Medical Cannabis Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3541
Medical Cannabis Market size is projected to experience significant growth from 2019 to 2025.
Most of the states in the U.S. have adopted medical cannabis for the treatment of various medical conditions. Some of the medical conditions approved for the use of cannabis are multiple sclerosis, epilepsy, neurological disorders, cancer, and others. After the patient is qualified to consume cannabis with the recommendation of a local physician, they must obtain a medical cannabis card or authorization to purchase the same from dispensaries or through mails.
The increasing legalization of medical cannabis in several countries will significantly impact market growth. After the U.S. elections in 2016, there has been a huge demand for medical cannabis legalization in most of the states. Various states voted to legalize new cannabis bills during the 2016 elections. States including Florida, Arkansas, Montana, and North Dakota have managed to pass new medical cannabis laws. According to a national poll conducted by the Quinnipiac University, around 89% of the U.S. voters support medical cannabis, prescribed by a doctor. Hence, the rising legalization of medical cannabis in various countries will augment market growth.
However, side effects associated with the consumption of medical cannabis is a factor limiting the market growth. Medical cannabis is accompanied with a variety of physical &physiological side effects. Some of the side effects, which most of the patient’s experience are uneasiness, hunger, insomnia, red eyes, fatigue, short-term memory loss, slurred speech, constipation, drowsiness, and increased heart rate. Moreover, stringent government regulations for approval of cannabis products will also hinder market growth. The afore-mentioned reasons are the major growth restricting factors.
The pain management segment is estimated to witness robust growth over the forecast timeframe as medical cannabis is considered to be the most effective treatment for chronic pain. Furthermore, individuals, who use cannabis for pain management do not have increased risks of serious side effects. Cannabis may ease certain types of chronic pain, including pain resulting from inflammation and nerve damage. Increasing prevalence of spasticity and joint pain among the population will boost product demand.
Tetrahydrocannabinol (THC) is the principal psychoactive constituent of cannabis. THC is a lipid found in cannabis. THC is a specific extract of cannabis that was approved in 2010 as a botanical drug in the UK for the treatment of multiple sclerosis to ease spasticity, neuropathic pain, and others. Hence, the increasing applications of tetrahydrocannabinol will significantly drive market growth.
The inhalation medical cannabis segment is expected to show rapid growth due to its various advantages including controlled dosage as well as effective absorption of cannabinoids into the body. The inhalation has the primary advantage that its onset of action is very rapid. In addition, advancements in inhalation devices, such as metered dose cannabis inhaler, provide the exact doses of medical cannabis in a controlled setting.
The pharmaceutical industry segment is estimated to witness favorable growth across the projected timeframe. The high growth is attributed to the growing uses of cannabis for therapeutic conditions. Moreover, the increasing number of countries legalizing cannabis as a drug is further boosting product demand, augmenting market growth.
As of 2018, 30 U.S. states and Washington DC have allowed the applications of medical cannabis. The growing number of research studies in the U.S., supporting cannabis use for medical purposes will boost the medical cannabis market growth in the U.S. The increasing number of people suffering from chronic disorders such as cancer coupled along with various awareness programs regarding the therapeutic use of cannabis will drive the medical cannabis market in the coming years.
After the legalization of medical cannabis use in Germany in 2017, there was a domino effect on other European countries such as Portugal and Denmark, which instantly initiated cannabis-related research programs. Hence, increasing legalization of cannabis as a therapeutic drug in various states will initiate market growth.
Some of the key industry players include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Inc., Medmen, Vivo Cannabis Inc., Medical Marijuana, Inc., Cannabis Science, Inc., Hexo, Tilray, Inc, and Organigrams Holding, Inc. These companies are venturing into mergers, acquisitions, collaborations, and partnerships to expand its market reach. For instance, in May 2018, Aurora acquired CanniMed Therapeutics, Inc., thereby broadening its product portfolio & business revenue.
Medical Cannabis Market by Application, 2014-2025 (USD Million)
- Pain management
- Neurological disorder
- Mental health management
Medical Cannabis Market by Compound, 2014-2025 (USD Million)
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
Medical Cannabis Market by Route of Administration, 2014-2025 (USD Million)
Medical Cannabis Market by End-use, 2014-2025 (USD Million)
- Pharmaceutical Industry
- Research and Development Centers
The above information is provided for the following regions and countries:
- North America
- Czech Republic
- The Netherlands
- Latin America
- Rest of World
- Canopy Growth Corporation
- Aphria Inc.
- Aurora Cannabis Inc.
- Vivo Cannabis Inc.
- Medical Marijuana, Inc.
- Cannabis Science Inc.
- Tilray Inc
- Organigrams Holding Inc.
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