Medical Cannabis Market Economic Trends, Industry Development, Challenges, Forecast and Strategies To 2027
Market Overview
The global medical cannabis market is anticipated to acquire a market value of USD 52.35 billion while thriving at a CAGR of 15.4% during the forecast period, anticipated Market Research Future (MRFR). Medical cannabis is the most commonly prescribed treatment for cancer, arthritis, and others.
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The increasing approval for medical cannabis products is anticipated to be a significant factor that can grow the market during the forecast period. The increasing R&D activities and the rising incidents of chronic ailments among expanding populace are anticipated to grow the market in the coming time. On the contrary, the growing usage of cannabis for recreational purposes can bring a negative impact to the human health, which is expected to affect the market significantly.
Market Segmentation
The global medical cannabis market has been segmentedbased on product type, derivative, route of administration, application, and distribution channel.
The market, based on product type, has been segregated into solid, dissolvable/powders, oil, and ointment & creams.On the basis of derivative, the market is bifurcated into cannabidiol and tetrahydrocannabinol.Based on route of administration, the global medical cannabis market has been segmented into inhalation, oral, and topical.
Based on application it is divided into pain management, neurological health management, and mental health management. The inhalation segment dominated the market segment is expected to register the fastest growth in the application segment of the global medical cannabis market during the forecast period. The medical cannabis market, by distribution channel, is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
Regional Analysis
As per the assessment conducted by MRFR, the Americas is anticipated to be the largest market share during the forecast period. The increasing participation of players in the region is likely to make a significant contribution to developing the market of North America. The increasing agreement among key players is anticipated to play a salient role in driving the regional market. Recently, a global pioneer in cannabis research, production, and distribution, Tilray, announced that it has agreed with Worldpharma Biotech, through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda, to export Good Manufacturing Processes (GMP) certified medical cannabis from Portugal to Spain. In another news, a biopharmaceutical company focused on the development of cannabis products, Avicenna, has announced that the company has entered into an agreement with Harrington Wellness Inc. for the commercialization of CBD tropical product line targeting athletes and active consumers in Canada and the US. Various companies are legalizing the application of cannabis for manufacturing drugs owing to the rising demand for the application of cannabis in the medical field. On the other hand, APAC is anticipated to be the fastest-growing region due to the increasing legalization of medical cannabis in the region. Developing countries such as; India and China are expected to make a significant contribution in developing the market in the assessment tenure.
Key Players
Some of the 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. (US), Aurora Cannabis (Canada), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), United Cannabis (US), MediPharm Labs (Canada), and GBSciences Inc. (US).
Industry News
February 2021- An Israeli medical cannabis firm, Kanabo, gets ready to be the first to IPO in the UK after meeting all the Financial Conduct Authority (FCA) requirements. The move will enable them to offer “a game-changer” vaporizing device, VapePod, in a safe form. The device will be designed for a wide variety of conditions, including insomnia and pain management.
February 2021- GW Pharma has been taken over for USD 7.2 billion by an Ireland-based Company, called Jazz Pharmaceuticals. The acquisition has been the biggest takeover in the marijuana industry, which can make significant development in the marijuana industry. With the announcement, GW Pharmaceuticals shares, which rose over 10% in 2020, jumped 49% to a record high of USD 217.5.
February 2021- TeeraVida Holistic Centers, a medical marijuana firm based out of Jenkintown, has acquired West Virginia Kindness, medical cannabis retailers. WV Kindness will operate a 5,000 square-foot dispensary in Huntington.
February 2021- Alphagreen, Europe’s leading marketplace for alternative healthcare products, has announced the launch of NUOPTIMA, their new services arm, following a 1.1 million euros rare in seed funding
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY
2.2 RESEARCH OBJECTIVE
2.3 MARKET STRUCTURE
2.4 ASSUMPTIONS & LIMITATIONS
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 SECONDARY RESEARCH
3.3 PRIMARY RESEARCH
3.4 BREAKDOWN OF PRIMARY RESPONDENTS
3.5 FORECASTING TECHNIQUES
3.6 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION
3.6.1 BOTTOM-UP APPROACH
3.6.2 TOP-DOWN APPROACH
3.7 DATA TRIANGULATION
3.8 VALIDATION
4 MARKET DYNAMICS
4.1 OVERVIEW
4.2 DRIVERS
4.2.1 GROWING R&D ACTIVITIES AND FINANCIAL SUPPORT BY VARIOUS PRIVATE AND GOVERNMENT ORGANIZATIONS
4.2.2 RISING OCCURRENCE OF CHRONIC DISEASES AND OTHER MEDICAL CONDITIONS
4.2.3 LEGALIZATION OF MEDICAL CANNABIS IN VARIOUS REGIONS
4.3 RESTRAINTS
4.3.1 ADVERSE EFFECTS ASSOCIATED WITH CANNABIS
4.3.2 STRINGENT GOVERNMENT POLICIES RELATED TO CBD OIL
4.4 OPPORTUNITIES
4.4.1 IMPROVING STATUS OF CANNABIS IN ASIAN AND AFRICAN COUNTRIES
5 MARKET FACTOR ANALYSIS
5.1 VALUE CHAIN ANALYSIS
5.1.1 PROCUREMENT OF RAW MATERIALS
5.1.2 R&D
5.1.3 MANUFACTURING
5.1.4 DISTRIBUTION AND SALES
5.1.5 POST-SALES MONITORING
5.2 PORTER'S FIVE FORCES MODEL
5.2.1 BARGAINING POWER OF SUPPLIERS
5.2.2 BARGAINING POWER OF BUYERS
5.2.3 THREAT OF NEW ENTRANTS
5.2.4 THREAT OF SUBSTITUTES
5.2.5 INTENSITY OF RIVALRY
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
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