Medical Marijuana Market Overview
Medical marijuana market 2020 is all set to achieve a fantastic growth rate of 34.0% from 2015 to 2023 (appraisal period), reveals MRFR (Market Research Future). The market value by 2023 is expected to be USD 54,677.1, adds the extensive MRFR study.
Top Drivers and Deterrents
The lockdown following the COVID-19 has rendered a huge blow on the worldwide economy, with several production units focused to close, workforces witnessing reduction and more. But the pandemic has also been opportune for the medical marijuana industry to a large extent, with studies showing that it can help in the treatment of SARS-CoV-2, given its anti-inflammatory properties. Also, its property of curbing anxiety as well as chronic pain could work in its favor, leading to significant demand. Additionally, with cannabis extracts known for reducing blood coagulation in various animals; medical marijuana is bound to witness further demand in the years to come.
Mounting awareness among healthcare professionals as well as patients about the host of benefits offered by medical marijuana is compelling authoritative entities to opt for legalization of the product. More than 30 countries currently have already legalized its medical applications via numerous national campaigns and programs. Numerous states in the United States have also approve marijuana’s medical use. The demand is further pushed by the exhaustive research and development initiatives for assessing marijuana’s medical use, which could give rise to a favorable legislative scenario, bolstering the market size in subsequent years.
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Marijuana’s proven medical advantages have led to their commercial use in several medications, with the U.S. Food and Drug Administration playing a huge role. Moreover, the escalation in cancer cases worldwide has fostered the number of patients going through chemotherapy, who experience extensive nausea. These issues can be nullified with the use of THC-based medications, says various studies. On top of that, THC-based medications help stimulate appetite during the wasting syndrome caused by AIDS.
Medical marijuana industry has been studied in the MRFR report with respect to product type, application, as well as distribution channel.
Major product types in the market are dissolvable/powders, ointments & creams, oil, and solids. The dissolvable/powders category can expect to reach USD 22,648.8 million by 2027-end, and will therefore, emerge as the top segment in the market. These products are experiencing robust demand, thanks to their high affordability and convenience.
Medical marijuana has extensive applications in schizophrenia, cancer, Alzheimer’s disease, and multiple sclerosis.
Online platforms, retail & pharmacy stores, and others are the primary distribution channels that sell medical marijuana-based products.
Key regions where the medical marijuana market is presumed to expand over the forecast period are the Americas, MEA or Middle East and Africa along with Europe and APAC or Asia Pacific.
The American industry for medical marijuana is currently in the lead and should continue to flourish at a stunning rate of 34.0% over the analysis period. Medical marijuana finds widespread use in the region, especially among cancer patients for address the issues brought on by chemotherapy. Moreover, substantial burden of Alzheimer disease in the region, particularly in the US, has also fostered the sales of medical marijuana. The regional market is further benefitted by the cannabis legalization across California, Maine, Nevada, Arizona, and Massachusetts for recreational purpose.
Europe has grabbed the second biggest share of 5.5% in the worldwide industry, thanks to the rising number of countries legalizing medical marijuana for various uses. Heightened focus on research and development activities will also spur market development rate in the region.
APAC is the fastest gaining market, in view of Thailand having legalized medical marijuana and many Southeast Asian countries also jumping onto the bandwagon. The region offers lucrative opportunities to international investors, who are increasingly setting up their business across India, Japan, Singapore and more.
Affluent participants of the global market include GBSciences Inc. (Nevada), Aphria (Ontario), Canopy Growth Corporation (US), CanniMed Ltd (Canada), Cannabis Sativa Inc (Nevada), Pfizer Inc. (US), Cara Therapeutics (US), Emerald Health Therapeutics Inc. (Victoria, BC), GW Pharmaceuticals Plc (US), MediPharm Labs (US), Medical Marijuana Inc (US), Tilray (Nanaimo, BC), to mention a few.
Most of these firms adopt a number of competitive strategies such as new product launch, acquisition, agreement and partnerships to reach out to a higher number of consumers, bolster their global presence and thereby, improve their market rankings.
To cite an instance, in May 2021, Curaleaf Holdings Inc., a renowned European developer of consumer goods in cannabis, confirmed that Curaleaf International subsidiary Adven GmbH has now made available their own line of medical cannabis products in the German market. While this high THC oil product has been launched now to cater to the immediate demand of the patients, it will be subjected to more changes in the coming year. Plans involve infusing numerous strengths as well as introducing THC/CBD formulations in flower as well as oil formats, which would address a variety of patient needs.
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