The global medical cannabis market size was estimated to reach a value of US$ 13.4 Billion in 2018. The market is further expected to reach value of US$ 44.4 Billion by 2024, exhibiting a CAGR of 22.9% during 2019-2024. Cannabis is a psychoactive drug which is derived from the cannabis plant of the Cannabaceae family. It has been used medicinally for several years in ancient Indian, Chinese, Egyptian and Islamic cultures. Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, MS, AIDS, ALS, Alzheimer's, PTSD, Parkinson's, Tourette's, etc. Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restriction. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, Czech Republic, Germany, Italy, Mexico, Spain, United Kingdom, United States, Uruguay, etc.
Global Medical Cannabis Market Drivers:
- Cannabis is safer and has less severe side effects in comparison to other treatment options. It also finds usage along with other treatments either to enhance their effect or to combat negative side effects. For instance, cannabis is very effective in reducing nausea and increasing appetite among the chemotherapy patients, making the agonizing treatment more tolerable. Similarly, it is also used in combination with traditional opioid painkillers, which enables patients to significantly reduce the dosage and frequency of opioids, and also imparts greater pain relief.
- A steadily rising ageing population has also played an significant role in driving the demand for medical cannabis as geriatric patients are more likely to develop chronic illnesses and require more physician visits.
- Clinical trials, R&D activities and commercialization of cannabis-based indications are further expected to catalyze the growth of the market.
- Although expenditure on health products are less susceptible to fluctuations in consumer's expenditure, the uptake of medical marijuana is liable to changes in disposable income due to its unconventional nature. As a result, we expect increasing disposable incomes to create a positive impact on the demand of medical cannabis.
Breakup by Species:
- On the basis of species, the market has been segmented as Indica, Sativa and hybrid. Currently, Indica dominates the market, holding the largest share. It is often used in the treatment of insomnia, relaxing the muscles, relieving body pains, headaches and migraines.
Breakup by Derivatives:
- Based on derivatives, the market has been divided into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. CBD is majorly used for medical purposes due to its non-psychotic effect and low levels of toxicity, whereas, THC is utilised to reduce the side-effects of AIDS and cancer treatment.
Breakup by Application:
- The market has also been divided on the basis of application, wherein, cancer represents the leading category. Other major applications of cannabis include arthritis, migraine, epilepsy, etc.
Breakup by End-Use:
- On the basis of end-use, the market has been segregated into the pharmaceutical industry, research and development centers, and others. Currently, the pharmaceutical industry represents the biggest end-user.
Breakup by Route of Administration:
- Based on route of administration, the market has been categorized into oral solutions and capsules, smoking, vaporizers, topicals and others. Oral solutions and capsules represent the biggest segment, accounting for the largest market share.
- On a geographical front, North America enjoys the leading position in the market. Recent legalization of cannabis in North America for both recreational and medical purposes has been a major driver of the market growth. Other key regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
The report has also examined the Competitive Landscape of the market. Some of the major players include:
- Canopy Growth Corporation
- GW Pharmaceuticals
- Aurora Cannabis, Inc.
- Aphria Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United cannabis Corporation
Key Questions Answered in This Report:
- How has the global medical cannabis market performed so far and how will it perform in the coming years?
- What are the key regions in the global medical cannabis market?
- Which are the popular species in the global medical cannabis market?
- What are the key derivatives in the global medical cannabis market?
- What are the various applications of medical cannabis?
- Who are the major end-user industries for medical cannabis?
- What are the major routes of administration in the global medical cannabis market?
- What are the various stages in the value chain of the medical cannabis industry?
- What are the key driving factors and challenges in the global medical cannabis industry?
- What is the structure of the global medical cannabis industry and who are the key players?
- What is the degree of competition in the global medical cannabis market?