New York, NY, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Medical Marijuana Market by Product (Dried Form and Extract Form), by Application (Pain Management, Seizure, and Others), and by Distribution Channel (Retail Pharmacy and E-Commerce): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, the global medical marijuana market was valued at approximately USD 11,813 million in 2017 and is expected to generate revenue of around USD 40,907 million by the end of 2024, growing at a CAGR of around 19.4% between 2018 and 2024.
Before the development of science, cannabis or marijuana was used as a medicine. The herb enjoyed a transitory period of attractiveness as a medicinal plant in the U.S. and Europe in the 1800s, as it was prescribed for numerous medical conditions, such as asthma, menstrual cramps, birth labor, cough, migraine, insomnia, and withdrawal symptoms from opiate use. Due to dose adjustments related difficulties, there were concerns regarding patients being given too much or too little dosage, resulting in anything from no result to adverse effects. In the early twentieth century, cannabis was removed from the list of registered medicines in the U.S. and was made illegal all over the world.
Browse through 66 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Medical Marijuana Market: Industry Size, Share, Growth, Trends, Analysis and Forecast, 2017 - 2024”.
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In the last 20 years, there has been growing international focus on the possibility of use of marijuana as a treatment option for numerous medical conditions, mainly where traditional have proven to be ineffective, for particular sub-classes of patients. The most common conditions include chronic pain and nausea related to cancer and its treatment and HIV, among other degenerative diseases, peripheral neuropathic pain, and rheumatoid arthritis. Moreover, it has also been used to treat hallucinations associated with post-traumatic stress disorders. Since the last two decades, marijuana has been made available in several regulatory outlines for medicinal purposes in Washington DC and twenty-two states other of the U.S., with no controls on safety, quality, or dosage related to the product or its delivery system.
The progress of the medical marijuana market is principally driven by rising prevalence of medical conditions that require marijuana for treatment, increasing geriatric population needing treatment for life-threatening diseases, rising number of medical marijuana clubs, growing awareness programs by private and public associations. Moreover, the legalization of medical marijuana in emerging countries is projected to boost the demand for marijuana for medical use as a substitute for traditional medicines. However, strict regulatory and approval procedures, complex distribution channels, and high product cost might affect the growth of this market globally.
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The medical marijuana market is classified on the basis of product, application, and distribution channel. Based on the product, the global medical marijuana market is bifurcated into dried form and extracts form. Owing to traditional extracts method extensive use for the formulation of marijuana for a long time, it accounted for the largest revenue share in the global market. The dried extract segment is anticipated to register a high CAGR over the forecast timeframe, due to the rising demand for dried marijuana for its wholeness.
Based on application, this global market is segmented into pain management, seizure, and others. The pain management segment accounted for the largest share in the global marijuana market in 2017, owing to its extensive use and increasing demand for medical marijuana for pain management in treatments related to cancer, arthritis pain, etc.
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By distribution channel, the market covers retail pharmacy and e-commerce. The retail pharmacy accounted for the largest share in the global market and is expected to remain dominant over the forecast timeframe. The growing trend for online platforms for medicines is expected to boost the growth of the e-commerce segment in the near future; however, a large number of regulations associated with the use of marijuana might hamper the growth of e-commerce channel globally.
North America accounted for the largest share in the global medical marijuana market and is expected to remain dominant over the forecast timeframe. The U.S. held a major revenue share in 2017. The rising number of the patients suffering from chronic pain, due to the increasing prevalence of cancer and chronic diseases, is the key factor contributing to the high share of the U.S. in the North American medical marijuana market. According to the National Academies of Science, in 2017, more than 100 million Americans are suffering from chronic pain and about 2 million Americans are addicted to prescribed painkillers. The cost for the top 3 opioid pain medication cost was around USD 1.97 billion in 2017. The rising prevalence and increasing spending on pain management medication are propelling the demand for medical marijuana in North America. The Canadian medical marijuana market was estimated at USD 260 million in 2017 and is expected to grow at a high CAGR over the forecast timeframe in the North American medical marijuana market. In July 2015, Canadian MMJ producers revived the approval to start producing marijuana extracts, which are retailed in the form of cannabis oil to patients. Similar to the U.S., marijuana extracts have gained popularity in Canada. According to Canada's Office of the Parliamentary Budget Officer, the estimated cannabis consumption in 2018 is 655,000 kg. Patients being treated for chronic conditions usually need larger and certainly ingestible doses of THC to offer relief from their symptoms. This is contributing to the overall sales growth of medical marijuana in the country.
Europe held the second position in the global medical marijuana market in 2017. The legalization of marijuana for medicinal use in countries like Germany, UK, etc. is the major factor contributing to the growth of the medical marijuana market in this region. In March 2017, Germany, the country with strictest narcotic drug acts in Europe, legalized marijuana for medical uses. The legalization of marijuana allows doctors to prescribe medicine consisting tetrahydrocannabinol (THC), primarily in the form of extracts or flowers, to the patients with chronic diseases, such as cancer, severe pain, and multiple sclerosis.
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The Asia Pacific is projected to showcase good growth potential in the medical marijuana market. Australia is anticipated to register the maximum growth rate in comparison to other countries in the region, mostly due to increased research and development activities for the manufacturing of marijuana for medicinal purposes.
The Latin American and the Middle East and African regions are also expected to be potential markets for medical marijuana, due to opportunities provided by the government to researchers to develop new products for better patient health in these regions.
Some of the leading players in medical marijuana market include MedReleaf Corporation, GW Pharmaceuticals PLC, Canopy Growth Corporation, Green Relief Inc., Aurora Cannabis Inc., Aphria Incorporation, Cannabis Sativa, INC., Medical Marijuana, The Peace Naturals Project, and Insys Therapeutics, Inc.
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This report segments the global medical marijuana market as follows:
Global Medical Marijuana Market: Product Segment Analysis
- Dried Form
- Extract Form
Global Medical Marijuana Market: Application Segment Analysis
- Pain Management
- Seizure
- Others
Global Medical Marijuana Market: Distribution Channel Segment Analysis
- Retail Pharmacy
- E-Commerce
Global Medical Marijuana Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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