Global Medical Marijuana Market Overview
The key driver impacting the medical marijuana market is the growing legalization of medical marijuana in several countries. For example, Currently, over 50 countries have adopted medicinal cannabis programs. In contrast, Canada, Uruguay, and 15 US states have legalized its recreational use, In the USA, 23 states and the District of Columbia have now legalized marijuana for medicinal or recreational (only in Washington state, Oregon, Colorado, and Alaska) use, and more States are suspended from following. Moreover, increasing awareness about the benefits of medical marijuana contributes to medical marijuana market demand later.
According to Value Market Research, the global medical marijuana market size was valued at about USD 23 billion in 2020 and is expected to grow at a CAGR of around 20% during the forecast period 2021 to 2027.
The Increasing application of marijuana for many medical conditions and symptoms will likely augment the need for Medical marijuana in the forecast period. For instance, It is majorly used to alleviate chronic pain like neurogenic pain, arthritis pain, cancer pain, low back pain, headache, neck pain, and face pain. The patients suffering from chronic illnesses, such as Parkinson's, cancer, Alzheimer's, and many neurological disorders, are administered medical marijuana. However, Few side effects might hinder the market growth may hinder the market in the long run. In addition, the difficulty in medical marijuana business banking is negatively impacting the market growth. Still, the industry trends such as product development via research and novel product delivery solutions might provide tremendous market opportunities to the market's key players.
The Medical marijuana market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their needs, such as amalgamation, innovation, and the constant upgrading of their encryption solutions to remain in a strong position in the market. The key players taken in the report are ABcann Medicinals, Inc., Aurora Cannabis, Inc., Aphria, Inc., Aurora Cannabis, Inc., Cannabis Sativa Inc., Emerald Health Therapeutics, Canopy Growth Corporation, and Green Relief Inc.
In this research report, the medical marijuana market is segmented by application, route of administration, distribution channel, and region.
Analysis by Application:
By application, the report is segmented into pain management and muscle spasms. The pain management segment dominates with the highest market share of 76% in 2020. It is due to the rapid adoption of medical cannabis for pain management applications due to the rising prevalence of chronic pain, which is creating a massive demand for medical marijuana. Moreover, compared to opioids, cannabinoids have shown a higher perspective in pain-relieving experiments and showcase an increase for chronic pain treatment contributing to the market demand for pain management in the coming years.
Analysis by Route of Administration:
By route of administration, the report is segmented into Inhalation, oral, and topical. The Inhalation segment dominates with the highest market share of 73% in 2020. It is due to the minimized latency of actions concerning other routes of administration, and this route of administration reduced unfavorable reactions at the injection site. Moreover, the bioavailability of inhaled THC is also noticeably higher than other administration routes, thus contributing to the growth of the Inhalation segment in the coming years.
Analysis by Distribution Channel:
By distribution channel, the report is segregated into dispensaries and online. The dispensaries segment dominates the distribution channel segment with the highest market share in 2020. Dispensaries are the favored channel of distribution and procurement of medical marijuana. Moreover, several nations are well-known to run a medical marijuana program where dispensaries deliver medical cannabis to registered patients contributing to the growth of the dispensaries segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Medical marijuana market, the North America region dominates with the largest market share in 2020. It is due to the legalization of marijuana for medical and adult (recreational) use partially in the U.S. and Canada with and growing adoption of medical cannabis as a treatment alternative by a broad population in Canada. The growing prevalence of chronic illnesses such as Crohn's disease and Alzheimer's leads to high demand for medical marijuana across the region. Moreover, the presence of several dispensary chains that distribute medical marijuana across states to allow uninterrupted availability, resulting in an insufficient supply of medical marijuana, contributes to the tremendous market demand across North America.
Market Segmentation covered in the Report:
By Application
- Pain Management
- Neuropathic Pain
- Cancer Pain
- Others
- Muscle Spasms
- Nausea
- Anorexia
- Seizures
- Others
By Route of Administration
By Distribution Channel
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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