The Global Medical Marijuana Market is expected to grow at a CAGR ~35.4% during the forecast period from 2018 to 2023.
Marijuana plant or its extract is used for the treatment of medical complications or symptoms related to illness. Medical marijuana is popular in developed countries such as the US, Canada, and Germany. Marijuana plant contains chemical component cannabinoids which can be used to treat the various diseases or indications. Delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD) this two cannabinoids are used for medical purpose.
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It also finds application in the treatment of nausea caused by chemotherapy, chronic and acute pain management, and it helps HIV and anorexia patients to gain weight. The factors propelling the growth of the global medical marijuana market are the rising prevalence of chronic diseases along with the growing geriatric population, increasing use of marijuana in healthcare, and increasing research and development activities. However, the increasing use of marijuana for recreational and personal use, stringent government policies and side effects due to the continuous use of marijuana may hamper the market growth during the assessment period.
- Canopy Growth
- Aurora Cannabis
- Cannabis Sativa
- GW Pharmaceuticals plc
- United Cannabis
- MGC Pharma
- Aphria and more.
In the Americas, the North American market is likely to hold the majority share of the Medical Marijuana Market owing to the rising prevalence of chronic diseases along with the rising cases of cancer and HIV, and acceptance of marijuana in the healthcare sector in the region. According to the National Cancer Institute, in 2016, 15.5 million cancer cases were found in United States, and it is expected to reach 20.3 million by 2016. Also, the expenditure on cancer care in 2017 was 147.3 billion. The US is expected to account for the largest share of the North American market during the forecast period owing to the presence of major market players such as Aurora Cannabis, Inc., Tilray, Aphria, Inc. and GB Sciences, Inc.
The global medical marijuana market has been segmented on the basis of application, route of administration and distribution channel.
On the basis of application, the market has been classified as Alzheimer’s disease, cancer, mental health conditions, multiple sclerosis, muscle spasms, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions are differentiated into schizophrenia and posttraumatic stress disorder (PTSD).
The route of administration segment has been further divided into oral, topical, inhalation and sublingual. The topical segment has been classified into ointments, lotions, creams, gels, and poultice.
The market, by distribution channel, has been segmented into dispensaries and online platforms.
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