Market Analysis
Market Research Future estimated that the Global Medical Marijuana Market is poised to reach the CAGR of 34.0% and the valuation of USD 54, 677.1 million by 2023. Marijuana is a plant with a chemical “cannabis” that has medical properties. This plant is used by various pharmaceutical companies as raw material to produce medicines for various therapeutic applications.
Marijuana plant extracts are used to treat the disease and various disorders caused by the disease, such as central nervous system, cancer, Alzheimer’s disease and are also used in antiaging products.
The increasing prevalence of chronic diseases, the increasing number of therapeutic uses of the cannabis plant, the increasing acceptance of marijuana for medical treatment in many countries and the increased release of cannabis are expected to stimulate market growth.
Factors such as detailed approval procedures, stringent government policies, and the increasing illegal use of cannabis could hinder market growth over the forecast period.
Doctors prescribing medical marijuana to treat muscle spasms caused by weight loss, chronic illness, multiple sclerosis, poor appetite, nausea, and, caused by, such as HIV, Crohn’s disease and nerve pain. Thus, with the expanding applications, there is an immense growth prospects for marijuana for medicinal purposes.
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Market Segmentation
The global market for medical marijuana is divided into product type, application and distribution channel.
Based on product type, the market is segmented into, solids / powders, oil and ointments and creams. The soluble / powders segment is expected to dominate the market and show significant compound annual growth of $ 22,648.8 million by the end of 2023. Due to the accessibility and ease of use of the disks, demand for this segment.
The global medical marijuana market by application, segmented into schizophrenia, Alzheimer’s disease, cancer, and multiple sclerosis.
Based on the distributon channel, the market is segmented into stores and pharmacies, online platforms, and so on.
Market Segmentation
Geographically, the global market for medical marijuana is segmented in North America, Europe, Asia Pacific, the Middle East, and Africa.
The Americas were the largest medical marijuana market in 2017 and are expected to remain dominant during the evaluation period.
Europe represented a significant market share and is expected to be the second largest market during the forecast period. Key factors that influence market growth are growing demand for cannabis-based medicines for the treatment of chronic diseases such as Alzheimer’s, cancer and respiratory problems.
The Asia Pacific medical marijuana market is one of the fastest growing regions in the global market.
Market Players
The players involved in the functioning of the global medical marijuana market include Canopy Growth Corporation, Cannabis Sativa Inc, GW Pharmaceuticals Plc, Emerald Health Therapeutics Inc, Tilray, Aphria, CanniMed Ltd, Cara Therapeutics, Pfizer Inc., Medical Marijuana Inc, GBSciences Inc. and MediPharm Labs. Legalization of cannabis is estimated to provide a clear picture for the manufacturers in untapped markets as adoption of marijuana is at sluggish rate and is anticipated to take pace in terms of use of marijuana for medical and health recreation purpose in developing regions. Manufacturers are also focusing on the diversification of marijuana application through personal care products in the form of oils and other forms.
Recent Updates
CT Pharmaceutical Solutions and Yale University School of Medicine investigate medical marijuana for PTSD and pain. The researchers are working to rectify the possibilities of medical marijuana effectiveness in the case of PTSD and pain reliever. The team also comprised the involved the appropriate dosage and opioid substitute.
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