Medical cannabis is obtained from the Cannabis Sativa and Cannabis Indica plants. It contains three major active compounds namely, Cannabidiol (CBD), Tetrahydrocannabinol (THC) and Cannabinol (CBN). As compared to recreational cannabis, medical cannabis has a lower amount of THC and a higher count of CBD which provides therapeutic advantages to patients and aids in retaining anti-psychotic effects. This plant-based drug is gradually gaining acceptance in the pharmaceutical industry as it helps in improving the mood, immune function and vascular health. It is now used for curing anxiety, nausea, depression, chronic pain and side effects of multiple sclerosis, epilepsy, PTSD and Parkinson’s disease. It is prescribed in different forms like vapor, oral capsules, topical solutions, creams and balms. As per the global medical cannabis market report by IMARC Group, the market reached a value of US$ 13.4 Billion in 2018.
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In comparison with other treatment alternatives, cannabis is safer and has less severe side effects. Owing to this, it is utilized in combination with other treatments to either combat side effects or to increase their effectiveness. For instance, it is used along with traditional opioid painkillers which enable patients to reduce the frequency and dosage of opioids gradually.
Additionally, a steadily aging population is playing a vital role in spurring the demand for medical cannabis as geriatric patients are more likely to develop chronic diseases and require frequent physician visits. Apart from this, manufacturers are investing in R&D activities and clinical trials to develop safer forms of cannabis. Further legalization of medical marijuana is anticipated to drive the market growth globally. As a result of these factors, the market is expected to grow at a CAGR of 22.9% during 2019-2024, reaching a value of US$ 44.4 Billion by 2024.
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Market Breakup by Species
Market Breakup by Derivative
Market Breakup by Application
Market Breakup by End-Use
Research and Development Centres
Market Breakup by Route of Administration
Oral Solutions and Capsules
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Market Breakup by Region
Middle East and Africa
On analyzing the competitive landscape of the industry, it has been found that GW Pharmaceuticals (NASDAQ: GWPH), Aurora Cannabis, Inc., Canopy Growth Corporation (NYSE: CGC), Aphria Inc., MedReleaf Corporation, Cara Therapeutics, Inc., Insys Therapeutics, Inc., United Cannabis Corporation and CanniMed Therapeutics, Inc. are major players.
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