Global Medical Marijuana Market is Expected to Foresee Significant Growth. North America to lead the growth!
- Vikas Kumar
- January 19, 2023
- HEALTHCARE, NEWS
- Asia Medical Marijuana Market, Europe Medical Marijuana Market, Medical Marijuana, Medical Marijuana Market, Medical Marijuana Market analysis, Medical Marijuana Market forecast, Medical Marijuana Market share, Medical Marijuana Market size, Medical Marijuana Market trend, Middle east Medical Marijuana Market, US Medical Marijuana Market
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The global medical marijuana market is expected to register a CAGR of around ~21% over the period of 2022-2028. This is mainly due to the rise in the medical use of marijuana for the treatment of such disorders as chronic pain, arthritis, migraine, cancer, diabetes, aids, epilepsy, Parkinson’s disease, and stringent government regulations coupled with the growing focus of major stakeholders in the healthcare industry to adopt to make medical marijuana products more sustainable and eco-friendlier. Major healthcare companies are investing heavily in their products due to rising social awareness among healthcare industry experts, medical professionals, and patients about the benefits that medical marijuana has prompted the regulatory authorities to consider and authorize medical marijuana. According to the National Health Service United Kingdom 2019, there were about 28 million people in the United Kingdom with chronic pain, with around 10-14% of them experiencing moderate-to-severe disabling pain. This rise in the prevalence of use of medical marijuana in healthcare is contributing to market growth. Therefore, the market for medical marijuana is expected to witness significant growth during the forecast period. As a result, the government is focusing on raising awareness about the illnesses and the effect which significantly contributes to the market for medical marijuana. Therefore, the market for medical marijuana is expected to witness significant growth during the forecast period.
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Based on application, the market is classified into chronic pain, arthritis, migraine, cancer, and others. Amongst application, the chronic pain category accounted for a significant share of the market This is mainly due to medical marijuana can be a potential option for the treatment of management of chronic pain. For instance, in 2018, the Centers for Disease Control and Prevention (CDC) reported that an estimated 50 million Americans, or just over 20 percent, have some form of chronic pain. Therefore, medical marijuana is anticipated to grow at a steady rate throughout the forecast period.
Based on distribution channels, the market is categorized into dispensaries, online channels, and others. Among these, dispensaries are expected to witness the highest CAGR during the forecast period. The dispensaries are widely used for easy access to medical marijuana because the prescriptions for antipsychotics can only be administered after a thorough medical examination. For instance, in February 2020, the state Department of Health announced that it has issued the cultivation permits to three new medical dispensaries in New Jersey (U.S.). The rapid growth in the number of authorized dispensaries to sell the product is the major growth driving factor throughout the forecast period.
For a detailed analysis of the Global Medical marijuana market browse through– https://univdatos.com/report/medical-marijuana-market/
For a better understanding of the market adoption of the home-use beauty industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the growing various medical marijuana and medical treatments activities in countries like the U.S. and Canada. Furthermore, according to the Statista, the number of medical marijuana patients in the U.S. according to estimates as of July 2020 was highest in the State of California. California had approximately 2million medical marijuana patients at that time. The increased number of patients suffering from chronic diseases like Crohn’s disease and Alzheimer’s disease has also fueled the growth of medicinal marijuana sales in North America. The awareness programs regarding the medical marijuana industry owing to the presence of well-established market players and frequent product launches in the region. Furthermore, many healthcare and medical marijuana companies are headquartered in the region, which is focusing on coming up with novel drugs for the treatment of these diseases.
Some of the major players operating in the market include Canopy Growth Corporation, Cannabis Sativa, Inc, GW Pharmaceuticals plc., Emerald Health Therapeutics Inc., Tilray, Aphria Inc, Aurora Cannabis, Cara Therapeutics, Medical Marijuana, Pfizer Inc.
Global Medical Marijuana Market Segmentation
Market Insight, by Application
- Chronic Pain
Market Insight, by Type
- Oil and Tinctures
Market Insight, by Distribution Channel
- Online Channel
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Canopy Growth Corporation
- CANNABIS SATIVA, INC
- GW Pharmaceuticals plc.
- Emerald Health Therapeutics Inc.
- Aphria Inc
- Aurora Cannabis
- CARA THERAPEUTICS, INC
- Medical Marijuana, Inc
- Pfizer Inc.