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Medical Marijuana Market Report
Global Medical Marijuana Market, Dynamics, Market Analysis
The report on the Global Medical Marijuana Market is segmented by Type (Buds, Oils, Tinctures), By Application (Chronic Pain, Mental Disorders, Cancer, Others), By End-User (Hospitals and Specialty Wound Care Clinics, Long Term Care Facilities, Home Healthcare), and Region. It also covers the COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Medical Marijuana market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Medical Marijuana Market is estimated to grow from USD 21.1 billion in 2020 to USD 53.0 billion by 2026 at a healthy CAGR of 17% during the forecast period.
Figure: Global Medical Marijuana Market Size, 2020-2026 (USD Billion)
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Medical marijuana is also known as medical cannabis is a herbal drug derived from plants of cannabis. This is used as a part of the treatment for specific diseases. Medical marijuana is particularly classified as cannabis Indica and cannabis Sativa, which originate from the countries of central & south Asian region and the western hemisphere respectively.
Key players operating in the global Medical Marijuana market are-
The global market growth is primarily driven by the increasing usage of medical marijuana in various medical applications including mental disorders, arthritis, chronic pain, and cancer among others.
Based on application, the market has been divided into chronic pain, mental disorders, cancer, and others.
The market in North America accounted for the largest market share of around 45% in 2020 due to presence of key market players such as Medical Marijuana, Inc. (US), Canopy Growth Corporation (Canada) and Aurora Cannabis Inc. (Canada).
Additionally, an increasing number of states legalizing the use of marijuana for medical purposes in the US is likely to play a significant role in the regional market growth. The market in the Asia-Pacific region is projected to register a healthy growth rate on account of rising awareness regarding product benefits, particularly in China and India.
The sales of cannabis products increased at a significant rate in the early weeks of the coronavirus pandemic. The sale of medical marijuana surged to new heights after the state and local authorities in the United States deemed medical marijuana as an essential business. Also, the number of new customers consuming marijuana increased substantially during the outbreak in countries or states where the consumption of medical marijuana was legalized.
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Here is the list of the group of customers that the Medical Marijuana market hopes to have the greatest opportunity to convert-
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The medical marijuana market is expected to witness an impressive growth of 17% CAGR in the coming years.
Tilray (The U.S), Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Maricann Group Inc. (Canada), Aphria Inc. (Canada), Tikun Olam (Israel), GW Pharmaceuticals (UK), Cannabis Sativa (The U.S), Medical Marijuana, Inc. (The U.S) and MedReleaf Corp. (The U.S) are among the key players in the medical marijuana market.
The medical marijuana market size is expected to reach USD 53.0 billion in the foreseeable future.
North America accounted for the largest share of the medical marijuana market in 2020.
The cancer segment is expected to grow at the fastest CAGR in the medical marijuana market in the coming five years.
Increasing usage of medical marijuana in various medical applications including mental disorders, arthritis, chronic pain, and cancer among others, continuous investment in research and development activities to provide intervention for various diseases and symptoms are the factors driving the growth of medical marijuana market.
Medical marijuana distributors, Medical marijuana suppliers, Medical marijuana manufacturers, Logistics organizations, Government Bodies are the target audience in the medical marijuana market.
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