New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Medical Cannabis Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Medical Cannabis Market Information By Product Type, Derivative, Route Of Administration, Application, Distribution Channel, and Region- Forecast to 2027”, the market is anticipated to register a CAGR of 18.4% crossing the value of USD 33,210 Million by 2027.
Market Scope
Medical cannabis, often known as medical marijuana, is an herbal medicine derived from Cannabis plants that are used to treat a specific symptom or ailment. Although the term cannabis refers to a plant genus, it is also used to refer to the crude medicine extracted from the plants' leaves and flowers, which is known as marijuana. Ancient Indian, Chinese, Egyptian, and Islamic civilizations all employed it medicinally. Cancer, chronic pain, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, multiple sclerosis, AIDS, PTSD, amyotrophic lateral sclerosis (ALS), Alzheimer's, and Tourette's are some of the diseases and symptoms for which cannabis is used. Cannabis has been legalized for medical usage in a large number of nations with varying degrees of legal limitations, due to its therapeutic effects.
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Competitive Landscape
The significant companies associated with the global medical cannabis market are
- Cannabis Sativa, Inc. (USA)
- Emerald Health Therapeutics (Canada)
- Aurora Cannabis Inc. (Canada)
- Medical Marijuana, Inc (USA)
- Canndoc (Israel)
- Canopy Growth Corporation (Canada)
- GW Pharmaceuticals (UK)
- Tilray, Inc (Canada)
- Cara Therapeutics (USA)
- GB Sciences, Inc. (USA)
Market Drivers
In comparison to other therapy choices, cannabis is safer and has less severe negative effects. It's also used in conjunction with other medicines, either to improve their efficacy or to mitigate negative side effects. Apart from business leaders, many corporate and government institutions are funding the research and development of cannabinoids for medical applications. Clinical studies, research and development (R&D) operations, and the commercialization of cannabis-based indications are also likely to fuel the medical cannabis market's advancement.
Market Restraints
Apart from the well-established medical benefits of Cannabis, it also has negative health consequences. Cannabis addiction, chronic psychosis-related health problems, altered brain development, reduced life satisfaction, cognitive impairment, bronchitis, and poor educational outcomes have all been linked to heavy or long-term cannabis usage. Dizziness was also found as the most common non-serious adverse reaction, with a 15.5 percent occurrence rate among persons exposed to cannabis.
COVID-19 Analysis
The COVID-19 outbreak has disrupted the global medical cannabis market's supply chain and affected the entire value chain, from raw material procurement to manufacturing, packaging, and distribution. As of now, the impact does not appear to be significant since several factories have the requisite raw materials and end-product stock. The damage is projected to increase if the pandemic continues and trade restrictions are extended.
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Market Segmentation
By product type, the Cannabidiol oil segment is likely to dominate the market due to its stress-relieving applications. It can also be used to treat other neurodegenerative disorders like Alzheimer’s and PTSD.
By derivatives, CBD dominates the market, since it is mostly used for medical purposes due to its non-psychoactive properties and low toxicity, whereas THC is used to alleviate the adverse effects of AIDS and cancer treatment.
By application, cancer is the most popular category which fuels the market.
By route of administration, oral solutions & capsules are the most popular, making up a majority of the revenue.
By distributive channel, the retail pharmacy has been gaining the most traction due to 24/7 availability and extended care services.
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Regional Insights
In 2020, North America dominated the global medical cannabis market, with the biggest share. This enormous market share is attributed to the legalization of medical cannabis in 37 US states, as well as the widespread acceptance of products. The market in this region is growing due to the inclusion of significant manufacturers, expanding use of medicinal cannabis products, and an increasing number of enterprises engaged in R&D activities.
In the global medicinal cannabis market, Europe has a sizable position. Due to an increasing number of European nations legalizing cannabis for medical purposes, it is the second-largest market after North America. Furthermore, the market size in this region is expected to grow as a result of prominent research and manufacturing activities in the region.
Due to the large base of cancer patients and government initiatives for healthcare reforms, Asia-Pacific is likely to have a positive growth rate throughout the projected timeframe. In the global medical cannabis market, it is the third-largest player. Cannabis-based items are illegal in the majority of Asia-Pacific countries. However, some doctors are prescribing cannabis-based medications as a result of the rise in epilepsy cases.
Due to organizational reasons such as outdated laws and lower adoption rates, the Middle East would see the slowest development in the market. Due to stringent government rules, the region's growth is projected to be limited. A few Arab countries have enacted tight regulations regarding the use and storage of cannabis-related items.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
