Medical Cannabis Market Analysis
Global medical cannabis market is expected to exhibit a robust 15.4% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global medical cannabis market is mainly driven by the growing volume of research into the medical potential of marijuana and cannabis. The marijuana plant has, for a long time, remained under the scanner as legal complications regarding the consumption of the drug marijuana restricted medical research. As regulations around the use of cannabis are relaxing all over the world, this is also translating to growing prospects for the medical cannabis market. The growing community of cannabis researchers and the growing volume of research going on in the market is likely to be a major driver for the global medical cannabis market over the forecast period.
The growing prevalence of arthritis is likely to be a major driver for the global medical cannabis market. Cannabis products are a proven pain reliever and have been studied widely for their potential in pain relief products. As arthritis mainly manifests as pain, medical cannabis has become a major way of treating and combating arthritis. The growing geriatric population around the world is thus likely to be a major driver for the global medical cannabis market, as arthritis is majorly present among the elderly and doesn’t usually affect younger demographics. As the marijuana plant grows out of the shadow cast by the legal restrictions on its usage, cannabis-based arthritis products are likely to become more refined in the coming years, leading to further growth in demand and a more widespread appeal.
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Medical cannabis has also emerged as a major drug in the treatment of cancer and Alzheimer’s disease. The growing prevalence of these two diseases is also likely to play a key role in the growth of the medical cannabis market over the forecast period. Cancer has become a global problem in recent years, while the growing geriatric population and the increasing average age of death around the world has led to a growing prevalence of neurodegenerative diseases such as Alzheimer’s. Cancer treatment is likely to remain a profitable outlet for the global medical cannabis market over the forecast period.
Medical Cannabis Market Competitive Analysis:
Leading players in the global medical cannabis market include Tilray, GBSciences Inc., United Cannabis, Cannimed Ltd., Aphria Inc., Maricann Inc., Medipharm Labs, Aurora Cannabis, Cannabis Sativa Inc., GW Pharmaceuticals plc, Medical Marijuana Inc., and Canopy Growth Corporation.
A report compiled in January 2020 revealed that legal medical cannabis sales in Arkansas in 2019, the first year of legal cannabis sales, reached USD 28 million.
In January 2020, Purpose Investments announced plans to launch a medical cannabis ETF in Europe.
The same month, Thailand opened its first medical cannabis clinic.
Medical Cannabis Market Segmentation:
The global medical cannabis market is segmented on the basis of product form, derivative, application, distribution channel, and region.
By product form, the global medical cannabis market is segmented into powders, solids, ointments and creams, oil, and others. The powders segment leads the global medical cannabis market due to the convenience of consuming powders in comparison to other forms of medical cannabis.
By derivative, the global medical cannabis market is segmented into cannabidiol and tetrahydrocannabinol. Cannabidiol is the largest segment of the global medical cannabis market, as tetrahydrocannabinol is more associated with the high of marijuana than with the medical usage of cannabis.
By application, the global medical cannabis market is segmented into arthritis, cancer, Alzheimer’s disease, schizophrenia, and others. The arthritis segment holds the largest share in the global medical cannabis market.
By distribution channel, the global medical cannabis market is segmented into retail pharmacies, online stores, and others.
Medical Cannabis Market Regional Analysis:
The Americas is the largest regional contributor to the global medical cannabis market due to the legalization of medical as well as recreational marijuana in various countries in North and South America, including the U.S., Canada, and Uruguay.
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