It offers various therapeutic benefits, such as improving vascular health and retaining anti-psychotic effects. Other than this, it also helps in treating conditions such as anxiety, nausea, depression, arthritis, epilepsy, neurological disorder and Parkinson’s disease. It is available only by prescription in various forms such as vapor, oral capsules, topical solutions, creams and balms.
Global Medical Cannabis Market Trends:
The medical cannabis market is being driven by the growing legalization of medical marijuana in many countries. Also, the increasing prevalence of chronic pain and the rising demand for pain management therapies are propelling the need for medical cannabis across the globe. As cannabis is safer than its other alternatives, it is used with opioid painkillers that enable patients to reduce the dosage of opioids gradually. Owing to these advantages, the demand for medical marijuana is increasing around the world.
Medical Cannabis Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global medical cannabis market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the global medical cannabis market on the basis of species, derivative, application, end use, route of administration and region.
Breakup by Species:
Breakup by Derivative:
Breakup by Application:
Breakup by End-Use:
Breakup by Route of Administration:
Breakup by Region:
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Key highlights of the report:
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