Medical application of marijuana as pain management in cancer, seizures, neurology, and muscle spasm will drive the market growth.
Market Size – USD 11.70 Billion in 2018, Market Growth - CAGR of 26.4%, Market Trends – Legalization of marijuana in several countries.
NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- The Global Medical Marijuana Market is forecast to reach USD 148.35 Billion by 2026, according to a new report by Reports and Data. Marijuana is used for treating chronic pain that affects millions of people each year across the globe, thus increasing the demand for the product as a treatment procedure for medical conditions. Statistically, around 25 million people endure acute pain in the US. Moreover, several countries around the globe have made medical marijuana legal, i.e., it would allow people to use marijuana for health purposes; therefore, boosting the market for the medical marijuana market.
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Side effects of the products include dizziness, fatigue, speech problem, constipation, and insomnia will hamper the growth of the market. Additionally, lack of data safety and problem in undertaking medical marijuana business is also estimated to hinder the growth of the market.
North America dominates the market of medical marijuana. The major contributors are the US and Canada. As of 2018, 30 U.S. states have permitted the application of medical marijuana. Moreover, the growing number of research studies in the US, encouraging and supporting marijuana's use for medical purposes will supplement the North American medical marijuana market growth.
In 2017, Oxford University went into a partnership with Kingsley Capital Partners, for the development of cannabis treatment for inflammatory and cancer diseases. These partnerships are expected to have a positive impact on the market of medical marijuana.
Further key findings from the report suggest
- Countries are beginning to liberalize laws related to medical marijuana; the market is forecasted to witness a surge in demand. Statistically, the majority of the cannabis, are currently, sold through illicit channels.
- Several countries have recognized the advantages of this product and are in the process of legalizing it.
- With a rise in the volume of clinical trials and scientific studies, the demand for cannabis for clinical use is forecasted to grow over the forecast period. Medical marijuana held a market share of 53% in the year 2018.
- Countries in North America have also started promoting derivatives such as oils, tinctures, and resins, along with products like vaporizers, among millennials who are considered primary consumers.
- The oil segment is forecasted to grow with the highest CAGR of 27.1% in the forecast period. Hemp oil is in high demand among healthcare sector for clinical purposes.
- Health concerns associated with smoking is another factor that stops doctors from prescribing it. Hence, oil or edible forms of marijuana are generally prescribed and are growing in demand.
- On the basis of application, the market is segmented into Chronic Pain, Mental Disorders, Anorexia, Seizures, Muscle Spasm, Cancer, and Others.
- Chronic pain dominated the market, with a share of 63% in the year 2018. Marijuana reduced pain and also improved the quality of life among patients.
- On the basis of the route of administration, inhalation segment is forecasted to have the highest market share of 54% in the year 2026.
- Inhalation provides an advantage of controlled dosage and effective absorption of cannabinoids into the body. This should increase the demand for inhalation marijuana over the coming years.
- Dispensaries held a market share of 48% in the year 2018. These pharmacies sell various legal cannabis products in the form of tablets, vaporizers, balms, elixirs, and tinctures.
- Patients usually prefer buying medical products from authorized and legal sources to abide by the government’s rules, thus maximizing the revenue by this segment.
- Europe is forecasted to have a market share of 28% in the year 2026. Germany is the largest market for cannabis and thereby fuels the growth of the market in this region.
- Key participants Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., ABcann Medicinals, Inc., Tikun Olam, Insys Therapeutics, Inc., The Peace Naturals Project, MedReleaf Corporation, and GW Pharmaceuticals PLC.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Medical Marijuana Market on the basis of Marijuana Type, Product Type, Route of Administration, Distribution Channel, Medical Application, and Region:
Marijuana Type Outlook (Revenue, USD Billion; 2016-2026)
- Medical Marijuana
- Recreational Marijuana
Product Type Outlook (Revenue, USD Billion; 2016-2026)
- Oil
- Buds
- Tinctures
Medical Application Outlook (Revenue, USD Billion; 2016-2026)
- Chronic Pain
- Mental Disorders
- Anorexia
- Seizures
- Muscle Spasm
- Cancer
- Others
Route of Administration Outlook (Revenue, USD Billion; 2016-2026)
- Inhalation
- Oral
- Intravenous
- Topical
Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)
- Dispensaries
- Online
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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