Medical Cannabis Market to Witness Massive Growth | Covid-19 Impacts, Industry Opportunity, Analysis and Forecast
According to Market Research Future (MRFR), the global medical cannabis market is estimated to procure a market value of USD 52.35 billion while thriving at a CAGR of 15.4% by 2025.
The increasing legalization of the hemp plant in various countries for medicinal purposes is projected to provide lucrative opportunities to pharmaceutical companies, which may strengthen the global market. The ability of the herbal plant to provide relief from chronic pain, vomiting, and sleep difficulties can accelerate the demand for medical marijuana, which may boost the industry in the coming period. Furthermore, the growing usage of cannabis to prevent cancer is likely to surge the demand for herbal leaves that can fuel the trade in the coming period.
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On the other hand, the increasing usage of weed as recreational cannabis can lead to adverse human health, which is anticipated to hinder the market growth. However, the capability of cannabis to fight depression is likely to counter the impeding factor that can underpin global trade.
The segmental analysis of the global medical cannabis market is done by application, end-user, derivative, and product form.
The application-based segments of the global medical cannabis market are arthritis, cancer, Alzheimer’s disease, schizophrenia, and others. Among all segments, the Alzheimer’s disease segment is anticipated to acquire the largest market share during the forecast period.
The end-user based segments of the global medical cannabis market are retail pharmacy, online stores, and others. Among all segments, the retail pharmacy segment is expected to acquire the largest market share during the review period.
The derivative-based segments of the global medical cannabis market are cannabidiol (CBD) and tetrahydrocannabinol (THC). Between the two segments, the CD segment is anticipated to acquire the maximum market share during the assessment period.
The product form-based segments of the global medical cannabis market are powders, solids, ointments and creams, oil, and others. Among all segments, the powders segment is anticipated to be the fastest-growing market during the review period.
Based on the region, the global market for medical cannabis is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the analysis, North America is anticipated to dominate the global market for medical cannabis owing to the growing usage of cannabis in medicines. The on-going research on the benefits of cannabis is likely to augment the regional market significantly in the coming period. Furthermore, the growing prevalence of chronic illness among the expanding geriatric population is expected to actuate the regional market in the evaluation tenure.
Europe is expected to acquire significant market value during the review period owing to the growing R&D on cannabis. Furthermore, the rising demand for medical marijuana to treat chronic illness is projected to fuel the regional market in the forthcoming period.
APAC region is projected to be the fastest-growing market owing to its rising medicinal application. The growing number of cancer patients and the increasing geriatric population is anticipated to be a significant cause that can grow the regional market in the assessment period.
The MEA region is expected to grow significantly, owing to the rising healthcare expenditure and the increasing demand for marijuana for medicinal purposes.
Renowned players of the global medical cannabis market are Aphria, Inc. (Canada), Canopy Growth Corporation (Canada), Maricann Inc. (Canada), GW Pharmaceuticals PLC (UK), Tilray (Canada), Medical Marijuana, Inc. (the US), Aurora Cannabis (Canada), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), United Cannabis (US), MediPharm Labs (Canada), and GBSciences Inc. (US).
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