Medical Marijuana
Market: Information by Product Type (Solid, Gas and Dissolvable/Powders),
Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple
Sclerosis), Distribution Channel (Retail & Pharmacy Stores, Online
Platforms) and Region - Forecast till 2023
The global Medical Marijuana Market is already hitting milestones one after
another, mainly due to the medical acceptance of Cannabidiol (CBD) and
tetrahydrocannabinol (THC), the main psychoactive parts of marijuana. The
medical marijuana industry has already demonstrated a rapid surge in sales,
combined recreational and medical. Over the past couple of years, several
countries have introduced marijuana Medicalization bills, laying out a plan for
the medical marijuana dispensaries nationwide, beginning to sell the
cannabis-infused drugs.
Moreover, the
medicalization of marijuana-infused edibles and other extracts is increasing
revenues in the medicinal marijuana businesses, dramatically. Market Research
Future (MRFR), asserts that the global medical marijuana market is estimated to
garner USD 54,677.1 MN by 2023. In its recent market statistics, MRFR also
confirms that the market would register a massive 34% CAGR throughout the
forecast period (2018-2023).
Until a couple of
years ago, the marijuana industry was operating mainly in the black market.
However, the tables have turned dramatically with the emergence of medical
applications, increasing the size of the medical marijuana market. The
flourishing medical marijuana industry is a conglomerate of science and
technology, which is why medical marijuana is arguably the fastest growing
industry globally.
On the other hand,
the demand-supply gap, logistical challenges, and a smattering of medical
violations are some of the factors projected to obstruct the growth of the
market. Nevertheless, the augmenting market demand would support the marijuana
industry growth throughout the forecast period.
Global Medical Marijuana Market –
Segmentations
MRFR has segmented the market
into four dynamics to widen the scope of understanding,
By Product Type : Solids,
Dissolvable/Powders, Oil, Ointments & Creams, and others.
By Application : Alzheimer’s
Disease, Cancer, Schizophrenia, Multiple Sclerosis, and others.
By Distribution Channel : Retail & Pharmacy
Stores, Online Platforms, and others.
By Regions : Europe, North America, Asia Pacific, and the
Rest-of-the-World.
Global Medical Marijuana Market -
Regional Analysis
North America is a
hub for marijuana-based medicine companies and hence accounts for the largest
share in the global medical marijuana market. The huge success of the market
also attributes to the largest production and consumption of marijuana for
medicinal purposes. Moreover, medical acceptance of cannabis in various North
American countries drives the growth of the regional market, witnessing the
increasing pharmaceutical applications. The market is projected to register
over 34.0% CAGR during the forecast period.
The medical
marijuana market takes the second position, holding 5.5% the market
share, globally. In Europe, annually, huge numbers of advancements take place
in the field of medical science, biotechnology, medicines/ pharma, and
technology. Also, the region witnesses increasing the prevalence of Alzheimer's
disease, cancer, and others, which in turn drive the growth of the market.
The Asia Pacific
region has emerged as a promising market for medical marijuana. Factors such as
the increasing consumption in countries such as Turkey, Australia, and the
Philippines foster regional market growth. Furthermore, extensive researches on
the marijuana spices to bring out value-added products from cannabis strains
has been contributing to the growth of the APAC medical marijuana market.
Global Medical Marijuana Market -
Competitive Analysis
Highly competitive,
the medical marijuana market appears to be well-established and fragmented with
the presence of several large and small-scale players. To gain a significantly
larger share in the market, players incorporate strategic initiatives such as
mergers & acquisitions, collaborations, and expansion. They invest heavily
in R&D and clinical trials to develop medical-grade marijuana.
Major Players:
Players leading the
global medical marijuana market include Cannabis Sativa Inc (US), Canopy Growth
Corporation (US), GW Pharmaceuticals Plc (US), Tilray (Nanaimo, BC), Emerald
Health Therapeutics Inc. (Canada), Aphria (Canada), Cara Therapeutics (US),
Pfizer Inc. (US), CanniMed Ltd (Canada), Medical Marijuana Inc (US), MediPharm
Labs (US), and GBSciences Inc. (US), among others.
Industry/ Innovations/ Related News
November 28, 2019
---- Terrace Global Inc.(Canada), a multi-national operator for cannabis
assets, announced the completion of its acquisition of Oransur, a high CBD hemp
cultivation business in South America. Terrace Global is led by experienced
cannabis entrepreneurs focused on the development and acquisition of
international cannabis assets.
Oransur is a
licensed hemp producer holding up to 150 acres in Uruguay, where the
cultivation of hemp is allowed with up to 1% THC contents and without
restrictions on other cannabinoids, such as CBD and CBG.
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