The global medical marijuana market size is estimated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing awareness regarding various medical applications such as reducing eye pressure, pain management, and appetite improvement.
Medical marijuana refers to the cannabis sativa or cannabis indica plant, which is widely applied for medical purposes to treat or relieve symptoms of illnesses and ailments. Until the early 1900s, the marijuana plant was utilized medically for centuries all over the world. However, manufacturers are working on developing new products to be used by a larger audience worldwide. The legalization of medical marijuana in developed nations is predicted to increase demand for the marijuana-based drug as an alternative to traditional therapy.
As per the New York's "New Medical Marijuana Law", a patient who has identification card enrolled with the New York State Department of Health along with healthcare practitioner approval is qualified to use medical marijuana for pain management. Furthermore, multiple dispensary chains are involved in the transportation of medical marijuana between states in the US in order to ensure continuous availability in the marketplace, resulting in an adequate supply of medical marijuana across geographies. The French Agency for the Safety of Medicines and Health Products declared in October 2020 that a small medical marijuana trial would be conducted in 2021.
The COVID-19 pandemic has had a significant impact on the market as there is no clear evidence of the impact of marijuana on coronavirus infected patients. The ability of marijuana to diminish the virus's ability to cause inflammation was investigated at Augusta University in Georgia, although the notion has yet to be proven in human sources.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for marijuana as an alternative for various disease treatment and pain management is propelling the market growth.
- Gradually legalizing of medical marijuana for medical applications and rising demand of marijuana products for drug development are expected to boost the market growth.
- Rising number of geriatric population and increasing adoption of medical marijuana are expected to boost the market growth in coming years.
- High cost of the testing tools and inadequacy of skilled technician for handling the testing devices are major factors hindering the market expansion.
- Stringent rules and regulations from government bodies in many regions to ensure maximum quality production of marijuana and encourage maximize cultivation process are key challenges that can impede the market growth.
- Various investors, prominent players, and government bodies are investing in developing and improving the standards for marijuana testing laboratories. This is a key opportunity for the market expansion.
Scope of the Report
The report on the global medical marijuana market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Medical Marijuana Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Arthritis, Cancer, Chronic Pain, and Migraine)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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GreenGro Technologies, Inc.; Cara Therapeutics Inc.; Growblox Sciences, Inc.; Cannabis Sativa, Inc.; Lexaria Corp.; International Consolidated Companies Inc.; CannaGrow Holdings, Inc.; United Cannabis Corp.; and GW Pharmaceuticals plc.
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Market Segment Insights
Chronic pain segment is projected to expand at a considerable CAGR
On the basis of applications, the global medical marijuana market is segregated as arthritis, cancer, chronic pain, and migraine. The chronic pain segment is projected to expand at a considerable CAGR during the forecast period. The growth of the segment is attributed to the ongoing numerous clinical trials with marijuana to treat neuropathic and chronic pain.
According to the National Health Service of the United Kingdom in 2019, around 28 million individuals in the United Kingdom suffered from chronic pain, and with 10-14% of them suffering from moderate-to-severe unbearable pain. With the rising prevalence of chronic pain, numerous researchers are examining the various treatment options. Additionally, many studies have revealed that medicinal marijuana is an effective treatment for chronic pain and is far safer than many other treatments. It is a cost-effective and natural solution, which has less side effects.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to the marijuana legalization especially in the US. Furthermore, many marijuana initiatives have been started in the US, and most states have begun to approach medicinal marijuana from the point of good public health. As per the National Conference of State Legislatures (NCSL) 2021, 36 states have completely adopted the broadly available medical marijuana programs including the District of Guam, Puerto Rico, Columbia, and the US Virgin Islands. The National Institutes of Health (NIH) has given a USD 3.5 million grant to the University of California, Los Angeles (UCLA) in November 2019 in order to examine the effectiveness of marijuana in pain management. Such initiatives undertaken by governments are fueling the market growth of the region.
Segments
Segments Covered in the Report
The global medical marijuana market has been segmented on the basis of
Applications
- Arthritis
- Cancer
- Chronic Pain
- Migraine
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- GreenGro Technologies, Inc.
- Cara Therapeutics Inc.
- Growblox Sciences, Inc.
- Cannabis Sativa, Inc.
- Lexaria Corp.
- International Consolidated Companies Inc.
- CannaGrow Holdings, Inc.
- United Cannabis Corp.
- GW Pharmaceuticals plc.
Competitive Landscape
Some of the major companies competing in the market are GreenGro Technologies, Inc.; Cara Therapeutics Inc.; Growblox Sciences, Inc.; Cannabis Sativa, Inc.; Lexaria Corp.; International Consolidated Companies Inc.; CannaGrow Holdings, Inc.; United Cannabis Corp.; and GW Pharmaceuticals plc. Some of these main players have adopted several business strategies including partnerships, products launching, mergers, and capacity expansion to expand their market coverage globally.
Dharma Pharmaceuticals, a Virginia-based company, has started its Virginia's first medical marijuana dispensary in October 2020. In another event, Aurora Cannabis has acquired Hempco Food and Fiber Inc.; that provides cost effective hemp raw materials for extraction, in August 2019. After this acquisition, the company aimed to strengthen its position in the hemp food and hemp-derived cannabidiol (CBD) industries in the US. Moreover, in January 2019, Aphria completed the acquisition of CC Pharma, a German- based company that distributes a variety of medicinal products including medical cannabis many countries of Europe especially in Germany.
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