Global Medical Marijuana Market is forecasted to expand remarkably at a CAGR of over 35.4% during the forecast period of 2018-2023. Medical marijuana or medical cannabis is the unprocessed marijuana plant or its extracts that are used to treat the symptoms of various diseases and other medical conditions.
Marijuana consists of chemical components cannabinoids, which can be used as medicine to treat the symptoms caused by illness. Medical marijuana plant or extract of the plant is used for the treatment. The increasing number of chronic diseases, rising acceptance of medical marijuana in healthcare and increasing research and development activities are the major factors driving the growth of the global medical marijuana market. Additionally, increasing U.S. Food and Drug Administration (FDA) approvals for drugs containing cannabinoids are contributing to the growth of the market. For instance, in June 2018, U.S. Food and Drug Administration (FDA) has approved Epidiolex (cannabidiol) [CBD] oral solution for the treatment of epilepsy.
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The stringent regulatory environment for product approval, increasing use of marijuana for recreational use and side effects caused by long-term use of marijuana are likely to hinder market growth during the forecast period.
The key players profiled by MRFR that are operating in the global medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Cannabis Sativa, Inc, GW Pharmaceuticals plc, United Cannabis, MGC Pharma, Aphria, Inc., Tilray, Emerald Health Therapeutics [Canada] Inc., GBSciences, Inc., CanniMed Ltd., Medical Marijuana, Inc, Cara Therapeutics, and Greengro Technologies.
The global medical marijuana market has been segmented on the basis of application, route of administration and distribution channel.
On the basis of application, the market has been classified as Alzheimer’s disease, cancer, mental health conditions, multiple sclerosis, muscle spasms, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions are differentiated into schizophrenia and posttraumatic stress disorder (PTSD).
The route of administration segment has been further divided into oral, topical, inhalation and sublingual. The topical segment has been classified into ointments, lotions, creams, gels, and poultice.
The market, by distribution channel, has been segmented into dispensaries and online platforms.
In January 2019, it has been announced by the Arkansans Department of Health that the patients who are approved for purchasing medical; marijuana will receive patient cards by February 2019.
In January 2019, it has been announced that within next few days residents in Ohio will be able to purchase marijuana for medical purposes.
In January 2019, Trulieve, Florida’s largest and first medical marijuana provider, has signed a deal to bring high-end edible marijuana products to Florida and will soon be made available for the registered medical marijuana patients in the form of cannabis chocolates, granola bars, honey, fruit leather, olive oil and more.
Medical Marijuana Market – Regional Analysis:
The market in the Americas is expected to dominate the global medical marijuana market during the forecast period owing to the increasing prevalence of chronic diseases, increasing number of cannabinoid drug approvals by regulatory authorities, and increasing expenditure on research and development of medical marijuana. The European market is expected to be the second-largest due to the favorable policies implemented by government and regulatory authorities and increasing applications of marijuana in healthcare. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing number of mental disorders and increasing expenditure on healthcare research and development. The market in the Middle East & Africa is likely to account for the smallest share of the global medical marijuana market. The market growth in this region can be attributed to the rising acceptance of medical marijuana in the treatment of illness and favorable government policies.
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