Medical Cannabis Market Forecast
Medical Cannabis Market is expected to cross USD 52.35 Billion by 2025 at a CAGR of 15.4% during the forecast period.
The rising prevalence of chronic diseases and other medical conditions is set to drive the demand for medical cannabis.
Medical cannabis is most commonly prescribed for the treatment of arthritis, cancer, Alzheimer’s disease, schizophrenia, and others. Approximately 9.6 million people deaths due to cancer were reported in 2018, globally. Also, around 70% of these cancer-caused deaths occurred in low- and middle-income countries.
The increasing legalization of medical marijuana in various countries is expected to drive the growth of the medical cannabis market.
Columbia legalized the use of cannabis as a medical treatment for various diseases and disorders. Moreover, it was also mentioned that in November 2016 in the US, voters in Florida, Arkansas, Montana, and North Dakota permitted initiatives to expand the medical use of cannabis.
Many companies are legalizing the use of cannabis for manufacturing drugs due to the increase in the application of cannabis in the medical field, which ultimately drives the growth of the medical cannabis market.
There has been a significant rise in the research & development initiatives of cannabinoid and related topics. In 2017, the National Institute of Health supported 330 projects and spent USD 140 million on the research & development of cannabinoid.
- High consumption of cannabis. About 147 million people, which approximately constitutes 2.5% of the world population, consume cannabis annually. In the present decade, the use of cannabis has increased more rapidly compared to other substances. There has been a rapid growth in cannabis consumption since the 1960s and is only rising in developed countries such as North America, Western Europe, and Australia.
- Rising prevalence of chronic diseases and other medical conditions. Medical marijuana is safe and effective for improving symptoms such as sleep disorders, anxiety, and pain caused by chronic illnesses in adults.
- The recent legalization of medical marijuana in various countries. Cannabis has been approved for medical use in 33 states of the US which include California, and Washington DC, as of November 2018.
- Financial support by various private and government organizations for cannabinoid research
- A rise in geriatric population
- Increasing the illegal use of marijuana. Approximately 28% of the global population misuse pharmaceutical drugs and one of the most commonly available is cannabis. Also, the most common illegal drugs used by people aged 14 and over were cocaine, cannabis, ecstasy, and amphetamine.
- Stringent government policies
Medical Cannabis Market Segmentation
By Product form
- Powders: Largest segment as it is one of the most conventional and affordable ways of use with effective The powder form can be dissolved in any liquid and consume as recommended.
- Solids: Fastest segment and can be consumed in the form of capsules made from dried leaves of marijuana. The solid form is available as gum and resins.
- Ointments and creams: Ointments are used as a pain reliever and reduce inflammation.
- Oil: Oil products of marijuana contain two active chemical compounds—cannabidiol and tetrahydrocannabinol—with medical benefits.
- Others: Others include lozenges, tinctures, smoking dried buds.
- Cannabidiol (CBD): Component of marijuana. Largest segment as it is one of the most prevalent of the active ingredients of cannabis.
- Tetrahydrocannabinol (THC): Psychoactive compound in marijuana. Available in the form of oils, tinctures, and capsules, among others.
- Arthritis: Increase in research regarding the use of cannabis for medical purposes such as arthritis. An estimated two-third Canadians use cannabis for medical purposes to manage arthritis symptoms.
- Cancer: Fastest growing segment in the medical cannabis market. The number of new cases of cancer is 439.2 per 100,000 men and women per year based on 2011–2015 cases in the US.
- Alzheimer’s Disease: Largest segment. Alzheimer’s disease is the sixth-leading cause of death in the US and the fifth-leading cause of death among those aged 65 and older globally.
- Schizophrenia: Endocannabinoid system is involved in neurotransmission and helps to regulate functions such as sleep, cognition, emotion. Thus, driving the growth of the medical cannabis market.
- Others: This segment includes chronic pain and mental disorders.
By Distribution Channel
- Retail pharmacy: The largest segment as many retail & pharmacy stores across the world provide cannabis products in the medical cannabis market.
- Online stores: The fastest segment due to relaxed regulations on the sale of cannabis in several countries. Additionally, the patient can upload their prescription and medicines through online stores.
- Others: This segment of medical cannabis market includes hospital pharmacies, among others.
- Americas: The largest regional medical cannabis market. Approximately 22.2 million Americans of 12 years of age and older use cannabis and related products for medical purposes.
- Europe: The use of medical marijuana to treat chronic conditions is most prevalent in this region.
- Asia-Pacific: The fastest-growing regional medical cannabis market. The rising geriatric population and the increasing prevalence of cancer cases are expected to drive the growth of the market in this region.
- Middle East & Africa: Increasing healthcare expenditure and rising government funding drive the demand for the medical cannabis market in this region.
Medical Cannabis Market Key Players
- Canopy Growth Corporation (Canada)
- Aphria, Inc. (Canada)
- Aurora Cannabis (Canada)
- Maricann Inc. (Canada)
- Tilray (Canada)
- GW Pharmaceuticals PLC (UK)
- United Cannabis (US)
- Medical Marijuana, Inc. (US)
- Cannabis Sativa Inc. (US)
- CanniMed Ltd (Canada)
- MediPharm Labs (Canada)
- GBSciences Inc. (US)
USD 52.35 Billion
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Product form, Derivative, Application and Distribution Channel
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Canopy Growth Corporation (Canada), Aphria, Inc. (Canada), Aurora Cannabis (Canada), Maricann Inc. (Canada), Tilray (Canada), GW Pharmaceuticals PLC (UK), United Cannabis (US), Medical Marijuana, Inc. (US), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), MediPharm Labs (Canada), GBSciences Inc. (US)
Key Market Opportunities
The recent legalization of medical marijuana in various countries
Key Market Drivers
Rising prevalence of chronic diseases and other medical conditionsFinancial support by various private and government organizations for cannabinoid research
Frequently Asked Questions (FAQ) :
The global medical cannabis market is projected to grow at approximately 15.4% CAGR during forecast period (2019-2025).
The Alzheimer’s disease is the largest segment on the basis of applications in the global medical cannabis market.
Increase in consumption of cannabis in the medical sector.
North America holds the largest share in the global medical cannabis market, followed by Europe and the Asia Pacific, respectively.
Aphria, Inc. (Canada), Canopy Growth Corporation (Canada), Maricann Inc. (Canada), GW Pharmaceuticals PLC (UK), Tilray (Canada), Medical Marijuana, Inc. (US), Aurora Cannabis (Canada), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), United Cannabis (US), MediPharm Labs (Canada), and GBSciences Inc. (US), are some of the major players operating in the Medical cannabis market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.