The global medical cannabis market is anticipated to be USD 16.47 Billion in 2022, and this value will grow to USD 46.18 Billion by 2027, registering a CAGR of 22.9% during the forecast period.
A few of the key insights from this report:
Medical cannabis, also known as medical marijuana, is a crude, unprocessed whole marijuana plant extract. This extract is used to treat various illnesses and diseases. For example, THC (Tetra hydro cannabinol) in cannabis treats nausea in chemotherapy and other treatments. However, United States boards and FDA (Food and drug administration) authorities are yet to approve cannabis as a legal medicine. Nevertheless, according to reports, in 2014, 20 countries legalized cannabis as medicine. Cannabis, which has cannabinol, is also used in pain management treatments, blood pressure, seizures, concentration, appetite, muscular problems, memory, Sensory stimulus, and other therapies.
Many countries are involved in the legalization of cannabis and allow legalized cannabis and its products, including exports. Recently in Australia, cannabis has been legalized and is used as a medicine. Exports of this legalized cannabis and its other products are exported and imported. Countries such as Israel, Canada, and Spain are in the process of legalizing available cannabis as a medical drug. Factors such as increased usage of cannabis in treatments such as pain management, neuronal disorders, muscular and joint pains, and others will increase this cannabis market size and value in upcoming years.
Growing research, activities, and developments in this field are increasing the demand for medical cannabis. The increasing population and rise in the prevalence of chronic diseases such as cancers, brain disorders, etc., can improve market revenue. For example, increased cancers led to more research and clinical trials to study the effectiveness of Cannabidiol in cancer treatment. In addition, migraine and arthritis diseases and other chronic pain management issues are also resolved due to medical cannabis.
Growing application of medical cannabis in cancer treatments and YOY rise in cancer cases support market growth.
Medical cannabis has a wide range of applications, mainly in cancer therapy, such as; nausea and pains associated with chemotherapy are reduced with the help of medical cannabis, a relaxant. Dronabinol and nabilone are the two drugs approved by the FDA to relieve chemotherapy side effects. According to WHO, cancer is the leading cause of death worldwide, and it caused around 10 million deaths in 2020. More diagnosis results in more side effects, thus leading to a rise in the product need.
The rising usage of medical cannabis for various purposes fuels market growth.
YOY growth in the aging population and other medical conditions like post surgeries and accident recovery also fuel market growth. Medical cannabis usage is safe and most effective for alleviating symptoms like sleep disorders, anxiety, and pain caused by chronic illness in adults. Additionally, it is also used in diabetes and neurogenerative diseases. Furthermore, according to a survey conducted in a healthcare facility in Washington, 35.1% of patients reported using cannabis for medical purposes, with the most common use being for pain, sleep, stress, anxiety, and depression. In comparison, 26.5% reported using medical cannabis in the previous year.
The rising investors, key players, major pharmaceuticals, and biotechnology industries globally and their investigational approach drive the medical cannabis market growth. In addition, the increasing adoption of medical cannabis among governments in several nations is expected to support market expansion further.
While several factors promote the market's growth, some hamper market growth and are discussed below. For example, using medical cannabis in treatments such as pain management, arthritis, and nausea induced by chemotherapy in cancer treatments precisely reduced most of the diseases, but, at the same time, there are side effects observed in patients who have been drugged with medical cannabis like drowsiness, dry mouth, light headaches, etc.
Complex approvals for medical marijuana to be a significant setback for the market.
There are a few difficulties with medical marijuana for business purposes, like making marijuana legal; medical cannabis in most countries is not yet done, which is a drawback for the medical cannabis market. In addition, uniform authorities and regulations are required to maintain the standards and usage of cannabis for medical and clinical purposes. Hence, many authorized workers and staff are required to handle cannabis production and service. The lack of such skilled workers and authorized staff hampers this market growth. Additionally, the illegalization of cannabis, even for medical purposes in most countries, proves to be a significant barrier to the market's economy.
Impact of COVID-19 on the global medical cannabis market:
In March 2020, the World Health Organization announced the covid-19 as an emergence in healthcare. As a result, the coronavirus was declared a pandemic, and the government imposed a lockdown and banned flights in many countries to control the spread of this disease. Many businesses faced losses due to the shutting down production and supply chains, and people suffered unemployment. The rise in the cases of depression was noticed along with the declining economies and the increasing pressure on healthcare settings due to the continuous influx of covid patients.
Recent studies have stated that cannabis may play a vital role in treating the mild symptoms of COVID-19. Hence, the demand for medical cannabis has increased during the outbreak in research and development activities. In addition, researchers have focused on developing a vaccine to treat COVID-19 using these products, showing positive results. Therefore, the market for medical cannabis is expected to be routine by the end of 2021.
Market Size Available
2021 to 2027
2022 to 2027
By Species, Derivatives, Application, End User, Route of Administration & Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This market research report on the global medical cannabis market has been segmented and sub-segmented into the following categories.
Medical Cannabis Market – By Species:
Based on the species analysis, the indica segment held a significant share of the global medical cannabis market in 2021. The growth is attributed to its use to treat insomnia, relax muscles, and relieve body pains, headaches, and migraines.
However, the cannabis Sativa segment is also expected to show fast growth during the forecast period due to the applications of the plant species in industrial fiber, seed oil production, food recreation, and medical purposes. Additionally, the high rates of cultivation for the plant are helping the segment grow.
Medical Cannabis Market – By Derivatives:
Based on the derivatives analysis, the cannabidiol segment led the market in 2021 owing to the growing older people population and chronic diseases, particularly in adults.
However, the THC segment is also expected to show significant growth during the forecast period due to the applications of 2 THC drugs called dronabinol and nabilone, which are FDA-approved for treating nausea after chemotherapy. In addition, the growing number of cancer cases is pushing the demand for this market.
Medical Cannabis Market – By Application:
Based on the application, the cancer application segment held the most significant share of the global medical cannabis market in 2021, with the increasing number of patients with cancer disease and growing awareness of the availability of different treatment procedures.
However, the arthritis segment is also expected to show fast growth due to the continuously rising cases of arthritis. According to statistics, around 350 million people worldwide will have arthritis in 2022, and approximately 1 in every 4 U.S. adults have arthritis. Therefore, the condition's prevalence is expected to boost its growth during the forecast period.
Medical Cannabis Market – By End-User:
Based on the end-user analysis, the pharmaceutical industry segment leads the medical cannabis market. The growth is attributed to funds and investments from private and public organizations.
However, the R&D centers segment is also expected to show fast growth due to the rising clinical research on cancer and the applications of medical cannabinoids in various treatments.
Medical Cannabis Market – By Route of Administration:
Based on the administration route, the oral solutions and capsules segment represented the largest share of the market in 2021 and is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be credited to a growing number of countries that are gradually legalizing the usage of cannabis across the globe are some factors swelling the market growth of medical cannabis over the forecast period.
However, the vaporizers segment is also expected to grow due to the convenience of cannabinoids in medical use.
Medical Cannabis Market - By Region:
Regionally, the North American medical cannabis market accounts for the most significant share of the global market. Factors such as increased usage of cannabis in treatments such as pain management, neuronal disorders, muscular and joint pains, and others will increase this market size and value in upcoming years. In addition, other factors such as growing research and activities, developments, technological advancements, increased chronic diseases, and the rise in broad applications of medical cannabis in research and medicine also increase the medical cannabis market.
The North America Medical Cannabis Market dominated the medical cannabis market worldwide in 2021. It continues to dominate owing to its increased portfolio, medical cannabis business, exports and imports, increased research activities, and medical treatments. Latin America also expects steady growth, where Mexico holds the most considerable revenue for the medical cannabis market. It is due to increased establishments in laboratories, medical clinics, hospitals, pharmaceuticals, and other companies.
The Medical Cannabis Market in Europe is also expected to showcase the fastest growth due to many European regions that legalized cannabis as a medical drug because of its wide range of applications. European countries took the first initiatives for marijuana and its medical properties and usage in the medical field for various disease management. Additionally, the large patient population in the European nation drives market growth for the medical cannabis market.
The APAC Medical Cannabis Market is expected to have observed rapid growth, and the development is due to factors like the growing elderly population. In addition, y-O-Y growth in cancer cases is considered to boost the market growth. Moreover, a growing number of road accidents under the influence of cannabis and legalization for some regions' medical and recreational purposes is predicted to swell the market growth.
The Latin America Medical Cannabis Market has appeared as a promising region in the global market in this region. The growth owes to the high-quality production of cannabis being more affordable in this region. Brazil is the leading nation in the region. The construction and facilities of Latin America can be much cheaper than the other areas.
The Middle East & African Medical Cannabis Market has got prolonged growth of medical cannabis market due to factors like increasing growing healthcare expenditures and rising government funds and investments.
KEY MARKET PARTICIPANTS:
A few of the notable players operating in the global medical cannabis market profiled in this report are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, G.W. Pharmaceuticals, plc.
RECENT HAPPENINGS IN THIS MARKET:
The global medical cannabis market is expected to reach USD 46.18 billion by 2027.
The medical cannabis market is projected to grow at a CAGR of 22.9% during the forecast period 2022 to 2027.
BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., are the keyplayers in the medical cannabis market.
North America region is accounted for the largest revenue share for the global market during the forecast period.
Key factors that are driving the medical cannabis market are increasing in geriatric population, growing prevalence of chronic diseases and other medical disorders fuels the market growth.
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