Medical Cannabis Market to Generate USD 54.34 Billion Globally by 2029
Cannabis is now approved for treating various ailments, including restlessness, muscle tightness, persistent discomfort, and the reduction of vomiting and illness caused by chemotherapy.
The majority of businesses are making rapid progress in their research into the potential of therapeutic cannabis and hemp.
CHICAGO - Data Bridge Market research has recently issued comprehensive industry research on “Global Medical Cannabis Market” which includes growth analysis, regional marketing, challenges, opportunities, and drivers analyzed in the report. Key elements of this report range from industry outlook along with critical success factors, industry dynamics or market definition in terms of drivers and restraints, market segmentation and value chain analysis, key opportunities or developments, application and technology outlook, regional or country-level analysis to the competitive landscape. What is more, the Medical Cannabis report provides the data and information for actionable, most recent, and real-time market insights which makes it straightforward to even take critical business decisions
Data Bridge Market Research analyses that the Medical Cannabis Market which was USD 11.0 billion in 2021, would rocket up to USD 54.34 billion by 2029, and is expected to undergo a CAGR of 22.1% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
According to the poll, nearly 13,400 physicians in Canada supplied prescriptions for an average of 2.1 grammes of marijuana each day to patients. The growing number of scientific trials of cannabis-infused medications for various therapeutic areas, particularly the usage of cannabidiol, is boosting market growth. There were around 400 completed or continuing clinical trials as of June 2018. Clinical trials sponsored by GW Pharmaceuticals totaled 40, whereas clinical trials sponsored by sanofi totaled 38. Furthermore, the narrative among physicians about the benefits and supporting clinical evidence is leading to an increase in patient prescriptions for cannabis-infused medicines.
Medicinal marijuana (MMJ), often known as medical cannabis, is marijuana and cannabinoids that doctors recommend for their patients. Due to production and political constraints, the use of cannabis as medicine has not undergone thorough testing. As a result, there has been little clinical study to determine the safety and effectiveness of utilizing cannabis to treat ailments.
Forecast Period - 2022 to 2029
Base Year – 2021
Historic Years - 2020 (Customizable to 2014 - 2019)
Some of the Major Players Operating in the Medical Cannabis Market are:
- Joy Organics (U.S.)
- CBD istillery (U.S.)
- Gaia Botanicals (U.S.)
- Harmony (U.S.)
- Floyd's of Leadville (U.S.)
- Lazarus Naturals (U.S.)
- cbdMD (U.S.)
- Pure Hemp Botanicals (U.S.)
- Green Roads (U.S.)
- Tilray (U.S.)
- Canopy Growth Corp. (Canada)
- GW Pharmaceuticals PLC (U.K.)
- Aurora Cannabis (Canada)
- Aphria Inc. (Canada)
- CV sciences Inc. (U.S.)
- In March 2021 - STADA Arzneimittel AG, one of Germany's leading pharmaceutical companies, has entered the medical cannabis market with a deal with MediPharm Labs, a Canadian company, to introduce two flower products and six more in the future.
- In May 2021- TCV Sciences, Inc. announced the launch of PLUSCBDTM calm and sleep gummies, two tasty candies that help individuals go back to their normal routines by supporting healthy stress responses and sleep cycles.
The Medical Cannabis Market report encompasses the general idea of the global Medical Cannabis market including definition, classifications, and applications. Further, it includes the all-inclusive comprehension of several factors such as drivers, constraints, and major micro markets. The report is a wide-ranging source of widespread facts and figures for business strategists as it offers the historical &futuristic data such as demand & supply data, cost, revenue, profit, supply chain value, and so on. Furthermore, it entails the key market features, comprising production, revenue, price, capacity, gross margin, market share, consumption, gross, production rate, demand/supply, cost, capacity utilization rate, export/import, and CAGR (compound annual growth rate). Apart from this, the researcher market analyst and experts present their outlook or insights of product sales, market share, and value along with the possible opportunities to grow or tap into in these regions.
To provide the intended medical benefits, the dosage of the capsules must be precise before consumption. More dependable are the use of sophisticated machinery, skilled, licensed lab technicians, and the producer. Because medical cannabis is now legal in the United States, the demand for it is skyrocketing, thanks to the medicinal benefits of Cannabis Capsules. As a result, investors are keen on establishing or acquiring plants with appropriate machinery, skilled labor, and a license to produce cannabis capsules. Existing manufacturers are also investing time and skills to innovate for the production of high-quality capsules in appropriate doses.
The investment made in the study would provide you access to information such as:
- Medical Cannabis Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
- Market Size)
- Market Size by application/industry verticals
- Market Projections/Forecast
Medical Cannabis Market Dynamics
- Advancements in research and development
Cannabis is now approved for treating various ailments, including restlessness, muscle tightness, persistent discomfort, and the reduction of vomiting and illness caused by chemotherapy. The majority of businesses are making rapid progress in their research into the potential of therapeutic cannabis and hemp.
- Cannabinol and Tetrahydrocannabinol-modified edibles
CBD and THC-modified edibles are becoming increasingly popular throughout all permitted states. In addition, customers and investors are becoming more interested in infused drinks. The convoluted administrative process for cannabis acceptance can act as a roadblock to industry development. The therapeutic properties of cannabis and the ongoing legalisation of cannabis capsules will serve as opportunities for market expansion.
- Increasing legalization of cannabis
Cannabis makes up a sizable portion of the medical cannabis market. Consumers in the United States provinces where cannabis has been legalised are usually above the age of 50. This demographic profile is predicted to raise cannabis demand in the country due to a higher likelihood of chronic diseases after 50 years of age and the effectiveness of cannabis in treating such conditions. Cannabis's popularity and demand are projected to rise in the future due to ongoing research and standardisation of products for medicinal uses.
Global Medical Cannabis Market Scope
- Dried Medical Cannabis
- Medical Cannabis Capsules
- Vape Pen
- Whole Flower
- Creams and Moisturizer
- Ground Flower
- Mask and Serum
- Cannabis Indica
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
- Cannabigerol (CBG)
- Pain Management
- Muscle Spasms
- Appetite Loss
- Alzheimer's Disease
- Depression and Sleep Disorders
- Multiple Sclerosis
- Mental Health Conditions
- Elevate Mood
Route of Administration
- Oral Solutions and Capsules
- Homecare Settings
- Rehab Centers
- Pharmaceutical Industry
- Research and Development Centers
Regional Analysis of the Medical Cannabis Market:
The global Medical Cannabis Market research report details the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the Market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors.
- North America (United States, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America (Brazil, Argentina, Colombia, etc)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
North America dominates the medical cannabis market due to the growing number of geriatric population along with adoption of innovative medical technology.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.