Medical Cannabis Market Size, Trends, Regional Outlook, Competitive Landscape, Revenue Analysis & Forecast Till 2028
The global medical cannabis market size is expected to reach USD 24.52 Billion at a steady revenue CAGR of 11.5% in 2028, according to latest analysis by Emergen Research. Increase in medical cannabis products and the rise in research activities are driving the market revenue growth. Moreover, legalization of the product in several countries is also propelling growth of the market.
Medical cannabis is deemed safer and has fewer side-effect as compared to other treatment options. It is used to treat nausea and combat negative side-effects, especially among patients undergoing chemotherapy, making the whole procedure more tolerable. The product is used with other opioid painkillers, which permits patients to reduce the dosage and frequency of opioids, relieving pain. Legalization of marijuana throughout the country could create up to 1 million jobs by 2025 in the U.S. Workers are needed to farm, process, distribute and sell marijuana and its related products. Medical cannabis has not only created jobs but have also generated significant amount of taxes. For instance, Colorado, in 2019, collected more than USD 302 million in taxes and fees on medical and recreational marijuana.
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Market
Scope: The report explains the scope of various commercial
possibilities in the global Medical Cannabis market over the upcoming years.
The estimated revenue build-up over the forecast years has been included in the
report. The report analyzes the key market segments and sub-segments and
provides deep insights into the market to assist readers with the formulation
of lucrative strategies for business expansion.
Key Highlights in the Report
· In October 2020, MediPharm Labs Corp. signed an exclusive supply
agreement with STADA to meet the growing demand for medical cannabis in
Germany. STADA wanted to be the go-to partner for generics, which is achieved
by the partnership.
· Oil segment is expected to register significant growth rate during the
forecast period due to high demand for hemp oil among healthcare workers for
clinical purposes. Cannabidiol (CBD) oil can reduce depression and anxiety,
alleviate cancer-related symptoms, and relieves pain. CBD oil can also treat
acne owing to its ability to reduce sebum production and anti-inflammatory
properties.
· Inhalation is a preferred medium of administration, as it offers
controlled dosage and effective absorption of cannabinoids into the body.
Inhalation segment accounted for largest revenue share in 2020. Inhalation is
most effective and rapid way to induce measurable serum levels of cannabinoids.
· Chronic pain segment accounted for a significant revenue share in 2020.
Medical cannabis is used to control pain of people suffering from multiple
sclerosis and nerve pain. Patients claim that using medical cannabis allows
them to resume their activity without feeling disengaged. Medical cannabis is
used as a muscle relaxant, and it is common among people suffering from
Parkinson’s. It also finds application in weight loss, nausea, and glaucoma.
Doctors use it on patients suffering from PTSD, especially among veterans
returning from combat zones.
Competitive
Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key
Companies Profiled in the Report:
Key players in the market include Canopy Growth Corporation, Aphria,
Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram
Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc.
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Regional
Outlook:
§ North
America (the U.S., Canada, Mexico)
§ Europe
(the U.K., Germany, France, Italy)
§ Asia
Pacific (India, China, Japan, Korea)
§ Latin
America (Brazil, Argentina, Ecuador, Chile)
§ Middle
East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
Emergen
Research has segmented the global Medical Cannabis market on the basis of
product type, application, and route of administration, distribution channel,
and region:
Product
Type Outlook (Revenue, USD Billion; 2018-2028)
·
Oil
·
Buds
·
Tinctures
Application
Outlook (Revenue, USD Billion; 2018-2028)
·
Chronic
Pain
·
Mental
Disorders
·
Anorexia
·
Seizures
·
Muscle
Spasm
·
Cancer
·
Others
Route
of Administration Outlook (Revenue, USD Billion; 2018-2028)
·
Oral
·
Intravenous
·
Inhalation
·
Topical
Distribution
Channel Outlook (Revenue, USD Billion; 2018-2028)
·
Dispensaries
·
Online
Radical
Highlights of the Medical Cannabis Market Report:
· Comprehensive overview of the Medical Cannabis
market along with analysis of the changing dynamics of the market
·
Growth Assessment of various market segments
throughout the forecast period
· Regional and global analysis of the market
players, including their market share and global position
· Growth strategies adopted by key market
players to combat the impact of the COVID-19 pandemic on the market
· Impact of the technological developments and
R&D advancements on the Medical Cannabis market
· Information about profit-making strategies and
developmental strategies of major companies and manufacturers
·
Insightful information for the new entrants
willing to enter the market
· Details and insights about business expansion
strategies, product launches, and other collaborations
· The report incorporates advanced analytical
tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility
analysis, and investment return analysis
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know more about the report, visit @ https://www.emergenresearch.com/industry-report/medical-cannabis-market
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knowledge base of cutting-edge and potentially market-disrupting technologies
that are predicted to become more prevalent in the coming decade.
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