Medical Marijuana Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The medical marijuana market is forecasted to generate sizable revenue growth driven by growing adoption of medical cannabis for the treatment of chronic pain and glaucoma. The product is used to treat numerous diseases like cancer pain, neurological disorders and muscle spasm. Medical marijuana is gaining tremendous demand from countries like the UK and the U.S. as more states legalize cannabis consumption. Call for legalization of medical cannabis across several states in America and other regions could expand the business horizon for cannabis products. These products act as a therapeutic solution for multiple disorders. According to the Centers for Disease Control and Prevention (CDC), cannabis-based products, such as medical marijuana, can help prevent as well as ease nausea caused after chemotherapy.
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Escalating demand for medical weed has encouraged numerous companies to invest more in research and development projects centered around the development of cannabis-based medical items. Increasing number of cannabis companies participating in such types of initiatives could massively enhance business outlook. According to a study conducted by GMI, the medical marijuana market could reach USD 59 billion by the end of 2025.
The recommendation of anecdotal evidence advocates that marijuana and its compounds aid in relieving chronic pain caused by cancer, arthritis, HIV/AIDS, and neurological disorders. These remedial properties of the substance will lead to considerable business growth of the medical cannabis market by 2025.
Tetrahydrocannabinol (THC) and cannabidiol (CBD) are natural compounds found in marijuana plant that aids in lowering symptoms of severe pain and nausea. Further, as compared to conventional opioid narcotics that generally cause lethal reactions, using medical marijuana does not create any major side effects.
Due to the rising prevalence of cancer around the world, the medical cannabis industry share from the cancer pain segment is projected to witness considerable growth of 30% through 2025. Most of the chronic pain during cancer is caused by a tumor pressing on bones, nerves, or other internal organs of the body, and while treatment chemotherapy drugs also cause acute pain and burning sensation. To counter such severe pain medical marijuana plays a pivotal role.
Administrative relief and convenience of the patient are some major factors that will cement the product’s stronghold in the market and as per reports, the oral segment is estimated to gain revenue size of US$13.1 billion by 2025. The oral consumption of medical cannabis is often considered as a safer medium of availing the therapeutic effects as compared with the attainable harmful risk of smoking medical cannabis.
The product’s distribution channel is divided into dispensaries and online platforms. The online segment of medical marijuana accounted for 40.1% of the revenue share in 2018 worldwide. The rising number of several states legalizing the sale of medical marijuana through the online distribution channels in the U.S. can drive the market on digital platforms and extend the product’s reach.
Established key manufacturers such as True Leaf and Namaste Technologies have a strong online distribution channel.
Various states in the U.S. have recognized medical marijuana laws, enabling the application of medical cannabis in the treatment of chronic diseases. Apart from its use in chronic diseases, some other applications of medical cannabis include multiple sclerosis, nausea, acute pain, epilepsy and loss of appetite.
The growing demand for medical marijuana is attributed to the rising prevalence of chronic pain and medical conditions in the U.S. and medicinal benefits associated with it. Reportedly, the U.S. medical marijuana industry share is estimated to register considerable growth at 14.2% CAGR up to 2025.
Leading companies of the medical marijuana industry are GW Pharmaceuticals, Tilray, Aurora Cannabis Inc., Aphria Inc., Canopy Growth Corporation, Abcann Medicinals Inc., and The Supreme Cannabis Company. The prime focus of industry giants is on the new product launch.
For example, in June 2018, GW Pharmaceuticals announced its U.S. FDA approval for its maiden plant-based pharmaceutical cannabidiol to treat rare and severe pediatric epilepsies. Companies are focusing on strategic mergers, collaborations, and partnerships with other players to sustain a competitive advantage in the industry and gain considerable revenue share.
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Partial Chapter of the Table of Content
Chapter 4. Medical Marijuana Market, By Application
4.1. Key segment trends
4.2. Pain Management
4.2.1. Market size, by region, 2014 – 2025 (USD Million)
4.2.2. Neuropathic pain
184.108.40.206. Market size, by region, 2014 – 2025 (USD Million)
4.2.3. Cancer pain
220.127.116.11. Market size, by region, 2014 – 2025 (USD Million)
18.104.22.168. Market size, by region, 2014 – 2025 (USD Million)
4.3. Muscle spasms
4.3.1. Market size, by region, 2014 – 2025 (USD Million)
4.4.1. Market size, by region, 2014 – 2025 (USD Million)
4.5.1. Market size, by region, 2014 – 2025 (USD Million)
4.6.1. Market size, by region, 2014 – 2025 (USD Million)
4.7.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 5. Medical Marijuana Market, By Route of Administration
5.1. Key segment trends
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4.1. Market size, by region, 2014 – 2025 (USD Million)