Seattle, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global medicinal cannabis market is estimated to be valued at US$ 10,180.17 Million in 2022 and is expected to exhibit a CAGR of 24.4 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Medicinal Cannabis Market:
Major players operating in market are focusing on adopting strategies such as product approvals and partnerships which is expected to drive the market growth over the forecast period. For instance, in April 2019, The Global Cannabis Partnership (GCP), is acquiring innovative data technologies for the cannabis industry, announced its first US member: Australian Natural Therapeutics Group (ANTG). ANTG joined the government-sanctioned cannabis industry who are committed to safe and responsible production, distribution and consumption of legal cannabis.
Furthermore, in December 2020, Aphria Inc., a global cannabis company and Tilray, a global cannabis research, cultivation, production and distribution, announced that they had entered into a definitive agreement to combine their businesses and create the global cannabis company based on pro forma revenue. The agreement was under the Business Corporations Act, Canada and the implied pro forma equity value of the combined company was approximately US$3.9 billion.
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Key Market Takeaways:
Market players are focused on growth strategies such as signing distribution agreements with governments of respective countries. This in turn is expected to drive growth of the global medicinal cannabis market. For instance, on May 16, 2022, Franchise Global Health Inc., medical cannabis company, announced that it has entered into a letter of intent dated effective May 6, 2022, outlining the general terms and conditions pursuant to which it has agreed to acquire German pharmaceutical distributor Management of Franchise Global expects that the acquisition, if completed, will strengthen the Company's end-to-end pharmaceutical, medical cannabis operations and infrastructure in Germany, a key market for the Company.
Among Active Ingrdients, the Cannabidiol segment is expected to account for the largest share in the global medicinal cannabis market over the forecast period, owing to increasing use of Cannabidiol in oil form. For instance, in November 2020, Canopy Growth Corporation, a world diversified cannabis, hemp, and cannabis device company, announced the launch of Quatreau, a new line of premium cannabidiol infused beverages. The naturally flavored sparkling waters are Canopy Growth's first CBD-infused drinks, with both CBD-only and ‘balanced’ (CBD + THC) offerings available in Canada.
Among region, North America is expected to hold a dominant position in the global medicinal cannabis market over the forecast period, owing to increasing number of inorganic growth strategies by key market players in the region. For instance, on April 02, 2022, Dr. Reddy's Laboratories, a multinational pharmaceutical company and MediCane Health Inc., an international pharmaceutical company, announced the launch of their therapeutic cannabis product in Germany. In this collaboration MediCane would supply medical cannabis products to Dr. Reddy's from its EU GMP (European Union Good manufacturing practice )-certified facilities based in Portugal, while providing logistical and regulatory support.
Competitive Landscape:
Key players operating in the global medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc.
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Market Segmentation:
- Global Medicinal Cannabis Market, By Point of Sale:
- Dispensaries
- Online Pharmacy
- Hospital Pharmacy
- Global Medicinal Cannabis Market, By Active Ingredients:
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Global Medicinal Cannabis Market, By Therapeutic Application:
- Pain
- Arthritis
- Neurological Disease
- Epilepsy
- Multiple Sclerosis
- Other Neurological Applications
- Other Applications
- Global Medicinal Cannabis Market, By Region:
- North America
- By Country
- US
- Canada
- By Country
- Europe
- By Country
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- Others By Country
- South Africa
- Central Africa
- North Africa
- Others By Country
- North America
Related Market Intelligence Reports:
Cannabis Extract Market, by Active Ingredient (Tetrahydrocannabinol (THC), Cannabidiol (CBD), Cannabigerol (CBG), Cannabinol), by Product Type (Oil, Shatter, Wax, Hash, Others (Gummies, Cream, etc.)), by Extract Type (Full Spectrum, Broad Spectrum, Isolates), by Indication (Muscle Disorder (Dystonia), Neurological Disorder (Parkinson Disease), Pain Management, Recreational Use), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
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