Cannabis Extracts is the fastest growing segment fueling the growth...

Cannabis Extracts is the fastest growing segment fueling the growth of Medicinal Cannabis Market

Posted 2023-11-23 11:27:41

Market Overview:

Medicinal cannabis is known for its pain relieving and anti-inflammatory properties. It contains cannabinoids such as CBD and THC that aid in reducing nausea, inflammation, and muscle spasms when consumed. Medicinal cannabis products are available in various forms such as dried leaves, oils, capsules, tinctures, and extracts which provide effective treatment for illnesses and medical conditions.

Market key trends:
One of the key trends in the medicinal cannabis market is the increasing preference for cannabis extracts over dried flowers. Cannabis extracts provide higher potency and consistency in cannabinoid content compared to dried flowers. Extracts are easy to consume and dose, elevate onset time of effects, and reduce stigma associated with smoking. Companies are increasingly launching cannabis extracts in various forms such as oils, tinctures, capsules and concentrates to cater to the growing demand from medical consumers.
Segment Analysis
The Global Medicinal Cannabis Market Demand is segmented by application into chronic pain, nausea, cancer, arthritis, epilepsy and others. The chronic pain segment dominates the market and accounts for over 30% share due to high prevalence of chronic pain worldwide. Cannabis is gaining popularity for treatment of chronic pain as it provides relief without major side effects.

Key Takeaways
The global medicinal cannabis market is expected to witness high growth, exhibiting CAGR of 24.% over the forecast period, due to increasing legalization of cannabis for medical purposes across regions.

Regional analysis: North America accounts for the largest share of the global medicinal cannabis market currently. Countries like the U.S. and Canada have legalized medical as well as adult-use of cannabis which has boosted the market growth. However, Europe is expected to witness the highest growth during the forecast period due to increasing patient pool and favorable government initiatives for medical research.

Key players: Key players operating in the medicinal cannabis market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. Canopy Growth Corporation holds the highest market share currently due to its international presence and diverse product portfolio. The company is also investing heavily in research and development of advanced cannabis-based therapeutics.