Medical Marijuana market is booming worldwide 2022-2028
A comprehensive overview of the global medical marijuana market is recently added by UnivDatos Market Insights to its humongous database.
The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the medical marijuana markets globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global medical marijuana market is likely to showcase a robust growth of around ~21% during the forecast period (2022-2028).
The medical marijuana market is expected to register a CAGR of around ~21% over the period of 2022-2028. This is mainly due to its increasing application in the therapeutic field for the treatment of such disorders as chronic pain, arthritis, migraine, cancer, diabetes, aids, epilepsy, and Parkinson’s disease. Medical marijuana is derived from the Cannabis sativa plant, which can be used for the treatment of chronic diseases and pain management. Major healthcare companies are investing heavily in their products due to rising social awareness regarding chronic pain disorder cases, and other associated disorders, such as mania, anxiety, cancer, and treatment of seizures. For instance, in 2018, the Centers for Disease Control and Prevention (CDC) reported that an estimated 50 million Americans, or just over 20 percent, have some form of chronic pain. This rise in the demand for cannabis in medical is contributing to market growth. Furthermore, various factors such as growing research and development activities are also expected to drive the demand for the drug over the forecast period which is responsible for excessive use of medical marijuana and also significantly contributes to the market for meditation for the treatment of a health condition. Therefore, the market for medical marijuana is expected to witness significant growth during the forecast period.
During the COVID pandemic, several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. As a result, distribution channel industries such as dispensaries, online channels, and others had to terminate their operations. According to a paper published in JAMA Network Open in May 2021, approximately 80% of COVID-19 hospitalized patients experienced neurological problems such as headaches. Usage and dependency on marijuana increased exponentially. These factors could work in favor of the market. Moreover, many organizations, group meetings, and community-based initiatives for mental health were all disrupted due to the pandemic. These factors have positively impacted the medical marijuana industry.
The global medical marijuana market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Application, the market is primarily bifurcated into:
- Chronic Pain
Based on application, the market is classified into chronic pain, arthritis, migraine, cancer, and others. Amongst applications, the chronic pain category accounted for a significant share of the market. This is mainly due to its use in the treatment of chronic pain, arthritis, migraine, and epilepsy. In June 2018, FDA gave approval to the first drug consisting of an active ingredient derived from marijuana for treating epilepsy. Over the forthcoming years, this segment rising due to the use of medical marijuana in the global market is likely to boost the demand for medical marijuana.
By Type, the market is primarily bifurcated into:
- Oil and Tinctures
Based on type, the market is categorized into flowers, oil and tinctures, edibles, and others that are expected to witness the highest CAGR during the forecast period. Amongst types, the oil and tinctures category accounted for a significant share of the market. This segment is rising due to its proven medical ability in the treatment of various health conditions and the increasing number of patients preferring it over usually prescribed medicines. Marijuana oils are preferred as they are a blend of cannabis extracts and inert carrier oils. The oils are easier to find and are expected to support the growth of the segment over the forecast period. These results boost the production of medical marijuana.
Global medical marijuana market Geographical Segmentation Includes:
- North America
- United States
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
For a better understanding of the market adoption of the medical marijuana industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of growing various the growing various medical marijuana and medical treatments activities in countries like the U.S. and Canada. For instance, a recent study stated, that the drug is already legal in 35 states, with 16 allowing adults to legally use it for recreational purposes. The increased social awareness regarding the availability of various medications for the treatment of chronic pain, arthritis, migraine, cancer, and Alzheimer’s disease. Furthermore, the rate of legalization of marijuana for medicinal and new product launches, and various developmental strategies adopted by the regional market will drive market growth.
The major players targeting the market include:
- Canopy Growth Corporation
- CANNABIS SATIVA, INC
- GW Pharmaceuticals plc.
- Emerald Health Therapeutics Inc.
- Aphria Inc
- Aurora Cannabis
- CARA THERAPEUTICS, INC
- Medical Marijuana, Inc
- Pfizer Inc.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global medical marijuana market. The major players have been analyzed by using research methodologies for getting insight views on market competition.